Implantable Medical Devices Market Driven by High Incidence of Chronic Diseases in the U.S.
The U.S. implantable medical devices market features a fair degree of consolidation with a handful of companies enjoying dominance in this market, says the lead author of the study. Some of these companies are Zimmer Holdings, Stryker Corporation, and Abbott Laboratories.
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A TMR analyst points out, “Making investments in emerging markets is a primary strategy adopted by key players in the U.S. implantable medical devices market.” An excellent example is Abbott Laboratories. The company is investing heavily in emerging economies to leverage the economic growth that is underway in these nations. Prior to the launch of the product, the company carries out extensive market research for a know-how of the nation’s needs and introduce the ideal product suitable for them.
Business diversification by investing in diversified fields is also what top players in this market are focused on for business growth.
Mergers, acquisitions, and takeovers are one of the key growth models that top players in the U.S. implantable medical devices are focused on for business expansion.
Increasing Incidence of Chronic Diseases Displays Demand for Implantable Devices
“The high incidence of chronic degenerative diseases is one of the primary factors driving the U.S. implantable medical devices market,” points out a TMR analyst. The increasing patient pool of individuals suffering from conditions such as blindness, deafness, orthopedic ailments, and other degenerative diseases can benefit greatly from newer technology-based implantable devices, especially for conditions wherein the pharmacological treatment is ineffective.
An increasing aging population in the U.S. is also exhibiting increased demand for implantable medical devices for age-related ailments. With the baby boomer population getting older, the demand for implantation procedures is on the rise for the treatment of age-related ailments.
Increasing purchasing power parity and growing healthcare expenditure is also augmenting the growth of the U.S. implantable medical devices market.
Implementation of Additional Taxes on Medical Devices Burdens Patients in U.S.
The high price factor of implantable devices, especially the ones that are developed based on high technology, is one of the major factors impeding the growth of the U.S. implantable medical devices market. For instance, the price of cardiac implants escalates with the increasing technical sophistication of the device. Moreover, with the implementation of the Obamacare in 2013, medical devices industry has emerged as one of the highest tax paying sectors in the U.S. This will hike the prices of implantable devices and patients will need to shell out extra money from their pockets for implantation procedures.
The U.S. implantable medical devices market is expected to be worth US$73,944.3 mn by 2018. Orthopedic implants is the leading segment in terms of type of medical implants and is expected to contribute a revenue of US$38,043.3 mn by 2018. On the basis of procedure, orthopedic implantation procedures is the leading segment in the U.S. implantable medical devices market. The increasing incidence of orthopedic procedures and an increasing pool of the elderly is fuelling demand for orthopedic implantation procedures such as spinal fusion and fixation and total keen and hip replacements will increase.
The information presented in the review is based on the Transparency Market Research report, titled “Implantable Medical Devices Market – U.S. Industry Analysis, Size, Share, Trends, Growth And Forecast 2012 – 2018.”
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