Global Microelectronic Medical Implants Market - 2023-2030

Global Microelectronic Medical Implants Market - 2023-2030

Global Microelectronic Medical Implants Market reached US$ YY Million in 2022 and is expected to reach US$ YY Million by 2030, growing with a CAGR of YY% during the forecast period 2023-2030.

The development of personalized medicine is driving the demand for more sophisticated medical devices, including microelectronic medical implants. The growing trend towards remote patient monitoring is driving the demand for microelectronic medical implants with wireless communication capabilities.

As microelectronic technology continues to evolve, it is finding increased applications in the medical sector. Implantable medical devices are continuing to branch out to new types of therapies, posing a continuously growing number of alternatives to medication. Cardiac rhythm management products are the most common, with applications in pacing, defibrillation, and heart resynchronization. New applications include Parkinson's treatment, pain management, acid reflux monitors and syncope monitors.

Furthermore, the microelectronic medical implants market is driven by various factors like, new device launches by key players, technological advancements in medical implants, and increasing healthcare spending in emerging economies presents significant growth opportunities for microelectronic medical implant manufacturers.

Dynamics

Rise in the Prevalence of Cardiovascular Diseases

Cardiovascular diseases, such as coronary artery disease, arrhythmias, and heart failure, often require implantable devices like pacemakers, defibrillators, and cardiac monitors. The growing prevalence of these conditions directly increases the demand for cardiovascular implants.

For instance, according to the Centers for Disease Control and Prevention's updated factsheet 2023, heart disease is the main cause of death in the United States for men, women, and individuals of most racial and ethnic groups. In the United States, one person dies from cardiovascular disease every 33 seconds.

Approximately 695,000 persons in the United States died from heart disease in 2021, accounting for one out of every five fatalities. From 2018 to 2019, the United States spent around $239.9 Million on heart disease. This covers the expense of healthcare services, medications, and lost productivity as a result of mortality.

Rise in the Technological Advancements

Therapeutic neural implants produce electrical stimulation to restore neurons to normal conditions, similar to a pacemaker for the brain. These implants are integrated into miniature silicon chips using CMOS technology, reducing the device's physical dimensions and power consumption.

High Cost of Implants

Developing and testing implantable medical devices with microelectronics technology can be expensive, limiting the affordability and accessibility of these devices for some patients and healthcare systems.

Cochlear Implant surgery is a medical procedure in which a small, complex electronic device is placed under the skin behind the ear. This electronic device [Cochlear implant] helps stimulate the auditory nerves and allows the patient to hear. The cost of a Cochlear Implant in India ranges from INR 65,870 to INR 4,30,000, with the maximum cost reaching INR 8,73,600. The average cost is also higher.

Segment Analysis

The global microelectronic medical implants market is segmented based on device type, application, technology, end-user and region.

The Pacemakers & Defibrillators Segment From the Device Type Segment Accounted For Approximately 41.7% of Microelectronic Medical Implants Share

The pacemakers & defibrillators segment from the device type segment accounted for 41.7% and it is expected to be dominated during the forecast period. The computer circuits perform the functions of monitoring the patient's underlying heart rhythm and delivering an electrical signal to cause the heart to beat at the desired rate. Microelectronics plays a crucial role in pacemakers, a small, battery-powered device that controls the heart's rhythm. It requires precision manufacturing for proper function and has made pacemakers smaller, durable, and longer-lasting, making them more accessible and affordable.

For instance, in February 2023 Medtronic announced clinical data demonstrating significant improvements in AFib detection using the Reveal Linq. The study compared the Reveal Linq insertable cardiac monitor (ICM) to patients randomized to standard of care. Those patients did not receive continuous long-term monitoring.

Geographical Penetration

North America Accounted for Approximately 38.4% of the Market Share

North America is estimated to hold about 38.4 % of the total market share throughout the forecast period, owing to factors such as a rise in the number of FDA approvals for different products in the U.S., an increase in the prevalence of cardiac diseases, and the presence of favourable government policies in the region.

For instance, in August 2023 BIOTRONIK, a leader in implantable medical device technology, stated its first US implantation of the new Amvia Edge pacemaker.

Competitive Landscape

The major global players in the market include Biotronik, Boston Scientific Corporation, Abbott Laboratories, ZOLL Medical Corporation, Schiller, Medtronic, Lepu Medical, ZimVie, Stryker, Avantor, Inc. and among others

Key Developments

 In May 2023 Medtronic plc, a global leader in healthcare technology, announced it has received U.S. Food and Drug Administration (FDA) approval of its Micra AV2 and Micra VR2, the next generation of its industry-leading miniaturized, leadless pacemakers.

 In August 2021, Abbott Laboratories received FDA approval for its Infinity DBS system, a deep brain stimulation device used to treat Parkinson’s disease and essential tremors. The device features advanced stimulation technology that allows for personalized therapy and real-time patient feedback.

 In September 2021, LivaNova announced the launch of its next-generation Vagus Nerve Stimulation (VNS) therapy system for the treatment of epilepsy. The system features advanced simulation technology and offers patients a personalized approach to therapy.

COVID-19 Impact Analysis

The pandemic has resulted in a surge in demand for medical devices such as personal protective equipment, ventilators, and general hospital supplies. On the other hand, the postponement and cancellation of non-essential and elective procedures have impacted financially the manufacturers focusing on devices used in such procedures. The pandemic has also affected the supply chains of medical devices, including microelectronics, which may have caused initial shortages of deliveries.

Why Purchase the Report?
• To visualize the global microelectronic medical implants market segmentation based on device type, application, technology, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global microelectronic medical implants market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global microelectronic medical implants market report would provide approximately 61 tables, 58 figures and 186 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies