Global Microelectronic Medical Implants Market 2023-2030

Global Microelectronic Medical Implants Market 2023-2030

Global Microelectronic Medical Implants Market Size, Share & Trends Analysis Report by Product (Pacemakers & Defibrillators, Neurostimulators, Implantable Drug Delivery Devices, Spinal Fusion Stimulators, Cochlear Implants, and Others), and by Technology (Radiofrequency, Sensors, and Others), Forecast Period (2023-2030)

The global microelectronic medical implants market is anticipated to grow at a CAGR of 11.1% during the forecast period (2023-2030). The market’s growth is attributed to increasing prevalence of neurological disorders across the globe. The results show that one major factor is the rising incidence of neurological disorders. The need for efficient treatments such as neurostimulators rises in addition to the burden of the aforementioned diseases. According to the National Institute of Health, in May 2023, neurological disorders are highly prevalent, accounting for 9 million deaths and 42.2% of disability-adjusted life years worldwide. The five most common neurological causes of disability-adjusted life years were stroke (42.2%), headaches (migraine, 16.3%), dementias (10.4%), meningitis (7.9%) and epilepsy (4.9%). In addition, inherited neurometabolic diseases, which comprise more than 1,400 different genetic diseases, have an incidence of between 1 in 800 to 1 in 2,500 newborns.

Segmental Outlook

The global microelectronic medical implants market is segmented on the product, and technology. Based on the product, the market is sub-segmented into pacemakers & defibrillators, neurostimulators, implantable drug delivery devices, spinal fusion stimulators, cochlear implants, and others. Furthermore, based on the technology, the market is sub-segmented into radiofrequency, sensors, and others. The pacemakers & defibrillators subcategory is expected to capture a significant portion of the market share within the absorber product. This is attributed to the increasing elderly population and rising incidence of heart diseases. Heart obstruction and bradycardia are frequent ailments involving a patient can utilize a pacemaker.

The Cochlear Implants Sub-Segment is Anticipated to Hold a Considerable Share of the Global Microelectronic Medical Implants Market

Among the product, the cochlear implants sub-segment is expected to hold a considerable share of the global microelectronic medical implants market. The segmental growth is attributed to the growing prevalence of hearing loss. The data show that hearing loss is prevalent in both adults and children. The need for hearing aids such as cochlear implants is growing since its prevalence retains rising. According to the World Health Organization (WHO), in February 2023, around 5% of the global population (430 million people) has disabling hearing loss, with adults making up 432 million of those people and 34 million of them being children. By 2050, it is estimated that the number of individuals with disabling hearing loss will have risen to 700 million (1 in every 10 people). The majority of those affected by disabling hearing loss live in low- and middle-income countries. The prevalence of hearing loss increases with age; 25% of those over 60 years old have disabling hearing loss.

Regional Outlook

The global microelectronic medical implants market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the growing healthcare costs, an aging population, and the incidence of chronic diseases. According to MDPI, in December 2021, by 2050, it is estimated that approximately 2.1 billion individuals globally will be aged 60 and over. This population growth has created a need for increased public healthcare services, as elderly individuals are more likely to suffer from chronic diseases. Chronic illnesses are responsible for more than two-thirds of all deaths and cardiovascular diseases account for 30 percent of those deaths. Currently, over 180 million individuals have diabetes, with estimates suggesting that number could reach 360 million by 2030.

The North America Region is Expected to Grow at a Significant CAGR in the Global Microelectronic Medical Implants Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the rising demand for technological advancements across the region. As microelectronics and sensor technology progress, implantable sensors grow smaller, more precise, more energy-efficient, improving their viability for a range of medical applications. According to the National Institute of Health (gov.), in September 2023, implantable sensors have a range of potential applications in healthcare, with the promise of revolutionizing Healthcare 5.0. This new era of healthcare will focus on smart disease control and detection, virtual care, intelligent health management, smart monitoring, and decision-making. Implantable sensors will enable continuous physiological monitoring with a high level of accuracy, which could facilitate the integration of artificial intelligence and the Internet of Things with medical devices and treatment. Furthermore, recent years, there has been a rise in publications, companies, and clinical trials related to sensors, with many review papers available. The market for implantable sensors is valued at almost 15 times that of the wearable sensor market, which was valued at USD 327.68 million. The market for wearable sensors is expected to increase rapidly.

Market Players Outlook

The major companies serving the microelectronic medical implants market include Boston Scientific Corp., Cochlear Ltd., Crunchbase, Envoy Medical Corp., LivaNova PLC and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2022, Alleima acquired Endosmart, It offers a product includes kidney stone retrieval baskets and snares, and breast cancer tumor markers, in addition to surgical instruments.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global microelectronic medical implants market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.