Market Scenario:
The global Microelectronic
Medical Implants Market Size is expected to grow at a CAGR of 11.5% over
the forecast period of 2022-2030, reveals a research report published by Market
Research Future (MRFR). The market has observed rapid growth on account of
rising prevalence of cardiac disorders such as cardiac arrest, heart failure,
artery diseases, stroke. Such cardiac diseases accelerate the demand for
medical implants such as Pacemakers, Defibrillators, and Neurostimulators which
positively impact the market growth. Growth in incidences of other chronic
diseases such as epilepsy and Parkinson's disease also add to market growth.
The rise in the geriatric population who are more likely to acquire such
diseases also propel the growth of the market.
Competitive Landscape
The global microelectronic medical implants market players
are highly competitive and is characterized by the presence of many established
players. The key players functioning in the market include
Abiomed Inc,
Cyberonics Inc.,
Medtronic Inc.,
Neuropace Inc.,
St. Jude Medical Inc.,
Biomet Inc.,
Envoy Medical,
Microsemi Corporation.,
Retina Implant AG,
Worldheart Corporation and
others.
The key players are implementing various strategies such as
partnership, mergers, acquisition, product launches to sustain their position
in the market.
Segmentation
The global microelectronic medical implants market has been
segmented based on product and application.
By product, the market has been segmented into
neurostimulators, drug infusion pumps, and others.
By application, the market has been segmented into
pacemakers, defibrillators, neurostimulators, spinal fusion stimulators, implantable
drug pumps, hearing implants, eye implants, ocular implants and others.
Regional Analysis
The key markets of the global microelectronic
medical implants market include North America, Europe, Asia Pacific and the
Middle East & Africa. North America accounts for the largest share of the
market owing to favorable government policies and growing incidences of cardiac
diseases in the region and is expected to grow at a CAGR of 8.7% over the
forecast period. Europe follows North America closely and is expected to grow
at a CAGR of 8.9% over the forecast period. Asia Pacific is slated to emerge as
the fastest growing market owing to the growing healthcare sector and increased
medical expenditure in the region. Moreover, the region has a large patient
pool which provides growth opportunities in the future.
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