Market Scenario:
The global Microelectronic
Medical Implants Market Insights 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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