Market Scenario:
The global Microelectronic
Medical Implants Market Share 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.
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.
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 outlook 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.
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