US Medical Implant Demand to Reach $49 Billion in 2014

US demand for implantable medical devices will increase 8.3 percent annually to $49 billion in 2014.  The development of next generation devices based on new technologies and improved materials will underlie growth. Shortcomings in existing drug therapies will promote the increasing use of implantable devices in the treatment and management of cardiovascular, orthopedic, neurological, ophthalmic and various other chronic disorders. These and other trends, including market share and product segmentation, are presented in Implantable Medical Devices, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.

Demand for orthopedic implants will increase 8.8 percent annually to nearly $26 billion in 2014.  The market for reconstructive joint replacements will gain upward momentum from improved products such as rotating platform knee replacements as well as from the aging US population and physically active lifestyle trends.  Advances in implant products and related surgical technologies, coupled with an increasing prevalence of chronic back conditions, will create strong growth opportunities for spinal implants.  Fixation devices and artificial discs for spinal fusion will account for the best opportunities. As advances in biotechnology lead to the commercialization of new and improved products, orthobiologics will realize strong opportunities.

Demand for cardiac implants is projected to increase 7.5 percent annually to $17.6 billion in 2014.  Cardiac resynchronization therapy (CRT) devices will post the fastest growth among pacing devices as they greatly improve therapeutic outcomes in congestive heart failure patients.  Advantages over anti-arrhythmia drugs will keep implantable cardioverter defibrillators (ICDs) the preferred treatment for tachycardia.  The lack of effective drugs for bradycardia will boost demand for implantable cardiac pacemakers. The introduction of new drug-eluting stents with improved designs and a reduced risk of complications will boost the market for cardiac stents and stent-related implants. 

Other implantable medical devices which will fare well in the US market include implantable stimulators for neurological conditions, brachytherapy for prostate cancer indications, cochlear devices for restoring hearing loss, and gastric bands for obesity surgery.  These products offer significant performance and outcome advantages over alternative treatments.  Strong growth is projected for implantable drug pumps, intraocular lenses, glaucoma and retinal implants, silicone breast implants, dermal fillers and tissue implants.

The Freedonia Group is a leading international business research company, founded in 1985, that publishes more than 100 industry research studies annually. This industry analysis provides an unbiased outlook and a reliable assessment of an industry and includes product segmentation and demand forecasts, industry trends, demand history, threats and opportunities, competitive strategies, market share determinations and company profiles.