Abbott, Biotronik, Inc., Boston Scientific Corporation, Stryker, and Medtronic, among others, are the major players in the global implantable medical devices market.
The global implantable medical devices market attained a value of about USD 105.2 billion in 2020. The industry is further expected to grow at a CAGR of about 6.4% in the forecast period of 2021-2026 to reach a value of about USD 152.6 billion by 2026. As per the analysis by Expert Market Research, the market is expected to be driven by the rising number of surgical procedures taking place globally.
The market is positively driven by factors such as the increasing geriatric population and age-related disorders, soaring arthritis and cardiac failure cases, and the growing demand for cosmetic surgeries. Furthermore, factors such as rising disposable income, rapid urbanisation and technological innovations are boosting the demand for implantable medical devices. The increasing investment in the healthcare sector and availability of advanced medical devices are aiding the market growth, especially in North America and the Asia Pacific regions.
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The major players in the global implantable medical devices market include Abbott (NYSE: ABT) and Stryker (NYSE: SYK). Stryker received clearance from the FDA in 2021 for its InSpace balloon implant, a solution for arthroscopic treatment of massive irreparable rotator cuff tears. The implant is the first biodegradable and balloon implant for surgeons to treat patients with shoulder injuries. Abbott, in 2019, launched the next generation RX implantable monitor for arrhythmia detection. The product is smartphone compatible and offers 24/7 monitoring of heart rhythm for quick and accurate diagnosis. The aforementioned developments in the industry are augmenting the growth of the market.
Headquarters: Chicago, United States of America
Abbott is an American multinational company that develops, manufactures, and sells a wide variety of healthcare products and services. The products from the company include pharmaceuticals, nutritional, diagnostic, and vascular products such as FreeStyle, PediaSure, Pedialyte, Similac, EleCare, ZonePerfect, Juven, Ensure and Glucerna. Abbott is a global market leader and supplies its products in over 160 countries with a workforce of about 109,000 employees globally. The company achieved a market revenue of USD 34.6 billion in 2020.
Headquarters: Berlin, Germany
Biotronik, Inc is a German biomedical technology company and a market leader in providing medical products and services. The company provides heart monitoring, cardiac pacemakers and defibrillators, leads and catheters and external devices for treating cardiovascular and endovascular diseases to healthcare professions. Biotronik, Inc has partnerships with renowned national and international institutions for developing new therapy solutions globally. It operates in over 100 countries worldwide and has research and development labs in Europe, North America and Singapore.
Headquarters: Massachusetts, United States of America
Boston Scientific Corporation is an American manufacturer of medical devices. The company’s products are used in interventional cardiology, cardiac rhythm management, peripheral interventions, electrophysiology, neurovascular intervention, endoscopy, urology, gynaecology, and neuromodulation. It is renowned for its development of Taxus Stent; a drug-eluting stent used to open clogged arteries. Boston Scientific Corporation employs 38,000 people across its offices and manufacturing facilities. The company generated a revenue of USD 9.9 billion in 2020.
Headquarters: Michigan, United States of America
Stryker is a US-based multinational company and a global leader in medical technology. The company provides orthopaedics, neurotechnology and spine, medical and surgical specialities to improve healthcare and hospital services. It owns more than 8,883 patents, employs over 40,000 people as of 2019. The company earned USD 14.9 billion in 2019. The products are sold in about 100 countries worldwide.
Headquarters: Dublin, Ireland
Medtronic is an American Irish multinational company engaged in providing medical technology and services. The company provides its medical devices and technologies such as cardiac devices, cranial and spine robotics, insulin pumps, surgical tools, and patient monitoring systems to hospitals, physicians, clinicians, and patients in more than 150 countries. Medtronic owns about 76 manufacturing and 21 lab and research development sites employing more than 90,000 people. The company generated total revenue of USD 30.6 billion in 2020.
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