Global Microelectronic Medical Implants Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Microelectronic medical implants refer to devices that work with incredibly tiny and microscopic elements to create electronic components. These are used for monitoring, diagnosis, and therapy for a variety of medical problems.

Sizing and Forecast

The microelectronic medical implants market size has grown rapidly in recent years. It will grow from $41.26 billion in 2023 to $45.52 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to cost efficiency and accessibility, rise in chronic diseases, miniaturization of devices, regulatory support and standards, growing acceptance and awareness..

The microelectronic medical implants market size is expected to see rapid growth in the next few years. It will grow to $66.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to rise in lifestyle diseases, regulatory support and standards, patient preference for implantable solutions, cost efficiency and accessibility, aging population and chronic diseases.. Major trends in the forecast period include miniaturization and compact designs, wireless connectivity and remote monitoring, advancements in sensor technology, focus on longevity and reliability, biocompatible materials..

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Segmentation & Regional Insights

The microelectronic medical implants market covered in this report is segmented –

1) By Product: Neurostimulators, Drug Infusion Pumps, Pacemakers, Defibrillators, Spinal Fusion Stimulators, Implantable Drug Pumps, Hearing Implants, Eye Implants, Ocular Implants, Other Products
2) By Technology: Radiofrequency, Sensors, Other Technologies
3) By Material: Metals, Titanium, Stainless Steel, Platinum, Gold Brazed Alloys, Polymers, Ceramics, Other Materials
4) By Application: Cardiology, Neurology, Ophthalmology, Oncology, Other Applications
5) By End-Users: Hospitals And Clinics, Ambulatory Surgical Centres

North America was the largest region in the microelectronic medical implants market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the microelectronic medical implants market during the forecast period. The regions covered in the microelectronic medical implants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The rising prevalence of hearing impairments is expected to boost the microelectronic medical implants market going forward. Hearing impairment is the inability to hear as well as someone with normal hearing, defined as hearing thresholds of 20 dB or better in both ears. Microelectronic medical implants can improve hearing in people with severe hearing loss who are no longer helped by using hearing aids, hence, they will boost the microelectronic medical implants market. For instance, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization responsible for providing leadership on global health matters, in 2021, it is expected that by 2050, approximately 2.5 billion individuals will have some degree of hearing loss, and at least 700 millions of them will need hearing rehabilitation. Therefore, the rising prevalence of hearing impairments is driving the growth of the microelectronic medical implant market.

Key Industry Players

Major companies operating in the microelectronic medical implant market are adopting a strategic partnership approach that allows advertisers to manufacture neurostimulator devices. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in June 2021, Merck KGaA, a Germany-based medical device manufacturing company, announced a partnership with neuroloop GmbH. The partnership aims to create a neurostimulator device that will supplement existing pharmacological therapy for individuals suffering from chronic inflammatory disorders. The collaborators intend to modify Neuroloop’s neurostimulation technology to allow for the targeted treatment of chronic inflammatory illnesses. The alliance will benefit from neuroloop GmbH’s unique technological knowledge in selective neurostimulators, while Merck will provide critical strengths in material science and in vivo pharmacology, as well as quality, regulatory, and clinical expertise in the field of chronic inflammatory illnesses. neuroloop GmbH is a Germany-based medical technology manufacturing company.

The microelectronic medical implants market report table of contents includes:

1. Executive Summary

2. Microelectronic Medical Implants Market Characteristics

3. Microelectronic Medical Implants Market Trends And Strategies

4. Microelectronic Medical Implants Market – Macro Economic Scenario

5. Global Microelectronic Medical Implants Market Size and Growth

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31. Global Microelectronic Medical Implants Market Competitive Benchmarking

32. Global Microelectronic Medical Implants Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Microelectronic Medical Implants Market

34. Microelectronic Medical Implants Market Future Outlook and Potential Analysis

35. Appendix