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Medical Device Startups get Growth Opportunity in the U.S. Medical Devices Industry
The implantable medical devices market is an essential part of the ever-growing health industry of the United States. These implantable devices, such as hip replacements or cardiac pacemakers, are used by millions of American citizens. However, thanks to the rapid advancement of medical technology and innovation, the types of implantable medical devices have increased manifold. Moreover, an increase in the presence of chronic health conditions among the aging population has increased the demand for implantable medical devices that can address these growing concerns. Thus, it can be said that the overall implantable medical devices market offers massive growth opportunities to medical device startups.
What Are Implantable Medical Devices?
An implantable device is an important subcategory of medical devices which are placed inside the human body to provide support to a damaged body part, or to replace a missing body part, or to continue or modify an important body function. Common implantable medical devices include cardiac pacemakers which help to normalize an irregular heartbeat, artificial hip joints, or orthopedic pins and rods to restore body function.
Implantable Medical Devices Market and Its Past Performances
Thanks to the significant benefits of implantable medical devices, a substantial number of Americans have undergone surgery to incorporate some sort of medical device in their body to help them cope with their ailment. For instance, hip replacement relieves an individual from constant pain and recovers the function of that body part. Cardiac pacemakers, on the other hand, regularize abnormal heartbeat and save lives.
A 2010 Center for Disease Control and Prevention report stated that each year 370,000 pacemakers are fitted into the hearts of Americans apart from conducting an approximate 1 million knee and hip replacements during the same time frame. In 2013 medical devices expenditures accounted for 6 percent of the total national health expenditures of the United States amounting to over $170 billion. However, a significant scope of growth has been predicted in the implantable medical devices market between 2011 to 2018. Industry reports are predicting that the total sales of implantable medical devices will be growing to $74 billion by 2018 from the $43 billion in 2011.
Implantable Medical Devices Market: Why Should Medical Device Startups Tap into This Niche Industry?
A 2018 market research report on the global implantable medical devices market has stated that according to the geographical location, North America, more specifically the United States and Canada were the leaders of the global implantable medical devices market in 2016 and are likely to lead in 2018, as well. Apart from that, the research report has also predicted that the market is likely to grow at a compound annual growth rate of 4.40 percent over a period of eight years, from 2017 to 2025. The report suggested that by 2025 the active implantable device market has chances of gaining a total value of $20.73 billion.
Medical device startups dealing with nerve stimulators, implantable cardioverter defibrillators, and cardiac pacemakers are likely to hit jackpot as there is great demand for these products at present. Moreover, the report predicts that this demand is likely to persist and grow in the upcoming years.
As we can see the implantable medical devices market has maintained its growth spurt and will likely continue to do so, giving medical device startups the opportunity to earn massive sales profits through their innovative devices.