08.04.10
U.S. demand for implantable medical devices is expected to increase 8.3 percent annually to $49 billion in 2014, according to a study by international market research firm the Freedonia Group Inc.
The development of next-generation devices based on new technologies and improved materials are the main reasons for growth, according to the report. Shortcomings in existing drug therapies also will contribute to the more frequent use of implantable devices to treat and manage cardiovascular diseases, orthopedic conditions, neurological disorders, ophthalmic impairments and other ailments, researchers noted.
Demand for orthopedic implants is expected to increase 8.8 percent annually to nearly $26 billion in 2014. The market for reconstructive joint replacements will gain momentum from improved products such as rotating platform knee replacements, as well as from the aging U.S. population and physically active lifestyle trends, the study said. The orthobiologics sector also is expected to grow during this time, as advances in biotechnology lead to the commercialization of new and improved products.
Cardiac implant demand is expected to increase 7.5 percent annually to $17.6 billion in 2014. Cardiac resynchronization therapy devices will post the fastest growth among pacing devices as they greatly improve therapeutic outcomes in congestive heart failure patients, according to the report. 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, according to the report.
Other implantable medical devices expected to fare well in the U.S. market include stimulators for neurological conditions, brachytherapy for prostate cancer, cochlear devices for restoring hearing loss and gastric bands for obesity surgery, the study said.
Strong growth also is projected for implantable drug pumps, intraocular lenses, glaucoma and retinal implants, silicone breast implants, dermal fillers and tissue implants.
For more information on the study, visit www.freedoniagroup.com.
The development of next-generation devices based on new technologies and improved materials are the main reasons for growth, according to the report. Shortcomings in existing drug therapies also will contribute to the more frequent use of implantable devices to treat and manage cardiovascular diseases, orthopedic conditions, neurological disorders, ophthalmic impairments and other ailments, researchers noted.
Demand for orthopedic implants is expected to increase 8.8 percent annually to nearly $26 billion in 2014. The market for reconstructive joint replacements will gain momentum from improved products such as rotating platform knee replacements, as well as from the aging U.S. population and physically active lifestyle trends, the study said. The orthobiologics sector also is expected to grow during this time, as advances in biotechnology lead to the commercialization of new and improved products.
Cardiac implant demand is expected to increase 7.5 percent annually to $17.6 billion in 2014. Cardiac resynchronization therapy devices will post the fastest growth among pacing devices as they greatly improve therapeutic outcomes in congestive heart failure patients, according to the report. 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, according to the report.
Other implantable medical devices expected to fare well in the U.S. market include stimulators for neurological conditions, brachytherapy for prostate cancer, cochlear devices for restoring hearing loss and gastric bands for obesity surgery, the study said.
Strong growth also is projected for implantable drug pumps, intraocular lenses, glaucoma and retinal implants, silicone breast implants, dermal fillers and tissue implants.
For more information on the study, visit www.freedoniagroup.com.