Global microelectronic medical implants market is expected to witness a rapid growth in coming seven years due to increasing prevalence rate of cardiac disorders, epilepsy and Parkinson’s disease. Microelectronic medical implants include microelectronic components which are induced in the body to achieve the physiological response. Microelectronic medical technology with virtue of high efficacy rate is expected to be a greater commercial market in near future. Pipeline products awaiting approval by the regulatory authority will further enhance the market opportunities in the future. However, lengthy clinical testing procedures and high power consumption might pose a hindrance in speedy growth of microelectronic implants market.
The overall global microelectronic medical implants market is segmented on the basis of products such as neurostimulators and drug infusion pumps. Neurostimulators are technologically based upon previously used pacemakers. Other products like drug infusion pumps are developed through miniaturization of mechanical components, sensors-on-chip technology and circuitry of medical devices. Neurostimulators finds wide application in implants such as spinal cord stimulators, deep brain stimulator, vagus nerve stimulators, drug delivery, pain management implants and cochlear stimulators. Neurostimulators such as implantable drug pumps and hearing implants are expected to gain a higher market share in forecast period. Drug infusion pumps inject fluids and medications into patient’s circulatory system thereby producing high but controlled pressures. The pressures are controlled by pumps through machines or manually by patients also. These are commonly used as they have no single point of failure and they display only small subset of features which avoids the problem of tampering by patients or the untrained staff. Biocompatible implants are trending and expected to gain popularity during the forecast period owing to higher efficacy rate and longer shelf life. These microelectronic implants are usually applied in cardiac implants such as spinal fusion stimulators, pacemakers & defibrillators, hearing implants, neurostimulators, eye implants and many others.
Geographically, the overall global microelectronic medical implants market is segmented into North America, Europe, Asia Pacific, Latin America and MEA. As of 2014, North America held the largest market share in microelectronic implants due to favourable government policies and high incidence rate of cardiac diseases. Similarly, increasing geriatric population base and awareness among the people has boosted up the market for microelectronic implants in the European market. On the contrary, rise in personal disposable income, cardiac disorders and other traumatic injuries in major Asia pacific countries such as India and China are expected to contribute to the lucrative growth of Asia Pacific microelectronic implants market. Due to increasing demand of healthcare products, rise in disposable income and health awareness among the people of Latin American countries, the market is showing speedy growth in this region.
Some prominent players in microelectronic implants market are medical devices manufacturers such as Retina Implant AG, Biomet Inc., Cyberonics Inc., Medtronic Inc., Abiomed Inc., Envoy Medical, St. Jude Medical Inc., Neuropace Inc., Worldheart Corporation. These market players are adopting various competitive marketing strategies such as R&D operations and product differentiation. They also manufacture medical implants which employ microelectromechanical systems (MEMS) technology as the scope for such devices is increasing due to large scale research and development in this sector. These MEMS devices are gyroscopes, pressure sensors, optical MEMS and image sensors. Key players are adopting advanced remote patient monitoring systems enabling better patient management and improved health records maintenance. Companies are striving to improve the functionality of implants which will not only improve the health of the people but will also act on nervous systems and brain to control motion and pain. For example, it will control patient’s mood and help with clinical depression. Also, there exists tremendous market opportunities for those companies which are striving to develop extensive implant techniques that consume less power and offer wide area of operations to implement the microelectronic devices into human body.
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