Global Market For Medical Implants To Hit Nearly $27 Billion In 5 Years

The market for implantable medical devices — pacemakers, defibrillators, hearing aids and other machines that help the body run — is expected to hit $26.75 billion by 2022, according to a new market research report.

Research and Markets on Tuesday figured a compounded annual growth rate of 7.8 percent based on a projected $18.42 billion in sales this year.

“The growth of this market is mainly attributed to the rising aging population, increasing prevalence of cardiovascular and neurological diseases, investments and funds to develop technologically advanced products, expanded applications of neurostimulators” and other factors, the report said.

It said growth may be hindered by unfavorable healthcare reforms in the United States, along with high device costs.

Though North America commanded a major share of the implantable medical device market in 2016, the greatest growth is expected to take place in the Asia Pacific region.

Some of the big players in the implant business include Abbott Laboratories ABT and Boston Scientific Corporation BSX.

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