The worldwide medical devices market is expected to increase at a CAGR of 5.5 percent from $495.46 billion in 2022 to $718.92 billion by 2029.
Internet of Medical Things (IoMT), medical device convergence, blockchain, robotics, and 3D/additive manufacturing are some important developments in the medical device market.
The implantable medical devices market is growing due to an increase in the frequency of chronic diseases, an ageing population, an increase in cardiovascular and neurological ailments, and advancements in active implanted medical devices.
North America accounted for a significant portion of the worldwide implanted medical device market in 2020 and is likely to maintain its dominance in the future years.
Japan and China are expected to grow at a rapid CAGR in the Asia-Pacific implantable medical devices market, owing to improvements in healthcare infrastructure, an increase in the number of hospitals equipped with advanced instruments, the development of the R&D sector, an increase in healthcare reforms, and technological advancements in the field of implants.