Artificial Intelligence
Implantable Medical Devices Market to Reach $157.07 Billion by 2028: Competitive Pricing, Aging Population, and Aggressive Marketing to Play Key Role
Westford, USA, June 27, 2022 (GLOBE NEWSWIRE) — The rising incidence of chronic diseases such as cardiovascular diseases, diabetes, and cancer is one of the major factors driving the growth of the implantable medical devices market. Globally, more than 17.9 million people died from cardiovascular diseases each year, which represents 32% of all deaths worldwide. In addition, WHO estimates that about 628 million people have diabetes mellitus and more than 1.5 million people die of the disease. It has been found that the premature mortality rate of diabetes if increasing 5% each year. These statistics highlight the increasing burden of chronic diseases globally, which is fueling the demand for various implantable medical devices such as pacemakers, defibrillators, insulin pumps, and artificial organs.
The prevalence of obesity is another major factor driving the growth of the implantable medical devices market. Obesity has been linked with several health complications such as heart disease, stroke, arthritis, and type II diabetes. According to Centers for Disease Control and Prevention (CDC), in 2020, more than one-third adults in the US were obese.
Pricing to Play Key Role in Determining the Position in Global Implantable Medical Devices Market
Pricing plays a key role in determining the position in global implantable medical devices market as it is one of the most important factors considered by consumers while making a purchase decision. Companies need to carefully consider all aspects related to pricing such as production costs, marketing expenses, and distribution costs while setting prices for their products. In addition, they need to keep track of competitor’s prices and offer discounts or promotions if needed so as to maintain their position in this highly competitive market. For instance, a pacemaker on average costs around $6,700 in the US and it may range from $5,000 to $10,800. This indicates the presence of number of companies and their strategies pricing. On the other hand, most of the companies in developing companies focuses on keeping prices low and undertake aggressive marketing to improve market revenue and gain more market share. For instance, average cost of pacemaker in India is around $650. This because the Indian government has already capped the pacemaker price. As a result, market players are struggling to make profit. They are finding it difficult to sustain the in the India Pacemaker industry. It has also been found that most of the leading players are trying to exist the market and making way for local manufacturers. This has further intensified the market competition and added fuel to the price war.
Looking at the global implantable medical devices market, pricing will play a key role in determining the position and attracting consumers to sustain in the market. However, with rapidly growing demand and limited supply, manufacturers are finding it difficult to maintain prices in the market. This has resulted in price wars between players in the market, with some companies resorting to offering discounts or free products to gain market share. In addition, some device manufacturers are also focusing on developing new products that can be more expensive to produce and thus command higher prices to gain market revenue.
This has led to a situation where there is significant variation in prices across different regions of the world. For example, while device prices in North America tend to be higher than those in Europe, this gap is narrowing as manufacturers attempt to gain an advantage over their competitors. In addition, while prices for high-end devices tend to be higher than those for lower-cost devices.
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Manufacturers are Eyeing to Seize the Opportunity By Expanding Manufacturing Capacity of Implantable Medical Devices
The aging population is the largest driver of the implantable medical devices market, as the number of people over the age of 65 is expected to nearly double by 2050. This increase in the elderly population will lead to a greater incidence of age-related diseases such as osteoarthritis, which often requires joint replacement surgery. In addition, as people live longer lives, there is an increasing need for cardiac pacemakers and other devices that can help maintain quality of life. Technological advances are also driving growth in the medical implantable device market. For example, 3D printing technology is being used to create custom implants that better fit each patient’s individual anatomy. This results in fewer complications and a shorter recovery time for patients. In addition, new materials such as graphene are being developed that have superior strength and durability compared to traditional materials used in implants. These advances will continue to make implants more effective and safer for patients.
Considering the above advantages, the demand for implantable medical devices market is increasing and putting pressure on the existing manufacturing inventory. In fact, in most of the developing countries like India and China, there widening gap between demand and supply due to unfavorable government policies that had encouraged international players to limit their operation in the countries. As a result, local players are benefited and witnessed increased demand for their implantable medical devices.
One company that is expanding its manufacturing capacity of implantable medical devices is Medtronic, one of the leading players in the global implantable medical devices market. Medtronic recently announced that it was investing $50 million in a new facility in Puerto Rico that will manufacture cardiac rhythm management products such as pacemakers and defibrillators. The facility will be able to produce more than 1 million devices per year and will create approximately 500 jobs when it opens in 2019.
Another company that is expanding its manufacturing capacity of catheters is Zeus. Zeus has announced plans to invest undisclosed amount in a new facility building. The company already has done working in its California based plant.
Companies are Focusing on Strengthening Security of Smart Implantable Medical Devices to Avoid Data Leaks
Medical devices are becoming increasingly interconnected and reliant on software and firmware. This increased connectivity exposes patients to potential cyber security threats, as malicious actors could exploit vulnerabilities to gain unauthorized access to devices and the data they contain.
There have been a number of high-profile incidents in which data leaks or cyber-attacks have resulted in patient harm in the global implantable medical devices market. In one incident, a hospital was forced to shut down its computer systems after a ransomware attack encrypted sensitive patient data. The hospital was unable to access this data, putting patients at risk of delayed or incorrect treatment.
In another incident, hackers gained access to the medical records of over 150 million people by breaching the systems of a major healthcare provider. These records included sensitive information such as social security numbers and medical history. The hackers then demanded ransom from the healthcare provider in exchange for not releasing this information publicly.
These incidents highlight the need for improved cybersecurity measures in implantable medical devices market. Manufacturers must design devices with security in mind, and health care providers must ensure that proper procedures are in place to protect against these threats.
As a result, manufacturers have started taking extra steps to avoid such instances by encrypting the data that is stored on the device. This makes it much more difficult for someone to access the data without the proper key or password. Apart from this, they have started are using secure communication protocols when transmitting data from the device to another system. This ensures that only authorized systems can receive and decode the data and strengthen the implantable medical devices market. Finally, manufacturers are also working on developing new security technologies specifically for smart implantable medical devices. These technologies can help to prevent unauthorized access to the device and its data, as well as detecting and responding to attempts at cyber-attacks.
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Global Implantable Medical Devices Market is Flourishing thanks to Aging Population and Increasing Prevalence of Chronic Diseases
Global implantable medical devices market is expected to attain a value of $157 billion by 2028 at a CAGR of 6.90%. The Growth of the implantable medical devices market is mainly attributed to the rising prevalence of chronic diseases, increasing number of surgical procedures, and favorable reimbursement policies in developed countries. In addition, technological advancements, such as miniaturization of devices and development of new materials, are expected to fuel the market growth over the forecast period. However, product recalls & safety concerns associated with these devices are restraining factors for this market’s growth.
The U.S., China, India, Europe, and Middle East are major regional implantable medical devices market globally. Of these regions, North America accounted for the largest share in terms of revenue in 2021 owing to the presence of large number of key players in this region and well-developed healthcare infrastructure. India is anticipated to be the fastest growing regional market over the forecast period primarily due to rapidly expanding economies such as China and India coupled with increasing aging population.
It has been found that India implantable medical devices market is majorly driven by aging population, which increases the need for medical care. Second, India has a large number of private hospitals and clinics that are increasingly able to provide high-quality care. Third, the Indian government is increasing its investment in health care, both in terms of infrastructure and in terms of access to care. Finally, there is a growing middle class in India that can afford to pay for better quality healthcare.
Apart from this, India has signed a bilateral deal with Russia worth over $30 billion by 2025. This will offer lucrative opportunity of over $5 billion across pharmaceutical, medical, medical devices, among other sectors. The government of India has already started attracting a large number of players to the manufacturing industry through production linked subsidy scheme. This is further supported by growing focus on reducing the import of major medical implants from countries like China, Germany, and the US. Moreover, the government is also planning to bring down medical implants under medicine category, which will further drive the market revenue in the country.
Top Players in the Global Implantable Medical Devices Market
- Abbott Laboratories (US)
- Boston Scientific Corporation (US)
- C. R. Bard, Inc. (US)
- Globus Medical Inc. (US)
- Institut Straumann AG (Switzerland)
- Integra Lifesciences Holdings Corporation (US)
- Johnson & Johnson Inc. (US)
- LivaNova PLC (UK)
- MED-EL (Austria)
- Medtronic plc (Ireland)
- Nurotron Biotechnology Co., Ltd. (China)
- Nuvasive Inc. (US)
- Smith & Nephew Plc (US)
- Sonova Holding AG (Switzerland)
- St. Jude Medical Inc. (US)
- Stryker Corporation (US)
- William Demant Holding A/S (Denmark)
- Wright Medical Group N.V. (US)
- Zimmer Biomet Holdings, Inc. (US)
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Riyadh leads the GCC’s rise as a retail innovation hub, hosting global retail leaders to address market resilience, AI-powered growth, and sustainabilityPanda Retail Company joins as a Strategic Partner and Apparel Group as a Headline Partner to support the Forum’s focus on ‘Rebuilding a Shared Future’The Forum marks the next phase of the Retail Leaders Circle’s decade-long mission to connect and empower leaders within the retail sectorRIYADH, Saudi Arabia, Oct. 1, 2024 /PRNewswire/ — The RLC Global Forum will hold its inaugural Annual Meeting on February 4-5, 2025, in Riyadh, a landmark event for the global retail sector. As the GCC strengthens its position as a hub of resilience and growth, fueled by Saudi Arabia’s Vision 2030, the Forum will bring together the world’s leading retailers, policymakers, investors and innovators to discuss the future of the industry, driven by AI, sustainability, and global collaboration.
Under the theme “Rebuilding a Shared Future,” the RLC Global Forum will tackle the most pressing challenges facing global retail today, including technological transformation, cross-border commerce, market resilience, and geopolitical shifts. The Forum will serve as a critical platform for fostering cross-industry partnerships and innovative strategies to drive the sector forward.
“Our evolution into the RLC Global Forum reflects a broader, more inclusive vision for the global retail sector,” said Panos Linardos, Chairman of the RLC Global Forum. “This inaugural Annual Meeting will offer unique insights into how we can navigate the complex landscape of retail, from AI advancements to building sustainable and inclusive industry growth.”
Panda Retail Company, one of the top retail chain businesses in the Middle East and the lead grocery retailer in Saudi Arabia, joins as a strategic partner. “Our strategic alliance with the RLC Global Forum marks Panda’s dedication to innovation and excellence in the grocery sector,” said Dr. Bander Hamooh, CEO of Panda Retail Company. “We look forward to leveraging this partnership to pioneer new solutions and advance the retail landscape in Saudi Arabia.”
Additionally, the multi-award-winning global fashion and lifestyle retail powerhouse, Apparel Group, joins as a Headline Partner. “At Apparel Group, we are always eager to foster discussions on crucial themes that impact both the global landscape and our industry,” stated Sima Ganwani Ved, Founder and Chairwoman of Apparel Group. “Our strategic partnership with the RLC Global Forum highlights our commitment to engage with pivotal topics and drive meaningful dialogue that shapes the future of retail and beyond.”
The inaugural 2025 RLC Global Forum promises to be a defining event, setting the stage for retail’s next chapter of innovation, collaboration, and growth.
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Artificial Intelligence
Cyber-Physical Systems (CPS) Market worth $255.3 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 1, 2024 /PRNewswire/ — The global cyber-physical systems market is expected to be valued at USD 124.1 billion in 2024 and is projected to reach USD 255.3 billion by 2029; it is expected to grow at a CAGR of 15.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. Higher growth in industrial automation coupled with the influence of IoT is boosting the growth of the cyber-physical systems market. The growth of the industry of industrial automation is mainly influenced by the importance of the integration of cyber-physical systems and the Internet of Things. CPS involve the connectivity of sensors and actuators, which improves manufacturing efficiency and flexibility while heightening the operational capabilities of a factory, thus a shift toward smart factories in the industry 4.0 era. The influence of IoT will further be the enablement of real-time data exchange along with advanced analytics on predicting maintenance and optimization of resources that would make automation faster. The CPS systems are expected to expand rapidly with each adoption in the various industries across the market because of the inherent innovations coupled with competitiveness across a number of industries.
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Browse in-depth TOC on “Cyber-Physical Systems (CPS) Market” 210 – Tables70 – Figures298 – Pages
Cyber-Physical Systems (CPS) Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 124.1 billion
Estimated Value by 2029
$ 255.3 billion
Growth Rate
Poised to grow at a CAGR of 15.5%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Type, Vertical and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Complexities associated with integrating various components
Key Market Opportunities
Rising preference for sustainable energy
Key Market Drivers
Growing trend of industrial automation
The operational technology (OT) holds a significant share in cyber-physical systems market.
The operational technology (OT) segment holds a significant share in the cyber-physical systems market due to higher demand from process industries such as oil & gas, chemical, and petroleum. This technology enables these industries to manage and control critical industrial processes in real time. These systems integrate hardware and software that collects the data, visualizes it, and takes control of the processes. Also, the industries such as energy and manufacturing rely on OT for performing operations such as process control, safety management, and monitoring. Furthermore, integrating OT with IT systems has enhanced the execution of complex industrial tasks. As industries increasingly adopt automation and smart technologies, the reliance on robust OT systems ensures its substantial share in the CPS market.
Digital twin technology to exhibit the highest growth rate in the cyber-physical systems market.
The digital twin is anticipated to hold the highest growth rate in the cyber-physical systems market. This is attributed to their unique gadgetry, which completely transforms how industries manage and optimize their assets. Digital twins can imitate real-life systems, allowing businesses to monitor, predict and simulate how they operate in real-time. This capacity is vital in sectors such as manufacturing, healthcare, and aerospace, where there is an emphasis on the careful handling of machines and techniques. The emergence of Industry 4.0 kindled by the expanding incorporation of AI with IoT technologies, has since contributed to expediting the use of digital twins due to their ability to facilitate preventive maintenance, reduce downtimes, and enhance the decision-making process among manufacturers. Given that organizations are increasingly leaning towards productivity improvement ideas, demand for digital twin technology will be expected to keep rising, resulting in the highest CAGR in CPS markets throughout the forecast period.
Manufacturing vertical dominates the cyber-physical systems market over the forecast period.
Manufacturing is the largest vertical of the cyber-physical systems market, as heavy machinery works with advanced automation technologies to implement the most modern manufacturing process. Smart manufacturing avails itself of CPS technologies such as IIoT, robotics, and digital twins, enabling capabilities like real-time monitoring, predictive maintenance, and optimized production workflows. These are really important to enable companies to compete in a global marketplace, supporting manufacturers in increasing their efficiency, reducing charges, and offering better quality products. The emphasis on digitalization and the integration of manufacturing systems propagated by Industry 4.0 has positioned CPS technologies as the dominant sector in the market, especially for manufacturing.
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North America region holds the largest share of cyber-physical systems market during the forecast period.
North America holds the major share of the cyber-physical systems industry due to the presence of key players in the region. The region is strategically vital for advanced R&D initiatives focusing on transformational technologies such as IIoT, smart grids, and autonomous systems. Steadily rising demand from manufacturing, automotive, and healthcare sectors eager to adopt and implement new and transformative technologies constantly pushes innovation. In addition to this, early adoption of the practices of Industry 4.0 across the region, along with a regulatory framework favorable to encouraging innovation in technologies, has enabled North America to continue dominating the global cyber-physical systems market.
Key Players-
The report profiles key players in cyber-physical systems companies such as ABB (Switzerland), Honeywell International Inc. (US), Rockwell Automation (US), Schneider Electric (France), Siemens (Germany), Continental AG (Germany), General Electric Company (US), Hitachi, Ltd. (Japan), Toshiba Corporation (Japan), and Robert Bosch GmbH (Germany) among others. These players have a strong market presence in cyber-physical systems across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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Artificial Intelligence
Matterport Fall 2024 Release: Insights Meets Imagination elevates the platform with generative AI and more
Matterport introduces essential new tools for real estate agents, contractors and designers
SUNNYVALE, Calif., Oct. 1, 2024 /PRNewswire/ — Matterport, Inc., today unveiled a groundbreaking suite of new tools designed to reshape the way professionals design, build, and market properties. Through the power of generative AI, Matterport users can now easily reimagine the potential of any space, transforming digital twins from static replicas into dynamic canvases for creativity.
“Our Fall 2024 Release empowers users to unlock the full potential of Matterport,” said RJ Pittman, Chairman and CEO of Matterport. “Imagine being able to defurnish a home with one click or generate stunning property descriptions automatically, using just the data from your digital twin. These tools save time, elevate listings, and simplify complex workflows for everyone—from real estate agents to contractors and enterprise teams. And with features like 3D model merge, field tags, and one-click bill-back processing, we’re helping customers manage spaces at scale with unprecedented speed, efficiency and precision.”
New tools for agents:
One of the most revolutionary additions in the Fall Release is Matterport’s AI-powered defurnish tool, designed to solve a common challenge for home sellers and agents: clutter. With a single click, users can now transform a cluttered living room or messy garage into a clean, open space—allowing potential buyers to visualize the home’s true potential. Whether it’s “erasing” an outdated couch or clearing out the dining room set, defurnish gives agents a powerful yet simple tool to make every property shine.
And coming soon, Matterport’s interior design tools will unlock creativity for everyone—letting users digitally furnish and redesign spaces with ease and offering a glimpse of what the future could hold.
The AI-powered property description tool is another game-changer, crafting detailed, engaging written descriptions in just seconds. Brokers and marketers can select the style and tone, ensuring each listing is perfectly tailored—whether it’s a sleek, modern downtown loft or a charming suburban home. And by leveraging the precise spatial data of every digital twin, the tool creates content that is not only beautifully written but also accurate down to the last detail, saving hours of work and producing results that even seasoned experts will admire.
New tools for property managers, contractors, and designers:
For large-scale projects, Matterport’s new Merge tool enables users to seamlessly “snap” together multiple digital twins. Imagine creating a full digital model of an entire hotel, floor by floor, or merging every floor of a high-rise office tower into one cohesive 3D tour of the building. Merge also allows multiple team members to scan different sections of a property simultaneously and integrate them later, making it possible to capture and manage even the most expansive buildings quickly and efficiently.
Field Tags further enhance the efficiency of on-site work by allowing users to add on-site observations and tags during the scanning process. No more repeat visits to capture missed details—everything can be documented in real-time, ensuring accurate, comprehensive records of the space are captured at the moment they matter most. This feature keeps teams aligned and projects moving forward without unnecessary delays.
Lastly, Matterport introduces one-click bill-back processing, a highly anticipated feature for enterprise customers. This simple yet powerful tool removes the headache of manual invoicing and cost allocation, allowing organizations to easily distribute expenses across departments and external partners. By automating billing processes, Matterport reduces administrative burdens and empowers teams to focus on what matters most.
About MatterportMatterport, Inc. (Nasdaq: MTTR) is the World’s #1 Digital Twin Platform* leading the digital transformation of the built world. Our groundbreaking platform turns buildings into data to make every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal, and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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