Market Highlights
The global active implantable medical device market is expected to earn major revenue during the forecast period. Factors such as upsurge in geriatric population, varied technological advancements, rising incidence of chronic diseases, and high rate of adoption of advanced implantable medical devices is propelling the growth of this market. However, certain factors such as high cost and limited coverage of insurance schemes for the active implantable medical devices may restrain the growth of this market. In the developed markets, the market for active implantable medical devices market has reached maturity. However, rise in awareness for these implantable devices among populations has augmented the market growth in the emerging countries.
North America dominates the market for the active implantable medical devices however; Asia Pacific is expected to grow at a highest CAGR during the forecast period. Though, unfavorable healthcare reforms in US, concerns allied to the implantable medical devices usage, and the expensive neurostimulators and cardiac implantable devices may hamper the market growth to a certain extent during the forecast period. Furthermore, the development of subcutaneous implantable cardioverter defibrillators provides a prosperous opportunity to the growth of the market.
The Implantable hearing devices is anticipated to grow at the highest CAGR during the forecast period. This growth is majorly attributed to the mounting incidences of hearing loss globally as well as rising ENT procedures owing to favorable reimbursement policies particularly, in the developed countries.
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Major Industry Player’s
The market for active implantable medical devices is highly consolidated and few companies holds the major share of the total market. Some of the major players in the operating in the Active Implantable Medical Devices market include Medtronic plc, Abbott Laboratories and Boston Scientific Corporation. The other players in this market are BIOTRONIK SE & Co. KG, LivaNova PLC, Cochlear Limited, MED-EL, Sonova Holding AG and William Demant Holding A/S.
The Asia-Pacific region is expected to witness the swiftest growth in the active implantable medical device market. Factors like rise in geriatric population, high prevalence of chronic diseases, increasing healthcare spending, advent of healthcare reforms for infrastructural development, demand for advanced products, and less stringent regulations in this region, are propelling this market in the region.
Market Segments
The global active implantable medical device market can be classified based on product and region. On the basis of products, the global market is classified into implantable cardioverter defibrillators, implantable cardiac pacemakers, ventricular assist devices, neurostimulators, and implantable hearing devices. The implantable cardioverter defibrillators are further classified as transvenous or subcutaneous based on their route of insertion in the body.
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Among the market segments, the implantable cardioverter defibrillators segment is expected to command a large share of the active implantable medical device market during the future years owing to the increasing incidence of cardiovascular diseases, enormous development of technically advanced devices, and an upsurge in the demand for these devices in emerging economies. is propelling this market segment.
Based on regions, the global active implantable medical device market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The North American region is anticipated to command the maximum market share and would lead the active implantable medical device market during the forecast period. Factors such as high rate of prevalence of cardiovascular as well as neurological diseases, rising investments and funds to develop technically advanced products, extended applications of neurostimulators, and favorable reimbursement schemes for ENT procedures are promoting the growth of this regional market. Also, increased accessibility to advanced technologies, enormous development of innovative as well as advanced products, and rise in healthcare expenditure are fuelling this regions market growth.
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