Press release
Active Implantable Medical Devices Market Outlook to 2025 - Abbott, Medtronic, Cochlear Ltd., Boston Scientific Corporation, BIOTRONIK SE & Co, LivaNova PLC, MED-EL and Sonova
The global Active Implantable Medical Devices Market was valued at US$ 22,096.9 Mn in 2017 and is estimated to reach US$ 39,026.9 Mn by 2025. The market is estimated to grow with a CAGR of 7.9% from 2017-2025. The report highlights the trends prevalent in the global active implantable medical devices market and the factors driving the market along with those that act as deterrents to its growth.
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Active Implantable Medical Devices Market Overview
The increasing prevalence of cardiovascular diseases, neurological disorders & hearing disorders, increasing technological advancements & new product launches and large pool of geriatric population are the major factors that anticipated to propel the growth for the active implantable medical devices market in the forecast period. However, the high cost of products and procedures and high rate of product recalls is expected to act as major challenges hindering the market growth at certain extent.
Global active implantable medical devices market segmented into by product and end user. Based on product, the market is segmented into implantable cardioverter defibrillators, implantable cardiac pacemakers, neurostimulators, implantable hearing devices, ventricular assist devices and implantable heart monitors/insertable loop recorders. The implantable cardioverter defibrillators segment is further bifurcated into transvenous implantable cardioverter defibrillators and subcutaneous implantable cardioverter defibrillators. On the basis of end user, the active implantable medical devices market classified as hospitals, ambulatory surgery centers and specialty clinics.
Drivers and Restraints
The high market growth is anticipated on account of the rising global geriatric population. The risk of cardiovascular diseases increases with increase in age, in both male and females. Increasing age makes the blood vessels less flexible and reduction in blood flow. Thus, the risk of heart disease is high in elder population. According to the Heart Disease and Stroke Statistics 2018, average age at the first heart attack is 65.6 years for males and 72.0 years for females. It also mentioned that annual incidence of heart attack in the US is 720,000 new attacks and 335,000 recurrent attacks. Similarly, rising prevalence of the neurological disorders in the geriatric population is expected to serve as a high impact rendering driver for the active implantable medical devices market over the forecast period. According to the Alzheimer's Association, in 2018, 5.7 million Americans suffer from Alzheimer's dementia of which 5.5 million are people with age 65 and older. Furthermore, the United Nations in 2017, estimated 962 million people are aged 60 or over across the globe and is increasing by 3% every year. It also stated that the elder population with 60 and more age worldwide is projected to be 1.4 billion in 2030 and 2.1 billion in 2050, and could rise to 3.1 billion in 2100. Hence, the increasing global geriatric population is likely to boost the market growth during the forecast period.
Active Implantable Medical Devices Market Key Players
The major players operating in the active implantable medical devices market include Abbott, Medtronic, Cochlear Ltd., Boston Scientific Corporation, BIOTRONIK SE&Co, LivaNova PLC, MED-EL, Sonova, William Demant Holding A/S, Nurotron Biotechnology Co. Ltd. and among others. The market players are focused towards bringing new and innovative product launches to sustain their position in the market. For instance, in July, 2017, Cochlear launched its iPhone cochlear implant sound processor. Additionally, in September 2017, Cochlear launched the Baha SoundArc which is the non-surgical bone conduction device.
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Active Implantable Medical Devices Market Segmentation:
Global Active Implantable Medical Devices Market – By Product
Implantable Cardioverter Defibrillators
Transvenous Implantable Cardioverter Defibrillators
Subcutaneous Implantable Cardioverter Defibrillators
Implantable Cardiac Pacemakers
Ventricular Assist Devices
Implantable Heart Monitors/Insertable Loop Recorders
Neurostimulators
Implantable Hearing Devices
Global Active Implantable Medical Devices Market – By End User
Hospitals
Ambulatory Surgery Centers
Specialty Clinics
Global Active Implantable Medical Devices Market – By Geography
North America
Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
South and Central America (SCAM)
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