Active Implantable Medical Devices Market Analysis 2018-2025: Abbott, Medtronic, Cochlear, Boston Scientific Corporation, BIOTRONIK, LivaNova PLC, MED-EL, Sonova, William Demant Holding, and Nurotron Biotechnology

The global active implantable medical devices market accounted to US$ 39,026.9 Mn in 2017 and is expected to grow at a CAGR of 7.9% during the forecast period 2018 - 2025, to account to US$ 22,096.9 Mn by 2025.

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.

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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.

Large pool of geriatric population is anticipated to drive the market for active implantable medical devices over the forecast period

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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Strategic Insights

Approvals and agreements were observed as the most adopted strategy in global active implantable medical devices industry. Few of the recent product launch and collaboration and others are listed below;

2018: In August, 2018, Abbott received FDA approval for software upgrade for its Infinity implants used to treat Parkinson’s and essential tremor full-body MRI compatibility.

2017: In November, 2017, Medtronic received CE (Conformité Européenne) Mark for the world's smallest fully implantable spinal cord stimulator. The neurostimulator is placed under patient’s skin in order to deliver mild electrical impulses through a lead implanted in the epidural space, which act to block pain signals from going to the brain.

2016: In November 2016, BIOTRONIK today announced the launch of Inventra HF-T, implantable cardioverter defibrillator (ICD) that delivers an ultra-high energy with 42 joules (J) on the first shock. Thus providing technologically advanced products that improve patient lives.

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This release was published on openPR.