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Active Implantable Medical Devices Global Market Report 2024 To 2033 | Medtronic PLC, Boston Scientific Corporation, Cochlear Limited, Abbott Laboratories, Sonova Holding AG
Active Implantable Medical Devices Market Share
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According to The Business Research Company's, The active implantable medical devices market size has grown strongly in recent years. It will grow from $24.8 billion in 2023 to $26.89 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased healthcare expenditure, increased prevalence of cardiovascular diseases, and growth in the number of healthcare facilities..
The active implantable medical devices market size is expected to see strong growth in the next few years. It will grow to $37.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to the elderly population, government support, and increasing burden of neurological diseases. Major trends in the forecast period include launching new active implantable medical devices, partnerships and collaborations, integration of wireless technologies for implantable medical device charging, and integration of artificial intelligence (ai) to improve their product offerings and to stay competitive in the market..
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Market Drivers and Trends:
An increasing number of cardiovascular diseases is expected to propel the growth of the active implantable medical devices market going forward. Cardiovascular disease (CVD) refers to any condition that affects the heart or blood vessels. It is generally associated with the formation of fatty deposits inside the arteries (atherosclerosis) and an increased risk of blood clots. Active implantable medical devices are used to regulate or monitor irregular heartbeats in people who have specific heart rhythm problems or heart failure. The rise in the geriatric population has favored the demand for active implantable medical devices. For instance, in August 2022 according to a report published by the American College of Cardiology, a US-based non-profit medical association, cardiovascular risk factors are expected to increase from 2025 to 2060, with the highest proportional increase in diabetes (a 39.3% increase to 55 million), followed by dyslipidemia (a 27.6% increase to 126 million), hypertension (a 25.1% increase to 162 million), and obesity (18.3% to 126 million). The researchers have found that stroke (33.8% to 15 million) and heart failure (33.4% to 13 million) had the biggest expected increases in cardiovascular disease rates, followed by ischemic heart disease (30.7% to 29 million) and heart attack (16.9% to 16 million). Therefore, the increase in cardiovascular diseases is driving the growth of the active implantable medical devices market.
Product innovations have emerged as a key trend gaining popularity in the active implantable medical devices market. Major companies operating in the market are developing innovative products to sustain their position in the market. For instance, in June 2021, the researchers of Northwestern and George Washington University, a US-based nationally chartered private research university developed the first transitory pacemaker - a wireless, battery-free, totally implanted pacing device that vanishes when no longer required. The thin, flexible, and lightweight device can be utilized in patients who require temporary pacing following cardiac surgery or while awaiting a permanent pacemaker. All pacemaker components are biocompatible and will spontaneously dissolve into the body's biofluids over the course of five to seven weeks without the need for surgical extraction. Using near-field communication protocols, the device wirelessly gathers energy from an external, remote antenna. This eliminates the need for heavy batteries as well as stiff hardware such as wires (or leads).
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Major Key Players of the Market:
Canfor Corporation, West Fraser Timber Co. Ltd., Interfor Corporation, UPM-Kymmene Oyj, Weyerhaeuser Company, Sierra Pacific Industries, Inc, Western Forest Products Inc, UFP Industries, Inc, Georgia Pacific, Svenska Cellulosa Aktiebolaget, Kitply, Amandus Kahl Gmbh & Co. Kg, Hangzhou Lin`an Wood-Working Machinery Co.Ltd, Hebei Xinju Furniture Co. Ltd, Qingdao From-Wood New Energy Equipment Co.Ltd, Omni-Tsuda Inc, Izumi Corporation Co.Ltd, Koohei Bussan Co., Ltd, Shreeji Woodcraft Pvt. Ltd., Century Plyboards Ltd, Forestry Corporation of NSW, China Inner Mongolia Forestry Industry Group, Singla Timbers, Oji Group, Luli Group, China Longjiang Forest Industry, EGGER Limited, RTS Forestry, James Jones and Sons Limited, Metsähallitus Forestry Ltd, ATA Timber, Bergs Timber AB, Scottish Woodlands Ltd, Tilhill Forestry, Holmen Timber, Holzindustrie Maresch GmbH, Stora Enso Oyj, Russia Forest Products, LST a.s, Wotan Forest a.s, UNILES Inc, Segezha Group, KPPD-Szczecinek SA, Ilim Timber LLC, Pacific Woodtech, Celulosa Arauco y Constitución, Suzano Papel e Celulose, Toll Maderas SRL, Forestal Las Marías SA, Benevides Madeiras, Valdivia Sawmill, Dafaf Wood Industry LLC, Al Garib Wood Industry LLC, Interpro Wood Industries LLC, Woodworks Factory, The Building Company (Pty) Ltd, Riversdalse Handelshuis Kooperatief Ltd, Macrall Timbers, The F X Group (Pty) Ltd
Active Implantable Medical Devices Market 2024 Key Insights:
• The active implantable medical devices market size is expected to see strong growth in the next few years. It will grow to $37.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Cardiovascular Disease Surge Spurs Growth In Active Implantable Medical Devices Market
• Paving The Way For Growth In The Active Implantable Medical Devices Market
• North America was the largest region in the active implantable medical devices market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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