The market is estimated to grow with a CAGR of 7.9% from 2018-2025.
According to The Insight Partners market research study titled ‘Active Implantable Medical Devices Market to 2025 – Global Analysis and Forecasts by Product and End User, 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 2018-2025. 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.
Europe is was the second largest geographic market and it is expected to be the second highest revenue contributor throughout the forecast period. Europe market is driven by the factors such as frequent product launches and increasing awareness among the population in the region. Additionally, rising chronic conditions and increasing government initiatives for healthcare are some major factors have that influence the European active implantable medical devices market.
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Active Implantable Medical Devices Market Competitive Landscape and Key Development
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.
Technological Advancements and New Product Launches
The active implantable medical devices is an emerging field in the medical industry and has led to various developments of the products, in the field of cardiology, neurology and otology. Many of the market players are developing novel products in order to minimize the burden of cardiovascular diseases, neurological disorders and hearing disorders. For instance, Boston Scientific Corporation in September 2017, launched the Resonate family of Implantable Cardioverter Defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) systems. This product is powered by EnduraLife battery technology, which has double battery capacity as compared to other devices. Thus increasing the longevity of devices and managing heart failure more efficiently.
Increasing Burden of Cardiovascular Diseases, Neurological Disorders and Hearing Disorders
Active implantable devices like pacemakers, cochlear implants, ventricular assist devices, spinal cord stimulators and others are used to treat cardiovascular diseases, neurological disorders and hearing disorders. Thus the increasing prevalence of cardiovascular diseases, neurological disorders and hearing disorders is expected to drive market growth during the forecast period. According to the World health organization in 2017, cardiovascular diseases are number 1 cause of death all over the world. It also mentioned that in 2016, 17.9 million people across the globe died due to cardiovascular diseases.
Active Implantable Medical Devices Market: Segmental Overview
The global active implantable medical devices market by product was led by implantable cardioverter defibrillators. In 2017, the implantable cardioverter defibrillators held a largest market share of 30.9% of the active implantable medical devices market, by product. The implantable cardioverter defibrillators segment is expected to dominate the market in 2025 owing to the rising prevalence of arrhythmia, enhances the growth of implantable cardioverter defibrillators. Atrial fibrillation (AF) is the most common type arrhythmia observed among the population, which may further lead to stroke, heart failure and other heart-related complications. This segment is anticipated to witness the fastest growth rate during the forecast period, 2018 to 2025.
The active implantable medical devices market by end user is segmented into hospitals, ambulatory surgery centers and specialty clinics. The hospitals segment is anticipated to grow at a CAGR of 8.1% during the forecast period. The increasing adoption of new technology devices in the hospitals and rising hospital research drives the market growth.
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