Albany, NY -- (SBWIRE) -- 01/22/2019 -- Active Implantable Medical Devices Market: Snapshot
The global market for active implantable medical devices is gaining remarkably from the increasing prevalence of several chronic diseases, such as cardiovascular and neurological disorders. The constant product launches, and simplified approval process is also supporting the growth of this market substantially.
Going forward, the rising expenditure on healthcare, owing to the increasing number of patients with cardiovascular diseases and neurological disorders, is anticipated to fuel the demand for active implantable medical devices across the world over the next few years. However, the issues regarding the usage of active implantable medical devices, such as device failure and concerns related to cybersecurity may hinder the growth of the market in the near future. The global market for active implantable medical devices is likely to present an opportunity worth US$20.73 bn by 2025, expanding at a CAGR of 4.40% between 2017 and 2025.
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Demand for Implantable Cardioverter Defibrillators to Remain Strong
The global active implantable medical devices market is assessed on the basis of the product type, procedure, and the end user. Based on the product type, the market is classified into implantable cardioverter defibrillators (ICD), cardiac pacemaker, nerve stimulators, cochlear implants, ventricular assist devices (VAD), and insertable cardiac monitor (implantable monitoring devices). Among these, the demand for implantable cardioverter defibrillators (ICD) is greater at present and is expected to remain so over the next few years. However, insertable cardiac monitors are expected to register a robust rise in their demand in the near future, thanks to the increasing prevalence of cardiovascular diseases across the world.
Based on the procedure, the market is categorized into cardiovascular implants, neurological implants, and hearing implants. By the end user, the market is divided into hospitals, ambulatory surgery centers, and specialty clinics. With significantly rising investments, the hospital sector is likely to emerge as the most prominent end user of active implantable medical devices in the years to come.
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Presence of Leading Players to Ensure North America's Lead
Asia Pacific, Latin America, North America, Europe, and the Middle East Africa are the main geographical segments of the worldwide market for active implantable medical devices. With a share of more than 33%, North America dominated the global market in 2016, thanks to the technological advancements in developing novel active implantable devices. On account of the considerable presence of a number of implantable medical device manufacturers, such as Medtronic Plc, Boston Scientific Corp., and Abbott Laboratories, this regional market is anticipated to remain on the top over the forthcoming years.
Europe, with a share of 28.4%, stood at the second position in 2016. It is expected to retain its position over the next few years, thanks to the frequent product launches. Asia Pacific, however, is projected to present the most promising growth opportunities to market players in the near future, owing to the remarkable rise in Asian economies, such as China, India, and South Korea, leading to increase in investments by implantable medical device manufacturers.
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Boston Scientific Corp., Abbott Laboratories, Medtronic Plc, Sonova Holding AG, LivaNova Plc, BIOTRONIK SE & Co. KG, Cochlear Ltd., William Demant Holding A/S, Nurotron Biotechnology Co. Ltd., and MED-EL Medical Electronics are some of the leading vendors of active implantable medical devices across the world. The market is demonstrating a highly competitive landscape and is expected remain intensely competitive over the forthcoming years.
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