Global Active Implantable Medical Device Market – Analysis and Forecast (2018-2024)

Industry Insights by Product (Implantable Cardioverter Defibrillators (Transvenous Implantable Cardi . . . Read more >

Status : Upcoming
Report Code : VRHC1183
Available Format : PDF
Industry : Healthcare

Industry Overview

The active implantable medical device is planned to be completely or partly inserted, surgically, into the body. The global active implantable medical device market is growing at a significant rate, due to the mounting occurrence of cardiovascular diseases and neurological disorders, and extended applications of neurostimulators.

Different products such as implantable cardioverter defibrillators, ventricular assist devices, neurostimulators, implantable cardiac pacemakers, implantable heart monitors/insertable loop recorders, and implantable hearing devices contributed to the active implantable medical device market size. The market has witnessed high demand for implantable cardioverter defibrillators due to the mounting occurrence of cardiovascular diseases, development of technologically innovative devices, and escalating need for these devices in developed countries.

Market Segmentation

Insight by Product

On the basis of product, the market is subdivided into implantable cardioverter defibrillators, ventricular assist devices, neurostimulators, implantable cardiac pacemakers, implantable heart monitors/insertable loop recorders, and implantable hearing devices. Of all products, implantable cardioverter defibrillators segment accounted foremost share in the market, due to the mounting occurrence of cardiovascular diseases, development of technologically innovative devices, and escalating need for these devices in developed countries. Moreover, the implantable hearing devices segment is expected to grow at the fastest rate in the market due to the mounting occurrence of hearing loss, and escalating ENT procedure owing to favorable reimbursement scenario.

The implantable hearing devices are further subdivided into passive hearing implants and active hearing implants. The neurostimulator segment is further subdivided into spinal cord stimulators, vagus nerve stimulators, deep brain stimulators, gastric electrical stimulators, and sacral nerve stimulators. The neurostimulator segment accounted for significant growth due to the mounting occurrence of chronic pain owing to pain from injury, diabetes and arthritis pain.

The implantable cardioverter defibrillator is further subdivided into transvenous implantable cardioverter defibrillators, and subcutaneous implantable cardioverter defibrillators. Among both implantable cardioverter defibrillator, the transvenous implantable cardioverter defibrillators segment accounted the larger share in the market. The transvenous implantable cardioverter defibrillators are further subdivided into biventricular implantable cardioverter defibrillators, single-chamber implantable cardioverter defibrillators, and dual-chamber implantable cardioverter defibrillators.

Industry Dynamics

Industry Trends

Development of inventive, easy-to-use implantable cardiovascular products with augmented longevity and enlargement of technologically innovative implantable hearing devices are the trends in the active implantable medical device market.

Growth Drivers

Mounting occurrence of cardiovascular diseases, extended applications of neurostimulators, mounting occurrence of neurological disorders, expanding geriatric population, and savings and assets to develop technologically innovative products are the primary growth drivers for active implantable medical device market.

Favorable reimbursement scenario for ENT procedures and growth of subcutaneous implantable cardioverter defibrillators (S-ICDs) are also facilitating the growth for the active implantable medical device market.

Challenges

Unfavorable healthcare reforms in developed countries, elevated price of implants, concerns associated to the usage of implantable medical devices, and lack of trained professionals are the major challenges for the growth of active implantable medical device market.

Industry Ecosystem

Globally, the manufacturing companies trying to enter the active implantable medical device market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.

Geographic Overview

Geographically, North America is the largest active implantable medical device market as in the region the geriatric population is increasing, and mounting growth of technologically innovative products. In addition, the mounting occurrence of cardiovascular and neurological diseases, escalating healthcare expenditure, and elevated availability of innovative technologies are also up surging growth of the North American active implantable medical device market.

Asia-Pacific is observed to witness the fastest growth in the market, due to the mounting occurrence of neurological disorders and cardiovascular diseases and less strict regulations. In addition, expanding the geriatric population, improving healthcare infrastructure, intensifying need for technologically innovative products, and escalating healthcare expenditure is also creating a positive impact on the active implantable medical device market growth in the region.

Competitive Insight

Key players in the active implantable medical device market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In September 2016, Sonova Holding AG, completed the acquisition of AudioNova International B.V. to strengthen its retail network.

Abbott Laboratories, Boston Scientific Corporation, Nurotron Biotechnology Co. Ltd, Medtronic PLC, Med-EL, Biotronik Se & Co., Kg, Sonova Holding AG, Cochlear Limited, William Demant Holding A/S, and Livanova PLC are the key players offering the active implantable medical device.

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