(PharmaNewsWire.Com, October 08, 2020 ) According to the new market research report "Active Implantable Medical Devices Market by Product (Implantable Cardioverter Defibrillators (Transvenous & Subcutaneous), Cardiac Pacemaker, Ventricular Assist Device, Neurostimulator, Implantable Hearing Devices) - Global Forecast" published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
The Active Implantable Medical Devices Market is estimated to grow at a CAGR of 7.8% to reach USD 26.75 Billion.
Growth Driver in Depth:
- Increasing Burden of Cardiovascular Diseases - Rising Prevalence of Neurological Disorders - Investments and Funds to Develop Technologically Advanced Products - Expanded Applications of Neurostimulators - Favorable Reimbursement Scenario for Ent Procedures in Developed Countries
Market Growth Opportunities:
- Emerging Markets Offer Significant Growth Opportunities - Development of Subcutaneous Implantable Cardioverter Defibrillators (S-ICDs)
Based on product, the market is segmented into implantable cardioverter defibrillators, implantable cardiac pacemakers, implantable heart monitors/insertable loop recorders, ventricular assist devices, neurostimulators, and implantable hearing devices.
The implantable cardioverter defibrillators segment accounted for the largest share of the global active implantable medical devices market. However, the implantable hearing devices segment is expected to witness the highest growth in the next five years. The growth of the implantable hearing devices is mainly attributed to the increasing prevalence of hearing loss across the globe and growing ENT procedures due to favorable reimbursement policies in the developed countries.
Target Audience:
- Manufacturers of implantable and life-sustaining devices - Distributors and suppliers of implantable and life-sustaining devices - Healthcare institutions (hospitals, laboratories, medical schools, and outpatient clinics) - Research institutes - Contract manufacturing organizations (CMOs) of implantable devices
North America is the largest regional segment for the active implantable medical devices market. The large share of this regional segment can be attributed to the growth in geriatric population, increasing prevalence of cardiovascular and neurological diseases, high accessibility to advanced technologies, increasing development of innovative and technologically advanced products, and increasing healthcare expenditure in the region. However, the market in the Asia-Pacific region is expected to grow at the highest CAGR,
Some of the prominent players in the active implantable medical devices market include Medtronic plc (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK SE & Co. KG (Germany), and LivaNova PLC (U.K.). Whereas, Cochlear Limited (Australia), MED-EL (Austria), Sonova Holding AG (Switzerland), William Demant Holding A/S (Denmark), and Nurotron Biotechnology Co., Ltd. (China) are the key players in the implantable hearing devices market.
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