(PharmaNewsWire.Com, January 15, 2021 ) The Active Implantable Medical Devices Market is expected to witness significant growth in the coming years. The growing aging population, increasing prevalence of cardiovascular and neurological diseases, investments and funds to develop technologically advanced products, expanded applications of neurostimulators, and favorable reimbursement scenario for ENT procedures in developed countries are some of the factors driving the growth of this market.
According MarketsandMarkets Research – The Active Implantable Medical Devices Market is estimated to grow at a CAGR of 7.8%, to reach USD 26.75 Billion.
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.
Geographically, the global market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America commanded a major share of the global implantable and life-sustaining devices market. North America’s largest share is primarily 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, Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growth in the Asia-Pacific market can be attributed to the growth in geriatric population, growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies to develop advanced products, and less stringent regulations.
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.
The active implantable medical devices market is highly consolidated in nature where the prominent players are accounting for the major share. To expand their geographic presence and garner higher shares in this market, major players are continuously focusing on product launches; mergers and acquisitions; agreements, partnerships, and collaborations; and expansions. The implantable cardiovascular devices market was dominated by three major players in 2015, together accounted for a share of around 85%. Similarly, the implantable neurostimulators devices market was led by three major players in 2015, together accounted for a share of around 95%. The implantable cardiovascular and neurostimulators devices market is led by Medtronic plc (Ireland), Abbott Laboratories (U.S.), and Boston Scientific Corporation (U.S.). Some of the other major players in this market are BIOTRONIK SE & Co. KG (Germany) and LivaNova PLC (U.K.).
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