(PharmaNewsWire.Com, April 27, 2021 ) The report "Active Implantable Medical Devices Market by Product (Implantable Cardioverter Defibrillators (Transvenous & Subcutaneous), Cardiac Pacemaker, Ventricular Assist Device, Neurostimulator, Implantable Hearing Devices) - Global Forecast", witnessed healthy growth during the last decade and is expected to grow at a CAGR of 7.8%, to reach USD 26.75 Billion.
What Drives the Market Growth?
The Factors such as growth in 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 the primary growth drivers for the implantable and life-sustaining devices market.
However, unfavorable healthcare reforms in the U.S., issues related to the use of implantable medical devices, and the high cost of implants may hinder the growth of this market to a certain extent.
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.
On the basis of 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 implantable and life-sustaining devices market owing to the increasing incidence of cardiovascular diseases, development of technologically advanced devices, and increasing demand for these devices in emerging countries.
Geographical View in-detailed:
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, owing 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.
Medtronic plc (Ireland), Abbott Laboratories (U.S.), and Boston Scientific Corporation (U.S.) held the major share of the implantable cardiovascular and neurostimulators devices market. Whereas, Cochlear Limited (Australia), MED-EL (Austria), Sonova Holding AG (Switzerland), and William Demant Holding A/S (Denmark) held the major share of the implantable hearing devices market. These players will continue to dominate the market between 2017 and 2022. Other major players operating in the implantable cardiovascular and neurostimulators devices market are BIOTRONIK SE & Co. KG (Germany) and LivaNova PLC (U.K.). Nurotron Biotechnology Co. Ltd. (China) and Medtronic plc (Ireland) are the other key players in the implantable hearing devices market.
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