(PharmaNewsWire.Com, May 19, 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.
The Research Report on "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™, the implantable and life-sustaining devices market witnessed healthy growth during the last decade and is expected 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. Based on region, the active implantable medical devices market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
In 2016, 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.
Geographical View in-detailed:
North America dominated the active implantable medical devices market followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 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 are the major factors driving the growth of this market. On the other hand, the Asia-Pacific (APAC) region is expected to witness the highest growth rate during the forecast period. This can be mainly 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 in this region.
Global Key Leaders:
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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