The active implantable medical devices market is estimated to grow at a CAGR of 7.8% from 2017 to 2022, to reach USD 26.75 billion by 2022 from USD 18.42 billion in 2017. The growth of this market is mainly attributed to the rising 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. However, unfavorable healthcare reforms in the U.S., issues related to the use of implantable medical devices, and the high cost of cardiac and neurostimulators implantable devices may hinder the growth of this market to a certain extent during the forecast period. Growth opportunities in the emerging markets and the development of subcutaneous implantable cardioverter defibrillators offer significant growth opportunities in this market.
In this report, the active implantable medical devices market is segmented on the basis of product and region. 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 hearing devices segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is primarily attributed to the increasing prevalence of hearing loss across the globe and growing ENT procedures due to favorable reimbursement policies in the developed countries.
Geographically, North America commanded a major share of the active implantable medical devices market in 2016. Factors such as 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 are contributing to the large share of North America. 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 rising 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.
Some of the prominent players in the implantable cardiovascular 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 report analyzes the various type of active implantable medical devices provided by medical device manufacturers across the globe. It aims at estimating the market size and future growth potential of the active implantable medical devices market for different products and regions. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product portfolio, recent developments, and key market strategies.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for increasing their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the active implantable medical devices market. The report analyzes the active implantable medical devices market by product and region
Product Development/Innovation: Detailed insights on the upcoming trends, research and development activities, and new product launches in the active implantable medical devices market
Market Development: Comprehensive information about the lucrative emerging markets by product and region
Market Diversification: Exhaustive information about new products, growing geographies, recent developments, and investments in the active implantable medical devices market
Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the active implantable medical devices market