Active Implantable Medical Devices Market Expected to Witness a Sustainable Growth Over 2026
The Global Active Implantable Medical Devices Market by product type (pacemaker, implantable cardioverter defibrillator, cardiac resynchronization therapy devices, neurostimulator, drug infusion pump, implantable loop recorder, cochlear implant, and others), and region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 16,721.2 million in 2016 and is projected to exhibit a CAGR of 5.4% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Advancements in technology in active implantable medical devices such as MRI compatible pacemakers and cochlear implants with smartphone connectivity are being developed by key players in the market, which is expected to be a major driving factor propelling demand for active implantable medical devices over the forecast period.
Manufacturers are focusing on upgrading the available implantable medical devices as well as developing new devices for various acute conditions related to diseases such as cardiovascular and neurological. In 2016, Medtronic Plc. was the first company to receive the U.S. Food & Drug Administration (FDA) approval for leadless pacemaker, Micra. Micra transcatheter pacing system (TPS) is 93% smaller than conventional pacemakers and Micra is directly placed in heart for monitoring the heart rate. Furthermore, in 2016, Boston Scientific Corporation was successful in receiving approval for its EMBLEM MRI subcutaneous implantable cardioverter defibrillator (ICD) system.
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Biotronik received approval for its leadless ICD system, which is first of its kind, in the U.S. in July 2017. Moreover, in 2016, Medtronic plc was the first company to receive FDA approval for magnetic resonance imaging (MRI) conditional cardiac resynchronization therapy devices (CRT-D), and was also successful in receiving approval from FDA for MR-Conditional Quadripolar CRT-P in May 2017. In 2016, St. Jude Medical launched its first commercial implants of dorsal root ganglion (DRG) stimulation therapy for management of chronic intractable pain in the U.S. Furthermore, Cochlear Limited launched iPhone compatible cochlear implant in July 2017. Abbott announced European CE mark approval for world’s first smartphone compatible Confirm Rx insertable cardiac monitor in October 2017.
Browse 30 Market Data Tables and 56 Figures spread through 197 Pages and in-depth TOC on Active Implantable Medical Devices Market by Product Type (pacemaker, implantable cardioverter defibrillator, cardiac resynchronization therapy devices, neurostimulator, drug infusion pump, implantable loop recorder, cochlear implant, and others), and Region (North America, Latin America, EuropeAbout Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity., Asia-Pacific, the Middle East, and, Africa) – Global Forecast to 2025
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Key Takeaways of the Active Implantable Medical Devices Market:
Strong competition in the market spurs the demand for continuous development from supply as well as demand side as manufacturers thrive to stay competitive in the market and customers remain on the lookout for the alternatives boosting the development rate in active implantable medical devices market driving growth of the global active implantable medical devices market
Implantable Neurostimulators product type segment is expected to show significant growth owing to increasing application in management of chronic pain diseases
Asia Pacific region is expected to show significant growth owing to multiple product launches by major players such as launch of Edora pacemakers by Biotronik in Japan in 2017
According to WHO, 31% (about 17.7 million) of all global deaths were due to cardiovascular diseases (CVDs) and this number is expected to grow further as aging population, which are more prone to CVDs is growing. Growing prevalence of cardiovascular diseases, which can be monitored or treated by devices such as pacemakers and ICDs, is expected to be the major factors driving growth of the global active implantable medical devices market over the forecast period
Major players operating in the active implantable medical devices market include Cochlear Limited, Boston Scientific Corporation, Medtronic Plc, LivaNova Plc, Abbott Laboratories, Sonova Holding AG, William Demant holding A/S, Nurotron Biotechnology Co., Ltd., and Med-EL
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