New York, March 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Active Implantable Medical Devices Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Product [Implantable Cardioverter Defibrillators (Transvenous Implantable Cardioverter Defibrillators and Subcutaneous Implantable Cardioverter Defibrillators), Implantable Cardiac Pacemakers, Neurostimulators, Implantable Hearing Devices, Ventricular Assist Devices, and Implantable Heart Monitors/ Insertable Loop Recorders] and End User (Hospitals, Ambulatory Surgical Centers, and Specialty Clinics)”, the active implantable medical devices market size is growing from USD 32.91 billion in 2022 to USD 54.52 billion by 2028; it is estimated to reach at a CAGR of 8.8% from 2022 to 2028.
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Global Active Implantable Medical Devices Market – Report Scope:
| Market Size Value in | USD 32.91 Billion in 2022 |
| Market Size Value by | USD 54.52 Billion by 2028 |
| Growth rate | CAGR of 8.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 154 |
| No. of Tables | 41 |
| No. of Charts & Figures | 54 |
| Historical data available | Yes |
| Segments covered | Product, and End User |
Global Active Implantable Medical Devices Market: Competitive Landscape and Key Developments
Medtronic, Abbott, Boston Scientific Corporation, BIOTRONIK, LivaNova PLC, Cochlear Ltd., MED-EL Sonova, and William Demant Holding A/S are the leading companies in the global active implantable medical device market. The market is anticipated to flourish with the development of new innovative products by market players.
In October 2022, Avive Solutions, Inc. launched Avive Automated External Defibrillator (AED) which is an automatic, portable, battery-operated AED that includes everything needed to treat people experiencing sudden loss of heart function (sudden cardiac arrest).
In November 2022, Ventana Medical Systems, Inc. launched VENTANA FOLR1 (FOLR-2.1) RxDx Assay which is laboratory test designed to detect folate receptor alpha (FOLR1) protein in patients with ovarian cancer, peritoneal cancer, or fallopian tube cancer.
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Active Implantable Medical Devices (AIMD) are completely or partially implanted in the one’s body for diagnostic and therapeutic application purposes. Active medical devices are classified as per ‘Rule 9 – Rule 13’ according to EU-MDR 2017/745 Annexure VIII: Classification Rules. New Rule has been introduced under the Active Medical Devices which is related to the ‘Software based Medical devices’. This includes Software itself a medical device and the medical device that incorporates the software. EN 60601 series of standards is accepted for Active Medical Devices and compliance with these standards is one of the essential requirements for selling the device in the European market. So the Additional testing need to be performed on the Active Medical devices to address the safety and effectiveness.
North America held the largest market for active implantable medical devices, with the US holding the largest share of the regional market, followed by Canada and Mexico. The US held the largest share in 2017 and is expected to follow a similar trend during the forecast period. According to Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. According to the same source, About 697,000 people in the United States died from heart disease in 2020 and heart disease cost the United States about US$ 229 billion each year from 2017 to 2018. Coronary artery disease (CAD) is the most common type of heart disease that killed approximately 382,820 people in 2020. About 20.1 million adults age 20 and older have CAD. In 2020, about 2 in 10 deaths from CAD happen in adults less than 65 years old. In August 2021, product named MicroTransponder secured approval from the US FDA for its Vivistim Paired VNS System. This is a drug-free stroke rehabilitation system to treat moderate to severe upper extremity motor deficits associated with chronic ischemic stroke. Such factors have assisted the overall active implantable medical device market in the recent past and is expected to aid the overall market during the forecast period.
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Global Active Implantable Medical Devices Market – Growth Dynamics:
The report highlights trends prevailing in the market and factors driving its growth. The active implantable medical device market's growth is attributed to the rising cardiovascular diseases, rising incidences of hearing disorders, and increasing prevalence of neurological disorders across the globe. However, malware problems are hindering the growth of the global active implantable medical devices market.
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