New York, United States, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Active medical implantable devices are made to be inserted into the body. These are designed to be injected into the body and remain there while the following procedure is performed. Since the first pacemaker was implanted in a patient in 1958, the market for implantable medical devices has significantly expanded. After facing significant difficulties with material quality, battery durability, system delivery, functionality, and wireless communication, the industry has advanced by implementing microelectronics, biocompatible materials, and sensor technology.
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Rising Cardiovascular Conditions
According to Straits Research, “The global active implantable medical devices market size was valued at USD 22.65 billion in 2022. It is projected to reach USD 42.35 billion by 2031, growing at a CAGR of 7.2% during the forecast period (2023–2031).” The market is expected to expand significantly over the coming years due to the rising prevalence of cardiovascular diseases worldwide. Cardiovascular disease is one of the leading causes of death worldwide. According to the World Health Organization, 17.9 million deaths worldwide were attributed to cardiovascular diseases. Heart attacks and strokes caused 85% of these fatalities. It is estimated that 1.13 billion people worldwide suffer from hypertension, which is now known to significantly increase the risk of problems with the kidneys, heart, brain, and other organs. The demand for some devices, such as implantable cardioverter-defibrillators, is expected to rise significantly soon. Usually worn on the chest, it is a device that monitors heart rhythm and finds irregular heartbeats. Major businesses have been expanding significantly in the market. For instance, one of the market's leading companies, Medtronic, provides its customers with implantable cardioverter defibrillators. A model and product line from the business, the Cobalt XT IDDs, are outfitted with cutting-edge BlueSync technology, allowing tablet- and app-based monitoring. It is anticipated that these developments will hasten market growth in the upcoming years.
Frequently Occurring Accidents and Injuries
Each year, many people have surgeries involving the implantation of medical devices to enhance their quality of life. Due to an increase in age-related diseases, medical devices have been needed for a very long time to treat chronic medical conditions better. Demand will also rise due to an increase in chronic diseases, organ failures, and a global shortage of organ donors. However, in some instances, market expansion may be constrained by the high cost of implantable medical devices and concerns about security and privacy.
Regional Analysis
North America is the most significant contributor to the global active implantable medical devices market and is anticipated to grow at a CAGR of 7.9% during the forecast period. North America is likely to dominate the market for active implantable medical devices due to the region's growing geriatric population, rising prevalence of cardiovascular and neurological diseases, accessibility to cutting-edge technologies, and rising healthcare spending. It's because there is a sizable consumer market and a high GDP. The United States is in the lead with more technological advancements than any other nation in North America. The use of cutting-edge technology to create new products and the presence of significant market players in the region will promote market growth. Numerous leading market players are launching innovative implantable medical devices in the United States to treat chronic diseases. The market for implantable medical devices in the United States has also been significantly impacted by a significant increase in mortality rates from cardiovascular and neurological diseases.
Asia Pacific is expected to grow at a CAGR of 8.9% during the forecast period. The significant growth brought about by the aging population, the high prevalence of chronic diseases, healthcare reforms for infrastructure development, and expanding and less onerous regulations for new product development. The demand for active medical implantable devices and an increase in cardiovascular disease prevalence are some factors contributing to it. The Japanese market is expected to expand significantly due to the country's rising geriatric population, adopting a sedentary lifestyle, and significant investment in R&D. Older adults are more likely to suffer from osteoarthritis and orthopedic injuries that call for implantable orthopedic devices. The availability of top-notch medical facilities and the speedy adoption of cutting-edge technology will boost the country's market revenue.
Key Highlights
- Based on type, the global active implantable medical devices market is bifurcated into implantable cardioverter defibrillators, transvenous implantable cardioverter defibrillators, subcutaneous implantable cardioverter defibrillators, implantable cardiac pacemakers, ventricular assist devices, implantable heart monitors/insertable loop recorders, neurostimulators, spinal cord stimulators, deep brain stimulators, sacral nerve stimulators, vagus nerve stimulators, gastric electrical stimulators, implantable hearing devices, active hearing implants, passive hearing implants. The implantable cardioverter defibrillators segment is the highest contributor to the market and is expected to grow at a CAGR of 8.42% during the forecast period.
- Based on procedure, the global active implantable medical devices market is bifurcated into neurovascular, cardiovascular, hearing, and others. The cardiovascular segment is the highest contributor to the market and is expected to grow at a CAGR of 8.1% during the forecast period.
- Based on end users, the global active implantable medical devices market is bifurcated into hospitals, ambulatory surgery centers, and specialty clinics. The hospital segment owns the highest market share and is expected to grow at a CAGR of 8.7% during the forecast period.
- North America is the most significant contributor to the global active implantable medical devices market and is expected to grow at a CAGR of 7.9% during the forecast period.
Competitive Players
The global active implantable medical devices market’s major key players are Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, Livanova PLC, Nurotron Biotechnology Co. Ltd., Biotronik Se & Co., Kg, William Demant Holding A/S, Cochlear Limited, and Sonova Holding AG.
Market News
- In October 2022, Patients with heart disease may find life easier with a wireless, battery-free pacemaker. It would enable the use of a new digitally produced mesh covering the entire heart, allowing pacemakers to send much more precisely targeted signals. The apparatus makes use of light and the optogenetics method.
- In April 2022, Patient complications were significantly reduced by a new cardiac defibrillator implanted beneath the skin. According to a Canadian study, an under-the-skin implantable device may reduce complications for high-risk patients who require defibrillators to prevent cardiac arrest.
Global Active Implantable Medical Devices Market: Segmentation
By Product
- Implantable Cardioverter Defibrillators
- Transvenous Implantable Cardioverter Defibrillators
- Subcutaneous Implantable Cardioverter Defibrillators
- Implantable Cardiac Pacemakers
- Ventricular Assist Devices
- Implantable Heart Monitors/Insertable Loop Recorders
- Neurostimulators
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Gastric Electrical Stimulators
- Implantable Hearing Devices
- Active Hearing Implants
- Passive Hearing Implants
By Procedure
- Neurovascular
- Cardiovascular
- Hearing
- Others
By End User
- Hospital
- Ambulatory Surgery Center
- Specialty Clinics
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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