Global Active Implantable Medical Devices market is expected to witness a CAGR of 7.2% during the forecast period. Certain factors that are driving the market growth include increasing the burden of cardiovascular and neurological diseases and investments and funds to develop technologically advanced products.
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Increasing geriatric population is one of the important drivers propelling the growth of the market. The number of people aged 65 or older is projected to increase from 524 million in 2010, to nearly 1.5 billion in 2050, representing about 16% of the world’s population. Between 2010 and 2050, the US population aged 65 and older is expected to reach 71 million, up from about 46 million in 2014, according to the Census Bureau estimates.
By 2050, the over-80 age group is projected to number almost 379 million worldwide, about 5.5 times as many as in 2000 (69 million persons). Age is associated with a progressive decline of the functional reserve of multiple organ systems, including the heart, brain, and ears. It is, therefore, not surprising that elderly patients will utilize a disproportionate share of healthcare resources, as approximately 92% of older adults have at least one chronic disease, and 77% have at least two.
Scope of the Report
Active implantable medical devices refer to any active medical device which is intended to be totally or partially introduced, surgically or medically, into the human body or by medical intervention into a natural orifice, and which is intended to remain after the procedure.
Key Market Trends
Implantable Cardiac Pacemaker is Expected to Hold Significant Market Share in the Product Segment
The implantable pacemakers are of three major types, namely, single-chamber, dual-chamber, and biventricular pacemakers. The growth of the segment can be attributed to factors, such as reduced post-surgical complications and the presence of multiple leads in order to assure normal physiology of the heart. According to the Pan African Society of Cardiology (PASCAR) survey from the year 2011 to 2016 in 31 African countries, the median pacemaker implantation rate was 2.66 per million population per country (range: 0.14-233 per million population). The implantable pacemaker segment is growing rapidly, due to increasing R&D funding for healthcare and increasing R&D trends in emerging economies.
North America Dominates the Market and Expected to do Same in the Forecast Period
The rising prevalence of cardiovascular diseases, high obesity rates, and favorable reimbursement environments are the primary factors that are driving market growth. According to the American Heart Association (AHA) estimates about 5.7 million adults in the United States are suffering from congestive heart failure. And about one in nine deaths includes heart failure as a contributing cause.
As per the Centers for Disease Control and Prevention (CDC) statistics, more than three million people in the United States suffer from atrial fibrillation, which is the most common type of abnormal heart rhythm. Furthermore, the number is expected to quadruple by 2050, as the population ages. Furthermore, in the region, several trails are being conducted on different types of hearing aids. Hospitals and medical centers, along with research institutes, collaborated with companies across the world. Nearly 15% of the population is above 65 years, who primarily require these devices.
The global Active Implantable Medical Devices market is moderately competitive and consists of a few major players. Companies like Abbott Laboratories, Biotronik Se & Co., Kg, Boston Scientific Corporation, Cochlear Limited, Livanova PLC, Med-EL, Medtronic PLC, Nurotron Biotechnology Co. Ltd., William Demant Holding A/S, among others, hold the substantial market share in the Active Implantable Medical Devices market.
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– Abbott Laboratories
– Biotronik Se & Co., Kg
– Boston Scientific Corporation
– Cochlear Limited
– Livanova PLC
– Medtronic PLC
– Nurotron Biotechnology Co. Ltd.
– William Demant Holding A/S
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Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Burden of Cardiovascular and Neurological Diseases
4.2.2 Investments and Funds to Develop Technologically Advanced Products
4.3 Market Restraints
4.3.1 Issues Related to the Use of Implantable Medical Devices
4.3.2 High Cost of Implants and Stringent Regulations
4.4 Porter’s Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Implantable Cardioverter Defibrillators
5.1.2 Implantable Cardiac Pacemakers
5.1.3 Ventricular Assist Devices
5.1.4 Implantable Heart Monitors/Insertable Loop Recorders
5.1.6 Implantable Hearing Devices
5.2.1 North America
18.104.22.168 Rest of Europe
5.2.3 Asia Pacific
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.2.4 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.2.5 South America
220.127.116.11 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
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