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Active implantable medical devices are implantable medical devices that have an electronic controller to deliver therapy or to monitor physiological parameters. These devices include implantable cardiac pacemakers, implantable cardioverter defibrillators, neurostimulators, and implantable drug delivery devices. Active implantable medical devices provide effective treatment options to patients with chronic diseases such as cardiovascular diseases, neurological disorders, and other conditions.
The global active implantable medical devices market is estimated to be valued at US$ 39.6 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing prevalence of cardiovascular diseases has been propelling the demand for active implantable medical devices such as implantable cardiac pacemakers and implantable cardioverter defibrillators. For instance, according to the World Health Organization, cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. Implantable cardiac pacemakers and defibrillators help regulate abnormal heart rhythms or help restore a normal heart rate by delivering electrical pulses or shocks to the heart. This has increased the adoption of such devices among cardiovascular patients, thereby driving the active implantable medical devices market growth over the forecast period.
SWOT Analysis
Strength: Active implantable medical devices offer targeted drug delivery and enable continuous monitoring of health parameters. This helps improve patient outcomes.
Weakness: Concerns around device failure and biocompatibility can increase risks.stringent regulatory approvals also increases costs.
Opportunity: Rising geriatric population and growing prevalence of chronic diseases increases demand. Remote monitoring through digital technologies provides new opportunities.
Threats: Reimbursement issues and healthcare cost constraints in some regions pose challenges. Intense competition increases pricing pressures.
Key Takeaways
The global active implantable medical devices market is expected to witness high growth. The global active implantable medical devices market is estimated to be valued at US$ 32.7 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.
North America dominates currently due to early technology adoption and access to advanced healthcare facilities. Asia Pacific is expected to grow at fastest pace supported by expanding medical infrastructure, large patient pools and increasing healthcare spending in China and India.
Key players operating in the active implantable medical devices are Medtronic, Boston Scientific Corporation, Abbott, Cochlear Ltd., LivaNova PLC, Sonova Group, MED-EL, Biotronik and ABIOMED. Medtronic maintains leading position with wide portfolio of pacemakers, ICDs, spinal cord and bone stimulators. Boston Scientific focuses on cardiovascular devices with strong presence in ICDs and cardiac resynchronization therapies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
