The global active implantable medical devices market size is expected to be growing at a 7.76% CAGR from 2020 to 2025. The market was worth USD 23.1 Billion in 2020 and will reach USD 33.6 billion by 2025.
Growing incidence of cardiovascular diseases, growing aging population, and rising support to technological developments primarily drive the global active implantable medical devices market growth.
The growing elderly population is one of the critical elements of globally active implantable medical devices market growth. The number of people over the age of 65 is supposed to increase from 524 million in 2010 to about 1.5 billion in 2050. By 2050, the global age-group over 80 will have 379 million, expected to be 5.5 times the 65 million in 2000. Age is associated with a gradual decline in functional reserve in multiple organ systems, including the heart, brain, and ears. It is not surprising that elderly patients use imbalanced medical resources, as about 92% of the elderly have at least one chronic illness, and 77% of the elderly have at least two chronic diseases.
Additionally, the emergence of innovative implantable products with enhanced performance and effortless operative procedures is expected to support the growth rate of the market during the forecast period. Favorable government policies are likely to offer several opportunities to the new and well-established manufacturers in the market. The rising prevalence of cardiovascular diseases and increasing demand for active implantable devices, especially in developing countries, is another promising factor in helping the market reach new heights in growth. An increasing number of medical research activities to create advanced and ergonomically enhanced technologies due to an expanding number of various diseases offer lucrative growth opportunities and push the limits of the global active implantable medical devices market across the world.
Issues related to the use of such devices, such as those related to device failure and network security, may hinder market growth soon. The high cost and adverse compensation policies of implantable medical devices are vital challenges and limit the adoption of active implantable medical device solutions in the global market.
COVID-19 Impact on Active Implantable Medical Devices Market:
The COVID-19 has affected the Global Economy adversely. The World Health Organization COVID 19 as a public health emergency. Due to its fast spread through human interactions, all countries globally had declared a strict lockdown. The lockdown is the main culprit for the demolition of the global economy. The active implantable medical devices market has been affected negatively during the pandemic. Due to lockdown, all the transportation services were stopped, and the supply chain was disturbed. Moreover, all the hospitals have given priority to the COVID-19 patients, where all the other treatment procedures were either canceled or postponed. The non-essential patients have been neglected and postponed their appointments, due to which the market was slowed down during the pandemic. Nevertheless, post-COVID-19, the patients are getting treated accordingly, and the active implantable medical devices market was getting into profits. The market players are the primary factor to keep the market into profits post covid.
Market Size Available
2019 to 2025
2020 to 2025
By Product and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report on the global active implantable medical devices market has been segmented and sub-segmented based on the product and region.
Active Implantable Medical Devices Market – By Product:
Based on the product, the Cardioverter defibrillators segment held the largest share in 2019. It is due to the increase in the prevalence of cardiovascular diseases and high compliance with technologically advanced products.
Another segment that plays a pivotal role in the growth in the global active implantable medical devices market is transvenous implantable cardioverter defibrillators. Over the sub-segments of this type, the single-chamber implantable cardioverter defibrillators are dominating, followed by subcutaneous implantable cardioverter defibrillators.
The neurostimulators market to witness the highest growth rate during the forecast period. The demand for neurostimulators, profound brain stimulators, is growing significantly across the globe. An increase in the prevalence of chronic pain, such as neuropathic pain, pain due to diabetes, arthritis, anxiety, and suffering from an injury, has significantly increased the demand for neurostimulators.
Active Implantable Medical Devices Market – By Region:
Geographically, North America is leading the market with the highest market share during the forecast period. The North America Active Implantable Medical Devices Market was sized at USD 7.49 billion in 2020 and anticipated to reach USD 10.77 billion by 2025 at a CAGR of 7.53% between 2020 to 2025. The rise in the geriatric population and the surge in neurological diseases drive North America's active implantable medical devices market. The United States is leading the North American market in terms of market share. The rise in cardiovascular vascular diseases and the accessibility to advancements in technologies drive the United States market. For instance, according to the American College of Cardiology, in 2017, more than 800,000 members were dead from cardiovascular disease (CVD) only in the United States. Moreover, for every 40seconds, an American will die from CVD, and Coronary heart disease (CHD) like stroke and heart failure accounts for most CVD deaths. American Heart Association (AHA) estimates that about 5.7 million adults suffer from congestive heart failure in the United States. Moreover, the rise in innovative and technologically advanced products is boosting the United States market. Further, Canada is predominantly increasing with rising in the healthcare expenditure in this region. These are the factors that led the North American Active Implantable Medical Devices Market during the forecast period.
Europe is the second-largest market in terms of market share. The Europe Active Implantable Medical Devices Market is valued at USD 5.13 billion in 2020. This value is assumed to reach USD 7.49 billion by 2025 to get a 7.86% CAGR during the forecast period. The rise in the elder people population, a constant surge in cardiovascular and neurological diseases propel market growth. According to the European Heart Network, more than 3.9 million people die from cardiovascular disease (CVD) every year in Europe, and over 1.8 million deaths in the European Union (EU). Germany and the United Kingdom are the major contributors to the European market. The UK's active implantable medical devices market is witnessed to have robust growth during the forecast period, and the massive availability of advanced technologies in Germany is boosting the market. France is assumed to have a significant growth rate in the market in the future years.
The Asia-Pacific region is expected to grow at the highest CAGR. The Asia-Pacific market is valued at USD 4.28 billion in 2020 and is expected to reach USD 6.43 billion by 2025 at a CAGR of 8.45% during the forecast period. The rise in healthcare spending and the healthcare reforms for infrastructural development are driving the market. The countries like China and India have a huge geriatric population, and the healthcare infrastructure in these countries is developing every year, thus showing immense healthcare market potential. The less strict regulations are attracting pharmaceutical companies to invest in China and India. These are the factors that boost the Asia Pacific Active Implantable Medical Devices Market in the upcoming years.
KEY MARKET PARTICIPANTS:
Notable companies operating in the global active implantable medical devices market profiled in this report are Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, LivaNova, Cochlear Limited, MED-EL, Sonova Holding AG, William Demant Holding A/S, and Nurotron Biotechnology Co. Ltd.
KEY MARKET HAPPENINGS:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Implantable Cardioverter Defibrillators
188.8.131.52 Transvenous Implantable Cardioverter Defibrillators
184.108.40.206.1 Biventricular Implantable Cardioverter Defibrillators (ICDs)/Cardiac Resynchronization Therapy Defibrillators (CRT-Ds)
220.127.116.11.2 Dual-Chamber Implantable Cardioverter Defibrillators
18.104.22.168.3 Single-Chamber Implantable Cardioverter Defibrillators
22.214.171.124 Subcutaneous Implantable Cardioverter Defibrillator
5.1.3 Implantable Cardiac Pacemakers
5.1.4 Ventricular Assist Devices
5.1.5 Implantable Heart Monitors/Insertable Loop Recorders
126.96.36.199 Spinal Cord Stimulators
188.8.131.52 Deep Brain Stimulators
184.108.40.206 Sacral Nerve Stimulators
220.127.116.11 Vagus Nerve Stimulators
18.104.22.168 Gastric Electrical Stimulators
5.1.7 Implantable Hearing Devices
22.214.171.124 Active Hearing Implants
126.96.36.199 Passive Hearing Implants
5.1.5 Y-o-Y Growth Analysis, By Product
5.1.6 Market Attractiveness Analysis, By Product
5.1.7 Market Share Analysis, By Product
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Product
6.1.4 Market Attractiveness Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Product
6.1.5 Market Share Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Product
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Medtronic plc
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Abbott Laboratories
8.3 Boston Scientific Corporation
8.4 BIOTRONIK SE & Co. KG
8.5 LivaNova PLC.
8.6 Cochlear Limited
8.8 Sonova Holding AG
8.9 William Demant Holding A/S
8.10 Nurotron Biotechnology Co. Ltd.
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures