Global Active Implantable Medical Devices Market Size To Grow USD 33.6 Bn By 2025
Global Active Implantable Medical Devices Market Size (2020 to 2025)
As per our research report, the size of the global active implantable medical devices market is estimated to worth USD 33.6 billion by 2025, registering a CAGR of 7.76% between 2020 to 2025.
The global active implantable medical devices market growth is expected to be driven by the factors such as an increase in the prevalence of chronic diseases globally, improving healthcare infrastructure facilities, and rising medical implants' acceptance. However, the increasing prevalence of chronic diseases, Y-O-Y rise in the geriatric population worldwide is projected to propel the market growth. Furthermore, investments and funding by the government and technological factors are more likely to encourage market growth. In addition, favourable reimbursement scenarios for ENT procedures and strengthening neurostimulators' applications are estimated to influence the market growth. Also, the growing majority of ill health associated with the rise in the aged group's proportion is expected to increase the market growth. Implantable devices offer additional benefits, such as selectively activating grouping fibres within the nerve and theoretically providing more selective control and balance of motor response. According to the reports, every year, thousands of people enhance the quality of their lives by going through surgical procedures that include fixing and removing the implantable medical device is predicted to propel the market growth of implantable medical devices market during the forecast period.
The market growth of implantable medical devices is restricted by the factors such as unfavorable reforms in the United States on implantable medical devices. Moreover, implantable medical devices require high investment as these devices are costly, which is estimated to decrease the market growth. However, the issues related to the usage of implantable medical devices hinder the market growth.
Medical activities of implantable medical devices have challenges in specific materials, battery power, size shrinkage, system delivery, functionality, electric power consumption, and wireless communication.
COVID-19 Impact on the global 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 and as a pandemic. 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. 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, the patients are getting treated accordingly, and the global active implantable medical devices market is expected to gain momentum and reverse the negative impact in the sooner days.
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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:
- Implantable Cardioverter Defibrillators
- Transvenous Implantable Cardioverter Defibrillators
- Biventricular Implantable Cardioverter Defibrillators (ICDs)/Cardiac Resynchronization Therapy Defibrillators (CRT-Ds)
- Dual-Chamber Implantable Cardioverter Defibrillators
- Single-Chamber Implantable Cardioverter Defibrillators
- Subcutaneous Implantable Cardioverter Defibrillator
- Transvenous Implantable Cardioverter Defibrillators
- Implantable Cardiac Pacemakers
- Ventricular Assist Devices
- Implantable Heart Monitors/Insertable Loop Recorders
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Gastric Electrical Stimulators
- Implantable Hearing Devices
- Active Hearing Implants
- Passive Hearing Implants
Active Implantable Medical Devices Market – By Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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 are driving 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 occurrence of cardiovascular vascular diseases and the accessibility in advancements in the technologies are driving 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.
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TOP COMPANIES IN THIS MARKET:
Key participants dominating 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.
Browse Regional Reports:
- North America Active Implantable Medical Devices Market
- Europe Active Implantable Medical Devices Market
- APAC Active Implantable Medical Devices Market
- Latin America Active Implantable Medical Devices Market
- MEA Active Implantable Medical Devices Market
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