As per the report published by Fior Markets, the global active implantable medical devices market is expected to grow from USD 15.21 Billion in 2017 to USD 30.42 Billion by 2025 at a CAGR of 9.24% during the forecast period from 2018-2025. North America market is expected to witness substantial growth over the next decade. This growth is witnessed due to increasing prevalence of cardiovascular and neurological diseases. Increasing geriatric population, easy accessibility to advanced technologies, and increasing healthcare expenditure in the region are some of the factors boosting the growth of the market.
Global Active Implantable Medical Devices Market by Product (Ventricular Assist Devices, Neurostimulators, implantable cardiac pacemakers, others), End User, Region” and Global Forecast 2018-2025.
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Prominent companies in the industry include Abbott Laboratories, Medtronic plc, BIOTRONIK SE & Co. KG, Boston Scientific Corporation, Cochlear Limited, LivaNova PLC, Sonova Holding AG, MED-EL William Demant Holding A/S, Nurotron Biotechnology Co., Ltd. and others. The Cochlear Limited, William Demant Holding A/S and Nurotron Biotechnology Co., Ltd. among others. Developing and developed (U.S, Germany, U.K, China and Japan) are offering greater opportunities and major players are continuously focused on new product developments to obtain market share For instance, in 2016, Boston Scientific Corporation launched the Precision Montage MRI Spinal Cord Stimulator (SCS) System. This system enables safe access to full body magnetic resonance imaging (MRI) environment.
The product segment is classified into implantable cardioverter defibrillators, implantable cardiac pacemakers, implantable heart monitors/insertable loop recorders, ventricular assist devices, neurostimulators, and implantable hearing devices. The implantable cardioverter defibrillators segment held the largest market share of 35.67% in 2017. According to the World Health Organization WHO, globally, around 17.9 million people died due to cardiovascular diseases in 2016, while the number is expected to reach 23.3 million by 2030. Technological advancements with the increasing cases of cardiovascular diseases are driving the growth of the segment. End user segment includes hospitals, ambulatory surgery centers and specialty clinics. Hospital segment was valued around 5.92 billion in 2017. The key factors contributing for its growth are prevalence of cardiovascular diseases and favourable reimbursement scenario for ENT procedures in developed countries.
Increasing prevalence of cardiovascular diseases and neurological disorders is a major factor driving the market. The healthcare industry in emerging economies has witnessed significant growth over the past few years. Risks associated with use of active implantable medical devices at the surgical site and sensitivity to the device material may hamper the growth of the market. However, increasing income level and the increasing compliance for high quality implants in developing countries are fuelling the growth of market the market in coming years.
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