Fior Markets launched a study titled “Global Active Implantable Medical Devices Market by Product (Ventricular Assist Devices, Neurostimulators, implantable cardiac pacemakers, others), End User, Region” and Global Forecast 2018-2025.
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. Increasing cardiovascular and neurological diseases, growing elderly population, technological advancements in procedures and enhanced applications of neurotransmitters will lead to the growth of the market in a couple of years.
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Implantable cardioverter defibrillators based segment was valued around USD 5.01 Billion in 2017
Product segment includes implantable cardioverter defibrillators, implantable cardiac pacemakers, implantable heart monitors/insertable loop recorders, ventricular assist devices, neurostimulators, and implantable hearing devices. The implantable cardioverter defibrillators based segment was valued around USD 5.01 Billion in 2017. These are advanced devices and their growing demand in developing countries are the key factors to drive the growth of this segment.
Hospitals segment is growing with the highest CAGR of 11.26% in the forecast period
End user segment is divided into segments such as hospitals, ambulatory surgery centers and specialty clinics. Hospital segment is growing with the highest CAGR over the forecast period. The key factors contributing for its growth are prevalence of cardiovascular diseases and favourable reimbursement scenario for ENT procedures in developed countries.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America held the largest market share of approximately 42.21% in 2017. North America region is the fastest growing region due to increasing prevalence of cardiovascular and neurological diseases with increasing geriatric population, easy accessibility to advanced technologies, and increasing healthcare expenditure in the region. However, Asia-Pacific is anticipated to register the highest growth rate during the forecast period. Rise in geriatric population, growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies to develop advanced products, and less stringent regulations are driving the growth of the market in the region.
The major players of market 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. Technological advancements by key players are positively impacting the growth of the marked in the forecast period. For instance, in 2016 Medtronic’s first leadless pacemaker Micra TPS was approved by the U.S. Food & Drug Administration and is known to be the smallest pacemaker.
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