According to the report published by Fior Markets, the global active implantable medical devices market is anticipated to grow from USD 15.21 Billion in 2017 to USD 30.42 Billion by 2025 along with a CAGR of 9.24% during the forecast period from 2018-2025. Due to increasing prevalence of cardiovascular and neurological diseases in North America, the region is expected to witness substantial growth over the next decade. In addition, rising geriatric population, easy accessibility to advanced technologies, and increasing healthcare expenditure in the region are the leading 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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Top 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 providing significant opportunities and major players are continuously focused on new product developments to obtain market share. In 2016, Boston Scientific Corporation opened the Precision Montage MRI Spinal Cord Stimulator (SCS) System. This system provides safe access to full body magnetic resonance imaging (MRI) environment.
The product segment is divided into implantable cardioverter defibrillators, implantable cardiac pacemakers, implantable heart monitors/insertable loop recorders, ventricular assist devices, neurostimulators, and implantable hearing devices. In 2017, the implantable cardioverter defibrillators segment held the largest market share of 35.67%. According to the World Health Organization WHO, in 2016, cardiovascular diseases killed around 17.9 million people. The number is expected to reach 23.3 million by 2030. The segment’s growth drivers include technological advancements with increasing cases of cardiovascular diseases. End-user segment is classified into hospitals, ambulatory surgery centers, and specialty clinics. In 2017, the hospital segment registered around 5.92 billion. The key factors contributing to its growth are the prevalence of cardiovascular diseases and favorable reimbursement scenario for ENT procedures in developed countries.
Growing prevalence of cardiovascular diseases and neurological disorders is responsible to drive the market. The healthcare industry in emerging economies has highly contributed to the growth of the past few years. The growth restraining factors include risk associated with the use of active implantable medical devices at the surgical site and sensitivity to the device material. However, increasing income level and the increasing compliance for high-quality implants in developing countries are fuelling the growth of the market in the coming years.
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