Increasing technological advancements and new product launches is expected to accelerate the growth of active implantable medical devices market from 2018 to 2025.
In the recent years, active implantable medical devices market has progressed significantly. The global market for active implantable medical devices is anticipated to grow from US$ 22,096.9 Mn in 2017 to US$ 39,026.9 by 2025 at a CAGR of 7.9%. The increasing prevalence of cardiovascular diseases, neurological disorders & hearing disorders, increasing technological advancements & new product launches and large pool of geriatric population are the major factors anticipated to propel the growth for the active implantable medical devices market. However, the high cost of products and procedures and high rate of product recalls is expected to act as major challenges hindering the market growth.
The active implantable medical devices is an emerging field in the medical industry and has led to various developments of the products, in the field of cardiology, neurology and otology. Many of the market players are developing novel products in order to minimize the burden of cardiovascular diseases, neurological disorders and hearing disorders. For instance, Boston Scientific Corporation, in September 2017, launched the Resonate family of Implantable Cardioverter Defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) systems. This product is powered by EnduraLife battery technology, which has double battery capacity as compared to other devices that helps in preventing heart failure more efficiently. Additionally, Medtronic launched Azure pacemakers with BlueSync technology, in November 2017. This device also enables to secure and automatic wireless data transmission to physicians. Therefore, the active implantable devices market is anticipated to grow due to technological advancements and rapid product launches in the forecast period.
The global active implantable medical devices market is highly competitive due to the presence of large numbers of players which is attributed to the easy market entry and high profit margins in the market. Some of the prominent players in this market are thus indulged into adoption of organic growth strategies such as innovative product launches and product approvals. For instance, in January 2017, Abbott announced the European launch of the new Proclaim DRG Neurostimulation System, designed to for patients suffering from chronic neuropathic pain. The rising advancement in the field of the healthcare industry is driving the prominent players in this market for more research and developments for the active implantable medical devices market. The key players in the market such as Abbott, Sonova and Medtronic that is provide a vast spectrum of expertise in medical healthcare.
The players operating in the global active implantable medical devices market include Abbott, Medtronic, Cochlear Ltd., Boston Scientific Corporation, BIOTRONIK SE&Co, LivaNova PLC, MED-EL, Sonova, William Demant Holding A/S, Nurotron Biotechnology Co. Ltd. And among others.
