The Global Active Implantable Medical Devices Market Size is Expected to Reach USD 36.17 Billion by 2026
According to our research report, the global active implantable medical devices market size is estimated to be USD 36.17 billion by 2026, from USD 24.89 billion in 2021, growing at a CAGR of 7.76% 2021 to 2026.
COVID-19 has had a negative impact on the global economy. COVID-19 is classified as a public health emergency by the World Health Organization and all governments around the world have announced strict lockdowns due to the rapid spread of the virus through human relationships. Lockdown is the main cause of the demise of the global economy. During the pandemic, the market for active implantable medical devices has been heavily impacted. All transportation services have been interrupted and the supply chain has been disrupted due to the lockdown. In addition, all hospitals have given top priority to COVID-19 patients, with all other treatment operations canceled or postponed. Non-essential patients were skipped and their appointments rescheduled, causing the market to slow during the pandemic. Nevertheless, following COVID-19, patients are being treated appropriately and the active market for implantable medical devices is profitable. Market players are the major factor in sustaining market profits after COVID-19.
Rising prevalence of cardiovascular diseases, aging population, and growing support for technological advancements are propelling the growth of the global active implantable medical devices market.
One of the major drivers of the global active implanted medical devices market is the growing elderly population. The World Health Organization predicts that the number of adults aged 65 and over will increase from 524 million in 2010 to over 1.5 billion by 2050. By 2050, the global population of people aged over 80 will increase to 379 million from 65 million in 2000. The heart, brain and ears are among the organ systems associated with a steady loss of functional reserve as people age. It is therefore not surprising that elderly patients make inefficient use of medical resources. About 92% of seniors have at least one chronic disease and 77% have at least two.
Moreover, the advent of innovative implantable products with better performance and simple surgical procedures is expected to sustain the market growth rate throughout the forecast period. Additionally, government regulations that favor new and established manufacturers are likely to provide many opportunities. Furthermore, increased frequency of cardiovascular disorders and growing demand for active implantable devices, especially in emerging countries, is another promising driver to help the market reach new heights of growth. Additionally, owing to the increase in diseases, an increasing number of medical research activities aimed at developing advanced and ergonomic technologies are providing lucrative growth opportunities and pushing the boundaries of the global active implantable medical devices market.
On the other hand, the expansion of the global active implantable medical device market is hampered by the high cost of implants, unfavorable reimbursement landscape and difficulties associated with implantable medical devices. The active implantable medical device market is expected to face increased pricing pressure and shortage of experienced specialists during the forecast period.
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KEY MARKET OVERVIEW:
- The cardiovascular segment is expected to grow dramatically over the forecast period owing to an increase in the incidence of cardiovascular diseases. On the other hand, the neurological segment is expected to rank second due to the increase in neurological diseases.
- Due to a growth in cardiovascular and neurological diseases and an increasing elderly population globally, the hospital segment holds the largest market share. Additionally, due to non-invasive treatments and complications of implantable devices and exorbitant cost, specialty clinics are expected to expand rapidly over the forecast period.
- North America is expected to dominate the global market with the largest market share over the projected period. The active market for implantable medical devices in the North American region is driven by the growing elderly population and neurological diseases. The United States dominates the North American zone in terms of market share. The market in the United States is driven by the increase in cardiovascular diseases and access to technological improvements. According to the American College of Cardiology, in 2017 more than 800,000 people died in the United States from cardiovascular disease (CVD). Additionally, every 40 seconds, an American dies from cardiovascular disease (CVD), with coronary heart disease (CHD), including stroke and heart failure, accounting for the vast majority of CVD deaths. According to the American Heart Association, approximately 5.7 million Americans suffer from congestive heart failure (AHA). The US market is also benefiting from an influx of new, technologically superior commodities. Moreover, most of Canada’s expansion is due to rising health care costs. These factors will drive the active implantable medical devices market in North America throughout the forecast period.
- Europe held the second largest share in the world in 2021. An aging population and a steady rise in cardiovascular and neurological diseases are driving the market expansion. According to the European Heart Network, approximately 3.9 million people in Europe die each year from cardiovascular disease (CVD), including 1.8 million deaths in the European Union (EU). Germany and the United Kingdom are the main contributors to the European market. The active market for implanted medical devices in the UK is expected to grow significantly over the forecast period. The abundance of modern technologies in Germany contributes to the expansion of the company. The French market should experience spectacular expansion in the years to come.
- The market in Asia-Pacific is expected to grow at a rapid pace. It is projected that increased health spending and health care reforms aimed at modernizing infrastructure will boost the sector from 2020 to 2025. China and India, for example, have large elderly populations and are expanding their infrastructure year after year, signaling the sector’s enormous potential. In addition, less strict regulations in China and India encourage pharmaceutical companies to develop there. These factors will drive the active implantable medical devices market in Asia Pacific in the coming years.
- Boston Scientific Corporation, Cochlear Limited, Zimmer Biomet, Smith & Nephew, Johnson & Johnson Services, Inc., BIOTRONIK SE & Co. KG, LivaNova PLC, Abbott, Straumann AG, Medtronic, Integra Lifesciences Holdings Corporation, Stryker, William Demant Holding A /S, Nurotron Biotechnology Co. Ltd., Sonova Holding AG, CR Bard Inc., 3M, Den are some of the companies in this market.
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SEGMENTS COVERED IN THIS REPORT:
- Implantable Cardiac Defibrillators
- Transvenous Implantable Cardiac Defibrillators
- Biventricular Implantable Cardioverter Defibrillators (ICDs)/ Cardiac Resynchronization Therapy Defibrillators (CRT-Ds)
- Dual-Chamber Implantable Cardiac Defibrillators
- Single chamber implantable cardiac defibrillators
- Subcutaneous implantable cardiac defibrillator
- Transvenous Implantable Cardiac Defibrillators
- Implantable Pacemakers
- Ventricular assist devices
- Implantable Cardiac Monitors / Insertable Loop Recorders
- Spinal cord stimulators
- Deep brain stimulators
- Sacral nerve stimulators
- Vagus nerve stimulators
- Gastric electrical stimulators
- Implantable hearing aids
- Active hearing implants
- Passive hearing implants
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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