Market Scenario
Active Implantable Medical Device can be defined as an active medical device which is anticipated to be either totally or partially introduced, via surgery or through medical ways, into the human body. It can also be introduced through medical intervention into a natural orifice, and is envisioned to remain there after the procedure. The examples for active implantable medical device include cochlear implants, implantable cardiac pacemakers, bladder stimulators among others.
The global active implantable medical device market is expected to earn major revenue during the forecast period. Factors such as upsurge in geriatric population, varied technological advancements, rising incidence of chronic diseases, and high rate of adoption of advanced implantable medical devices is propelling the growth of this market. However, certain factors such as high cost and limited coverage of insurance schemes for the active implantable medical devices may restrain the growth of this market. In the developed markets, the market for active implantable medical devices market has reached maturity. However, rise in awareness for these implantable devices among populations has augmented the market growth in the emerging countries.
Key Players:
The market for active implantable medical devices is highly consolidated and few companies holds the major share of the total market.
Some of the major players in the operating in the Active Implantable Medical Devices market include:
• Medtronic plc
• Abbott Laboratories
• Boston Scientific Corporation
• BIOTRONIK SE & Co. KG
• LivaNova PLC
• Cochlear Limited
• MED-EL
• Sonova Holding AG
• William Demant Holding A/S
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Segmentation:
The global active implantable medical device market can be classified based on product and region. On the basis of products, the global market is classified into implantable cardioverter defibrillators, implantable cardiac pacemakers, ventricular assist devices, neurostimulators, and implantable hearing devices. The implantable cardioverter defibrillators are further classified as transvenous or subcutaneous based on their route of insertion in the body.
Among the market segments, the implantable cardioverter defibrillators segment is expected to command a large share of the active implantable medical device market during the future years owing to the increasing incidence of cardiovascular diseases, enormous development of technically advanced devices, and an upsurge in the demand for these devices in emerging economies. is propelling this market segment.
Market Growth:
The market for Active Implantable Medical Devices in North America region is dominating the market in terms of revenues. The market is highly influenced by rising incidences of cardiovascular and neurological diseases, geriatric population, easy and high accessibility to advanced technologies, introduction advancement of advanced products, and rising healthcare expenditure. Although, the Asia Pacific region Active Implantable Medical Devices Market is projected to grow at the highest CAGR attributed to the growing incidence of chronic diseases, healthcare reforms for infrastructural development, rising healthcare spending as well as increasing demand for better technologies for the development of advanced products, and comparatively less strict government regulations for healthcare industry.
The major companies operating in the active implantable medical devices market are making noteworthy efforts to launch new economical products with an aim to create opportunities in untapped markets worldwide to enhance its customer base. This is further anticipated to propel the overall market growth during the forecast period. Moreover, rising number of acquisitions and mergers is estimated to contribute towards the market growth as well. However, the absence of skillful professional is one of the key challenges to the market, which is anticipated to hinder the market’s growth.
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