The global active implantable devices market is expected to grow at a CAGR of 6.7% from 2017 to 2022 to reach USD 24.02 billion by 2022.
The digital age is changing the nature of health care delivery and offering explosive growth for medical devices within built wireless technologies (including both implanted and wearable devices) to control bodily functions and to measure an array of physiological parameters. Implanted devices can control heart rhythms, monitor hypertension, provide functional electrical stimulation of nerves, operate as glaucoma sensors, and monitor bladder and cranial pressure.
Many wireless medical devices communicate with nearby receivers that are connected to landline networks, cellular systems or broadband facilities that access the internet. Patients no longer need to be tethered to one spot by a tangle of cables, creating a safer workplace for medical professionals and a more comfortable environment for the patient with a reduced risk of infection. Wireless monitoring permits patients to thrive outside medical environments, reducing health care costs and enabling physicians to obtain vital information on a real-time basis without the need for office visits or hospital admissions.
The rising need for faster, effective, and safer devices is growing rapidly, which is majorly fueling the growth of the market. In addition, major factors such as increasing burden of cardiovascular diseases, rising prevalence of neurological disorders, growing investment & funds to develop technologically advanced products, and expanded applications of neurostimulators are expected to drive the growth of this market. However, stringent regulations for approvals & rising product recalls, high cost of implants, and unfavorable reimbursement scenario restricts the growth of the market to some extent. Further, increasing pricing pressure on market players poses a great challenge for the growth of this market.
The global active implantable devices market is mainly segmented by product type into implantable cardioverter defibrillators, neuromodulation, implantable cardiac pacemakers, implantable hearing devices, ventricular assist devices, and implantable heart monitors/insertable loop recorders. Implantable cardioverter defibrillators held the largest share of active implantable devices in 2016, primarily due to rising adoption of ICDs for the prevention of sudden cardiac deaths (SCD) in patients at high risk for SCD with increasing incidence of cardiac arrest and atrial fibrillation, and growing burden of patients with high blood pressure.
The implantable cardioverter defibrillators (ICDs) market is further sub-segmented into transvenous ICDs and subcutaneous ICDs with transvenous ICDs accounting for the major share, owing to their wide availability & adoption worldwide, anti-tachycardia pacing feature, increasing prevalence of cardiovascular diseases, and growing demand of the implantable therapy. Transvenous implantable cardioverter defibrillator market is further segmented into biventricular ICDs/cardiac resynchronization therapy defibrillators (CRT-DS), dual-chamber ICDs, and single-chamber ICDs.
As a whole the active implantable devices market is highly consolidated with the top three players namely Medtronic plc (Ireland), Abbott Laboratories (U.S.), and Boston Scientific Corporation (U.S.) together holding around three-fourth share of this market in 2016.
The other key players in the global active implantable devices market are BIOTRONIK SE & Co. KG (Germany), and LivaNova PLC (U.K.), Cochlear Limited (Australia), MED-EL (Austria), Sonova Holding AG (Switzerland), William Demant Holding A/S (Denmark), and Nurotron Biotechnology Co., Ltd. (China).
4. Market insights 4.1. Introduction 4.2. Drivers 4.2.1. Increasing Burden of Cardiovascular Diseases 4.2.2. Rising Prevalence of Neurological Disorders 4.2.3. Growing Investments and Funds to Develop Technologically Advanced Products 4.2.4. Expanded Applications of Neurostimulators 4.3. Restraints 4.3.1. Stringent Regulation for Approvals & Rising Product Recalls 4.3.2. Issues Related to the Use of Implantable Medical Devices 4.3.3. High Cost of Implants and an Unfavorable Reimbursement Scenario 4.4. Opportunities 4.4.1. Emerging Markets offer Significant Growth Opportunities 4.5. Challenges 4.5.1. Increasing Pricing Pressure on Market Players 4.5.2. Lack of Skilled Professionals 4.6. Regulatory Analysis 4.6.1. North America 4.6.2. Europe 4.7. Asia-Pacific 4.7.1. Rest of World 4.8. Active Implantable Devices Market Share Analysis by Key Players 4.8.1. Active Implantable Cardiovascular Devices Market 4.8.2. Neurostimulators Market 4.8.3. Active Implantable Hearing Devices Market