ALBANY, New York, February 20, 2018 /PRNewswire/ --
According to the research report, the opportunity in the global active implantable medical devices market is likely to expand at a CAGR of 4.40% over the period from 2017 to 2025 and reach a value of US$20.73 bn by the end of the forecast period. Implantable cardioverter defibrillators (ICDs) are registering a relatively greater demand and are anticipated to continue doing so over the forthcoming years. Hospitals, ambulatory surgery centers (ASCs), and specialty clinics have surfaced as the key end users of active implantable medical devices across the world. Hospitals, among these, are expected to report a higher uptake of these device in the years to come. In terms of the region, North America led the global market in 2016 with a share of 33.5%. Researchers project the scenario to remain more or less the same over the forthcoming years, notes the market study.
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Increasing prevalence of Cardiovascular and Neurological Disorders to Boost Demand
"The increasing prevalence of cardiovascular and neurological disorders among people across the world is the main factor that has been influencing the growth of the global market for active implantable medical devices," says the author of this research study. Apart from this, the market's growth is also influenced by frequent product approvals and continual product launches. Companies are introducing innovative and novel products so as to maintain competitive advantage, carve new markets and lay foundation for sustained business growth, states the research report.
Challenges Regarding Usage of Active Implantable Medical Devices to Hamper Growth
On the flip side, challenges related to the usage of active implantable medical devices, such as device failure and concerns related to cybersecurity, may hamper the growth of the worldwide market for active implantable medical devices in the years to come. However, the rising healthcare expenditure associated with the increasing number of patients with cardiovascular diseases (CVDs) and neurological disorders is likely to fuel the demand for active implantable medical devices, supporting the growth of this market over the next few years, reports the market study.
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A number of leading players in the global active implantable medical devices are investing extensively in the research and development of their new implants, finds a new research report by Transparency Market Research (TMR). These players are also involving into partnerships with hospitals and dermatologists to increase the sales of their products. Boston Scientific Corp., Abbott Laboratories, Medtronic Plc, Sonova Holding AG, LivaNova Plc, BIOTRONIK SE & Co. KG, Cochlear Ltd., William Demant Holding A/S, Nurotron Biotechnology Co. Ltd., and MED-EL Medical Electronics are some of the leading players in the global market for active implantable medical devices. These players are expected to use innovative strategies to widen their product portfolio in order to improve their market position over the next few years, states the research report.
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The review is based on a report by Transparency Market Research (TMR), titled "Active Implantable Medical Devices Market (Product - Cardiac Pacemaker, Implantable Cardioverter Defibrillators (ICD), Nerve Stimulators, Insertable Cardiac Monitor (Implantable Monitoring Devices), Cochlear Implants, and Ventricular Assist Devices (VAD); Procedure - Cardiovascular Implants, Neurological Implants, and Hearing Implants; End User - Hospitals, Ambulatory Surgery Centers, and Specialty Clinics) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast, 2017-2025."
- Implantable cardioverter defibrillators (ICDs) are registering a relatively greater demand.
- Hospitals, ambulatory surgery centers (ASCs), and specialty clinics have surfaced as the key end users of active implantable medical devices.
The global active implantable medical devices market has been segmented as follows:
- Cardiac Pacemaker
- Single Chamber Pacemaker
- Dual Chamber Pacemaker
- Implantable Cardioverter Defibrillators (ICD)
- Transvenous Implantable Cardioverter Defibrillators
- Subcutaneous Implantable Cardioverter Defibrillators
- Nerve Stimulators
- Cochlear Implants
- Ventricular Assist Devices (VAD)
- Insertable Cardiac Monitor (Implantable Monitoring Devices)
- Cardiovascular Implants
- Neurological Implants
- Hearing Implants
By End User
- Ambulatory Surgery Centers
- Specialty Clinics
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- GCC countries
- Rest of MEA
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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