April 20, 2024

Active Implantable Medical Devices Market Innovations: Redefining Patient Care

Active Implantable Medical Devices Market

Active implantable medical devices are medical devices that are surgically implanted and provide diagnosis or therapeutic functions. These devices include implantable cardiac pacemakers, implantable defibrillators, neurostimulators, and implantable drug pumps which are surgically implanted and actively monitor and treat various medical conditions. The global active implantable medical devices market is largely driven by the growing geriatric population which is more prone to various chronic diseases that require long-term treatment.

The Active Implantable Medical Devices Market is estimated to be valued at US$ 26.82 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the active implantable medical devices are Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, LivaNova, Cochlear Limited, MED-EL, Sonova Holding AG, and Nurotron Biotechnology Co. Ltd. The key players are focusing on product innovation and launching technologically advanced devices to expand their market share.

The growing prevalence of target conditions such as cardiac, neurological, and metabolic disorders are expected to drive the demand for active implantable medical devices. Moreover, the increasing healthcare expenditure and demand for long-term treatment options of chronic diseases will provide lucrative opportunities for market players in the forecast period.

North America dominates the global active implantable medical devices market owing to established healthcare facilities, high healthcare expenditure, and presence of key players in the region. However, Asia Pacific is expected to witness the fastest CAGR during the forecast period due to the large patient pool, low manufacturing costs, and increasing healthcare expenditures in emerging economies such as China and India.

Market drivers

The growing geriatric population is one of the major drivers of the active implantable medical devices market. As per WHO, the global geriatric population which was estimated to be over 524 million in 2010 is expected to reach around 2 billion by 2050. The aging population is more susceptible to chronic diseases such as cardiac, neurological disorders that require long-term treatment through active implantable medical devices driving the market growth.

PEST Analysis

Political: The medical devices market is highly regulated by governments and regulatory bodies to ensure patient safety and effectiveness of devices. Key regulations impact market growth.

Economic: Economic growth influences healthcare spending and thus demand for active implantable medical devices. Cost of devices and insurance coverage impact the market.

Social: Aging population and growing prevalence of chronic diseases drive the need for implantable medical devices. However, some social and religious restrictions can limit market growth.

Technological:Technological advances lead to development of innovative devices with improved functionalities. However, high R&D costs needed for new technologies influence market players.

Geographical Regions with Highest Market Share

North America accounts for the largest share of the global active implantable medical devices market, both in terms of value and volume. This can be attributed to factors such as advanced healthcare infrastructure, high healthcare expenditure, and supportive reimbursement policies in the region.

Fastest Growing Region

Asia Pacific region is poised to witness the highest growth during the forecast period owing to growing healthcare spending, increasing medical tourism, large patient population, and rapid economic development in emerging countries such as China and India. This creates significant growth opportunities for market players in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it