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Active implantable medical devices, also referred to as implanted medical devices, are medical devices that are surgically implanted or inserted inside the body either partially or completely. They are an integral part of treatment and diagnosis of neurological disorders, cardiovascular diseases, gastrointestinal diseases, ophthalmic diseases, and others. Cardiac pacemakers, implantable cardioverter defibrillators (ICDs), neurostimulators, and implantable hearing devices are some examples of commonly used active implantable medical devices. These devices continuously sense physiological parameters of the patient and provide therapeutic stimulation when required.
The global active implantable medical devices market is estimated to be valued at US$ 26.82 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising geriatric population is one of the major drivers of the active implantable medical devices market. Ageing is associated with increased risk of various neurological and cardiovascular disorders such as Parkinson’s disease, Alzheimer’s disease, arrhythmias, and heart failure. As per the United Nations, the population aged 60 years and above is expected to nearly double from 962 million globally in 2017 to about 2.1 billion in 2050. Thus, growing geriatric population base prone to chronic diseases will propel the demand for active implantable medical devices over the forecast period. Further, growing awareness and acceptance of implantable medical devices is also fueling the market growth. Technological advancements facilitating miniaturization and improved functionality of these devices are increasing patients’ adoption. For instance, newer generation of surgically implanted defibrillators are not only more effective at terminating potentially life-threatening arrhythmias but are also smaller and more comfortable than earlier models. However, high cost of these devices and stringent regulatory approval process remains a bottleneck to the market expansion.
Segment Analysis
The global active implantable medical devices market is dominated by cardiac rhythm management segment. Cardiac rhythm management devices such as pacemakers and implantable cardioverter defibrillators account for over 50% of the total active implantable medical devices market share. This is due to the increasing prevalence of cardiovascular diseases globally. Growing geriatric population suffering from cardiac conditions is the major factor driving the demand for cardiac rhythm management devices within the active implantable medical devices market.
PEST Analysis
Political: Regulations regarding the usage of active implantable medical devices vary across countries. Stringent regulatory approvals are required for new product launches which could impact the market growth.
Economic: Rising healthcare expenditure especially in developing nations present lucrative opportunities. However, the high cost of advanced active implantable medical devices remains a challenging factor for widespread adoption.
Social: Growing inclination towards minimally invasive procedures and rising awareness about cardiac conditions are beneficial for market growth. However, social stigma and reluctance for implanted devices hampers the market in some countries.
Technological: Advancements in material sciences, developing biocompatible materials and miniaturization of devices augur well for the market. Ongoing R&D for developing wireless technology based active implantable medical devices presents new opportunities.
Key Takeaways
The global active implantable medical devices market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising geriatric population globally and increasing prevalence of chronic diseases.
Regional analysis: North America dominates the global active implantable medical devices market with the highest market share. This is attributable to the well-established healthcare infrastructure and growing adoption of technologically advanced medical products in the region. Asia Pacific is poised to register fastest growth in the active implantable medical devices market supported by increasing healthcare spending, growing medical tourism industry and rapid economic development in various countries.
Key players: Key players operating in the active implantable medical devices market are Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, LivaNova, Cochlear Limited, MED-EL, Sonova Holding AG, William Demant Holding A/S, and Nurotron Biotechnology Co. Ltd. Players are focused on new product launches, strategic collaborations and geographical expansion strategies to strengthen their market presence.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
