According to the study, the global active implantable medical devices market is likely to grow from $17.0 billion in 2016 to $28.9 billion by 2023. Technological advancements, increasing prevalence of cardiovascular diseases, rising healthcare expenditures and increasing research and development activities have been driving the growth of the global active implantable medical devices market. The market is further expected to gain revenue due to increasing geriatric population and incidence of neurological disorders. Development of subcutaneous implantable cardioverter defibrillators along with the increasing demand from developing nations is expected to create ample growth opportunities in the global active implantable medical devices market.
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Insights on market segments
As per the findings of research, implantable cardioverter defibrillators held the largest share in the global active implantable medical devices market in 2016, primarily due to the development of technologically advanced devices and increasing prevalence of cardiovascular diseases. The neurostimulators market is expected to witness the highest growth during the forecast period. This growth of neurostimulators is attributed to the increasing incidence of neurological disorders and increasing demand from emerging economies. Among different type of implantable cardioverter defibrillators, transevenous implantable cardioverter defibrillators held larger share in the global active implantable medical devices market in 2016, and it is also expected to witness higher growth during the forecast period. Increasing research and development activities and rising compliance for technological innovations and data driven customizations are driving the growth of the global transvenous implantable cardioverter market.
Among different types of neurostimulators, spinal cord stimulators contributed the largest revenue to the global neurostimulators market in 2016. Spinal cord stimulators market witnessed significant penetration across all geographies globally. Increasing number of failed-back surgery syndrome, refractory angina pectoris, peripheral vascular disease, and complex regional pain syndrome are the key factors leading to the increased demand for spinal cord stimulators.
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Acquisition, a major development strategy for key players to strengthen their position in the global market
Key companies in the active implantable medical devices market are acquiring other companies to strengthen their position in the global market. In January 2017, Abbott completed the acquisition of St. Jude Medical, Inc., including its atrial fibrillation, structural heart and heart failure business as well as neuromodulation business. Similarly, in January 2015, Medtronic plc completed the acquisition of Covidien plc. Under the terms of the acquisition agreement, Medtronic, Inc. and Covidien plc are now combined under Medtronic plc. The acquisition strengthened position of the company in the global market with a large number of product offerings.
Some of the other key players in the market include Boston Scientific Corporation, BIOTRONIK SE & Co. KG, LivaNova PLC, William Demant Holding A/S, Nurotron Biotechnology Co. Ltd., Sonova Holding AG, and MED-EL.
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