As per our research report, the size of the global active implantable medical devices market is estimated to value USD 36.17 Billion by 2026 from USD 24.89 billion in 2021, growing at a CAGR of 7.76% from 2021 to 2026.
The COVID-19 has had a negative impact on the global economy. COVID-19 is classified as a public health emergency by the World Health Organization and all governments worldwide had announced a rigorous lockdown due to the virus’s rapid spread through human connections. The lockdown is the primary cause of the world economy’s demise. During the pandemic, the active implantable medical devices market was significantly impacted. All transportation services were halted, and the supply chain was disrupted due to the lockdown. Furthermore, all hospitals have given COVID-19 patients top priority, with all other treatment operations being canceled or postponed. Non-essential patients were ignored, and their appointments were postponed, causing the market to slow down during the pandemic. Nonetheless, following COVID-19, patients are being treated appropriately, and the active implantable medical devices market is profitable. The market players are the primary factor in keeping the market profits post COVID-19.
Rising cardiovascular disease prevalence, an aging population, and growing support for technological advancements are propelling the global active implantable medical devices market growth.
One of the primary drivers of the global active implanted medical devices market is the growing senior population. The World Health Organization projects that the number of adults aged 65 and older would climb from 524 million in 2010 to over 1.5 billion by 2050. By 2050, the world’s population of people over the age of 80 will have risen to 379 million, up from 65 million in 2000. The heart, brain, and ears are among the organ systems associated with a steady loss in functional reserve as people age. As a result, it’s no surprise that elderly patients make inefficient use of medical resources. Around 92 percent of the elderly have at least one chronic ailment, and 77 percent have at least two.
Additionally, the advent of innovative implantable goods with better performance and uncomplicated surgical procedures is likely to support the market’s growth rate throughout the forecast period. Furthermore, government regulations that favor new and well-established manufacturers are likely to provide many opportunities. Furthermore, the increased frequency of cardiovascular disorders and increasing demand for active implantable devices, especially in emerging nations, is another promising driver in helping the market achieve new heights in growth. Furthermore, due to increasing diseases, a rising number of medical research activities to develop advanced and ergonomically enhanced technologies offer lucrative growth opportunities and push the limits of the global active implantable medical devices market.
On the other hand, the expansion of the global active implantable medical devices market is hampered by the high cost of implants, an unfavorable reimbursement landscape, and difficulties associated with implantable medical devices. The active implantable medical devices market is expected to face increased pricing pressure and a scarcity of experienced specialists in the forecast period.
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KEY MARKET INSIGHTS:
- The cardiovascular segment is predicted to grow dramatically during the forecast period due to an increase in the incidence of cardiovascular ailments. On the other hand, the neurological segment is anticipated to rank second because of the rise in neurological illnesses.
- Due to a growth in cardiovascular and neurological diseases and a growing elderly population worldwide, the hospital segment has the largest market share. Furthermore, due to non-invasive treatments and complications with implantable devices and the exorbitant cost, specialty clinics are likely to grow rapidly during the forecast period.
- North America is predicted to lead the global market with the most significant market share during the projected period. The active implantable medical devices market in the North American region is driven by the growing elderly population and neurological illnesses. The United States dominates the North American area in terms of market share. The market in the United States is driven by the rise in cardiovascular vascular disorders and access to technological improvements. According to the American College of Cardiology, in 2017, over 800,000 people died in the United States from cardiovascular disease (CVD). Furthermore, every 40 seconds, one American dies of cardiovascular disease (CVD), with coronary heart disease (CHD), including stroke and heart failure, accounting for the vast majority of CVD deaths. According to the American Heart Association, about 5.7 million Americans have congestive heart failure (AHA). The U.S. market also benefits from an influx of new and technologically superior commodities. Furthermore, most of Canada’s expansion is due to increased healthcare costs. These factors will drive the Active Implantable Medical Devices Market in North America throughout the forecast period.
- Europe had the second-largest share in the world in 2021. An aging population and a constant rise in cardiovascular and neurological diseases are driving market expansion. According to the European Heart Network, approximately 3.9 million individuals in Europe die each year from cardiovascular disease (CVD), including 1.8 million fatalities in the European Union (EU). Germany and the United Kingdom are the leading contributors to the European market. The UK’s active implanted medical devices market is likely to grow substantially over the forecast period. The abundance of modern technology in Germany is aiding the company’s expansion. France’s market is expected to expand dramatically in the future years.
- The market in Asia-Pacific is expected to grow at a rapid pace. According to the projections, a surge in healthcare spending and healthcare reforms targeted at upgrading infrastructure will drive the sector from 2020 to 2025. China and India, for example, have significant elderly populations and are expanding their healthcare infrastructure year after year, signaling enormous healthcare sector potential. In addition, less strict regulations in China and India encourage pharmaceutical companies to develop there. These factors will drive the Asia Pacific Active Implantable Medical Devices Market in the coming years.
- Boston Scientific Corporation, Cochlear Limited, Zimmer Biomet, Smith & Nephew, Johnson & Johnson Services, Inc., BIOTRONIK SE & Co. KG, LivaNova PLC, Abbott, Straumann AG, Medtronic, Integra Lifesciences Holdings Corporation, Stryker, William Demant Holding A/S, Nurotron Biotechnology Co. Ltd., Sonova Holding AG, C.R. Bard Inc., 3M, Den are some of the companies in this market.
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SEGMENTS COVERED IN THIS REPORT:
- Implantable Cardioverter Defibrillators
- Transvenous Implantable Cardioverter Defibrillators
- Biventricular Implantable Cardioverter Defibrillators (ICDs)/Cardiac Resynchronization Therapy Defibrillators (CRT-Ds)
- Dual-Chamber Implantable Cardioverter Defibrillators
- Single-Chamber Implantable Cardioverter Defibrillators
- Subcutaneous Implantable Cardioverter Defibrillator
- Transvenous Implantable Cardioverter Defibrillators
- Implantable Cardiac Pacemakers
- Ventricular Assist Devices
- Implantable Heart Monitors/Insertable Loop Recorders
- Spinal Cord Stimulators
- Deep Brain Stimulators
- Sacral Nerve Stimulators
- Vagus Nerve Stimulators
- Gastric Electrical Stimulators
- Implantable Hearing Devices
- Active Hearing Implants
- Passive Hearing Implants
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Browse Regional Reports:
- North America Active Implantable Medical Devices Market
- Europe Active Implantable Medical Devices Market
- APAC Active Implantable Medical Devices Market
- Latin America Active Implantable Medical Devices Market
- MEA Active Implantable Medical Devices Market
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