At 6.60% CAGR, Active Implantable Medical Devices Market Size To Hit USD 143.10 Billion, Globally by 2028, Says Zion Market Research | Industry Trends, Share, Growth, Value, Analysis & Forecast Report
NEW YORK, June 21, 2022 /PRNewswire/ -- The global active implantable medical devices market was worth around USD 85.31 billion in 2021 and is estimated to grow to about USD 143.10 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.60 percent over the forecast period.
Key Industry Insights & Finding of the Active Implantable Medical Devices Market Reports:
- As per the analysis shared by our research analyst, the Active Implantable Medical Devices Market is expected to grow annually at a CAGR of around 6.60 % (2022-2028).
- Through the primary research, it was established that the Active Implantable Medical Devices Market was valued approximately USD 85.31 Billion in 2021 and is projected to reach to roughly USD 143.10 Billion by 2028.
- North America is expected to hold the largest share of the global active implantable medical devices market, and this is expected to continue during the forecast period.
- The expanding demand for neurological and cardiovascular problems, as well as a rising focus on the development of sophisticated and novel products, are expected to propel the North American market forward in the approaching years.
- Rising healthcare expenditures and increased consumer awareness of the availability of effective treatments are expected to fuel market expansion in the near future
Zion Market Research published the latest report titled as "Active Implantable Medical Devices Market By Product (Cardiac Pacemakers, Implantable Cardioverter Defibrillators (ICD), Nerve Simulators, Cochlear Implants, And Ventricular Assist Devices), By Application (Cardiovascular, Neurological, Hearing Impairment, And Others), By End-User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
Active Implantable Medical Devices Market : Overview
An Active Implantable Medical Device (AIMD) is a medical device that is implanted entirely or partially into the human body for therapeutic or diagnostic reasons and is meant to stay there. Neurostimulators, cochlear implants, ventricular assist systems & devices, infusion pumps, defibrillators, and pacemakers, are all examples of AIMDs.
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Industry Dynamics:
Active Implantable Medical Devices Market : Growth Drivers
- Rising demand for active implantable medical devices is boosting the market growth.
The need for active implantable devices has increased as the number of disorders and diseases has increased. These devices aid in the support or replacement of any injured bodily organs, as well as the enhancement and treatment of normal body functions. One of the most crucial aspects of patient care is an active implanted medical device. One of the key drivers of global active implantable medical device market growth is the increasing senior population. The functioning of numerous organs of the human body gradually deteriorates with age. As a result, for movement and other help, humans must rely on a variety of medical gadgets. As a result, implantable devices are in high demand. Adults are affected by chronic ailments such as heart disease and arthritis, among others. One of the most frequent joint disorders in the United States is osteoarthritis (OA). It's also known as degenerative joint disease, and it affects the hands, hips, and knees the most. As a result of the country's rising elderly population, demand for orthopedic implants and reconstructive joint replacement is predicted to rise. All these factors are fostering market growth.
Active Implantable Medical Devices Market : Restraints
- Device-related concerns to hinder the market growth.
Device-related concerns, such as network security and device failure, may impede market expansion. For instance, introducing a device into the human body may elicit an immune system from the surrounding tissues, resulting in performance deterioration, making long-term usage of these devices problematic. In addition to this, factors like less developed healthcare infrastructure in undeveloped countries, high cost of implants, and less awareness of medical devices in rural areas are restraining the market growth.
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Global Active Implantable Medical Devices Market : Opportunities
- Advancements in technology in the field of medical devices to boost the market during the forecast period.
Implantable medical devices are attracting more attention than ever before. Recently, the prospect of long-term and secure implantation in the human body without hazardous product release or device destruction by bodily fluids has appeared. Strengthening their portfolios and investing in technical improvements are two strategies used by device makers to increase revenue. Continuous advancements in electrode, packaging, microelectronics, and biomedical signal processing technology have fueled the development of active implantable medical devices (AIMDs) that transmit data and power through wireless telemetry. In addition to this, producers of AIMDs are making an investment in improving hydrolysis resistance, strength, implant stability, and radiolucency in MRIs, CT scans, & X-rays and the effects of ionizing radiation without imaging aberrations. All such factors are likely to create several opportunities for the global active implantable medical devices market growth during the forecast period.
Global Active Implantable Medical Devices Market : Challenges
- Strict regulatory controls for medical devices to pose major challenge for the market growth.
Active Implantable Medical Devices (AIMDs) are one of the most high-risk device types, requiring stringent regulatory oversight before reaching global markets. Both active implantable medical devices and their accessories are categorized as Class III, requiring the strictest regulatory control. Pre- and post-market, AIMDs are subject to stringent effective regulation. The MDR's regulatory requirements also apply to any accessories that are required for the device to function properly, including software programs, refill kits, programmers, leads, implant kits, controllers, and battery packs. Such strict regulations for AIMD pose a major challenge for the market expansion.
Global Active Implantable Medical Devices Market : Segmentation
- The global active implantable medical devices market is divided based on product, application, end-user, and region.
By product, the global market is segregated into ventricular assist devices, cochlear implants, nerve stimulators, implantable cardioverter defibrillators (ICD), and cardiac pacemakers. Based on the application, the market is split into hearing impairment, neurological, cardiovascular, and others. The end-user segment is classified into ambulatory surgical centers, specialty clinics, and hospitals.
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List of Key Players of Active Implantable Medical Devices Market :
- Cardinal Health Inc.
- C. R. Bard Inc.
- Boston Scientific Corporation
- Biotronik SE
- and Co. KG
- Abbott Laboratories
- LivaNova PLC
- Johnson and Johnson
- Integra LifeSciences Holdings Corporation
- Globus Medical Inc.
- CONMED Corporation
Key questions answered in this report:
- What are the growth rate forecast and market size for Active Implantable Medical Devices Market ?
- What are the key driving factors propelling the Active Implantable Medical Devices Market forward?
- What are the most important companies in the Active Implantable Medical Devices Market Industry?
- What segments does the Active Implantable Medical Devices Market cover?
- How can I receive a free copy of the Active Implantable Medical Devices Market sample report and company profiles?
Report Scope:
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Recent Developments
- In February 2022, the FDA approved Abbott's CardioMEMSTM HF System which assists the patient with earlier-stage heart failure. Patients in the early stages of heart failure now have access to the CardioMEMSTM HF System, a tiny implanted sensor that can detect early warning signals of deteriorating heart failure.
- In April 2022, BIOTRONIK received FDA approval for Renamic Neo, its futuristic programmer for implanted cardiac rhythm management devices including pacemakers, ICDs, and implantable cardiac monitors.
Regional Dominance:
- North America to hold the major share in the global market.
North America is expected to hold the largest share of the global active implantable medical devices market, and this is expected to continue during the forecast period. The expanding demand for neurological and cardiovascular problems, as well as a rising focus on the development of sophisticated and novel products, are expected to propel the North American market forward in the approaching years. Furthermore, rising healthcare expenditures and increased consumer awareness of the availability of effective treatments are expected to fuel market expansion in the near future. In addition, Asia Pacific is expected to increase at a steady pace over the projection period. Increasing elderly populations and the rising frequency of chronic diseases are two key factors that are expected to propel the Asia Pacific market.
Global Active Implantable Medical Devices Market is segmented as follows:
Active Implantable Medical Devices Market : By Product Outlook (2022-2028)
- Cardiac Pacemakers
- Implantable Cardioverter Defibrillators (ICD)
- Nerve Simulators
- Cochlear Implants
- Ventricular Assist Devices
Active Implantable Medical Devices Market : By Application Outlook (2022-2028)
- Cardiovascular
- Neurological
- Hearing impairment
- Others
Active Implantable Medical Devices Market : By End User Outlook (2022-2028)
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
Active Implantable Medical Devices Market : By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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