Active implantable medical devices include implantable medical devices that are battery-powered or rely on an external power source. They are designed to support or replace functions of the body for diagnosis, prevention or treatment of diseases. Some key active implantable medical devices are pacemakers, implantable cardioverter defibrillators (ICDs), neurostimulators, and cochlear implants. These devices offer advantages like continuous monitoring and treatment delivery when needed, improved quality of life for patients with chronic medical conditions, and mobility freedom compared to external devices. The growing geriatric population, rising prevalence of chronic diseases like cardiovascular diseases and neurological disorders, and technological advancements are fueling the demand for active implantable medical devices globally.
The Global 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. These key players are engaged in new product launches, regulatory approvals, partnerships and acquisitions to strengthen their market position.
Growing investments and support for research and development of innovative technologies like minimally invasive implants and wireless monitoring systems present lucrative growth opportunities. Technological advancements like increased battery life, remote programming and data transmission capabilities, miniaturization, and better materials are expanding the applications of active implantable medical devices.
Market Drivers
Growing geriatric population prone to chronic diseases is a key factor fueling demand. According to the United Nations, the percentage of global population aged 60 years and above is estimated to nearly double from 12% to 22% between 2015 and 2050. This burgeoning elderly base is more susceptible to cardiovascular diseases, neurological disorders, and other conditions treatable with active implantable medical devices. Rising awareness about benefits of implantable devices among patients and physicians is also boosting the active implantable medical devices market.
Challenges in Active Implantable Medical Devices Market
The active implantable medical devices market faces various challenges related to cost, regulations, innovation and adoption. The devices come with a very high price tag which makes them unaffordable for many patients. Stringent regulations around product approval also increases costs and lengthens time to market. Moreover, continuous innovation is required to develop newer and more effective products which is challenging given the capital intensive nature of R&D in this domain. Patient adoption also remains a hurdle due to issues like device rejection, lengthy recovery time and lifelong dependency on such implants. Overcoming these challenges would be crucial for sustained growth of this important market.
SWOT ANALYSIS
Strength: Advanced technologies used provide superior treatment outcomes. Extensive clinical research proves efficacy and safety.
Weakness: High costs make devices inaccessible for many. Long product approval cycles delay market entry of innovations.
Opportunity: Rising prevalence of chronic diseases increases addressable patient base. Emerging economies open new markets due to expanding medical infrastructure and insurance coverage.
Threats: Stringent regulations raise compliance barriers. Device rejection can damage brand reputation and demand. Intense competition from alternate therapies.
Geographically, North America accounts for the largest share of the active implantable medical devices market currently due to superior healthcare infrastructure and spending in the region. However, Asia Pacific is poised to witness the fastest growth over the coming years led by China, India and other developing Asian countries where increasing investments in healthcare are expanding access to advanced treatments.
The North American region currently holds the major market share in terms of value for active implantable medical devices mainly attributed to well-established healthcare systems and infrastructure in countries like United States and Canada. However, Asia Pacific region is expected to witness the highest CAGR over the forecast period due to rising medical tourism, increasing healthcare spending and rapidly developing healthcare infrastructure in emerging economies of India, China and other ASEAN countries.
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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