Active implantable medical devices are electronic medical devices that are implanted surgically or invasively placed inside the body to treat various medical conditions. They provide therapeutic stimulation or monitoring. These devices aid in conditions like cardiac rhythm disorders, neurological disorders, urological disorders, and hearing loss. Growing prevalence of chronic diseases, technological advancements in medical devices, rising geriatric population are driving the demand for active implantable medical devices.
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 key trends:
Artificial intelligence is propelling the active implantable medical devices market through remote patient monitoring. AI aids in collecting and analyzing patient health data from implantable medical devices in real time. This helps doctors continuously monitor patients outside of clinical settings and detect any abnormalities early. AI also assists physicians in personalized treatment planning. For instance, AI systems can analyze a patient’s clinical history, diagnostic tests, lifestyle factors etc. and suggest tailored therapeutics. Furthermore, AI is improving device performance through over-the-air updates which enhance functionality and fix software issues. This remote manageability of active implantable medical devices using AI is revolutionizing chronic care and supporting independent living.
Strength: The active implantable medical devices (AIMD) market has extensive R&D capabilities and development of innovative products. The investments in R&D are leading to the development of advanced medical technologies.
Weakness: High costs associated with implantable devices may limit the adoption especially in developing regions. Stringent regulatory requirements add to the overall costs.
Opportunity: Increasing number of neurological and cardiovascular disorders are driving the demand for implantable devices. Growing geriatric population susceptible to chronic diseases will boost the market growth.
Threats: Reimbursement policies vary significantly across regions creating unequal access to healthcare. Managing product recalls and associated liabilities pose risks to players.
The global active implantable medical devices market is expected to witness high growth. The market size is projected to reach US$ 26.82 Bn in 2023.
North America dominates the global AIMD market due to supportive reimbursement policies and rapid uptake of advanced technologies. Major market players are based in the US and Canada contributing to regional market growth. Asia Pacific is expected to grow at the fastest pace during the forecast period backed by rising medical tourism, large patient population and improving healthcare infrastructure.
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. Major players are investing in innovative product development and acquisitions to consolidate their market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it