The Active Implantable Medical Devices Market size is estimated to reach $27.7 Billion by 2025, growing at a CAGR of 7.9% during the forecast period 2020-2025. An active implantable medical device (AIMD) is any active medical device that is intended to be totally or partially introduced into the human body for diagnostic or therapeutic purposes, and which is intended to remain in place The increasing Burdon of neurological diseases cardiovascular and investments funds to develop technologically advanced devices are driving the growth of Active Implantable Medical Devices during the forecast period 2020-2025.
Active Implantable Medical Devices Market Segment Analysis - By Product Type
Based on Product Type, Active Implantable Medical Devices Market is segmented into Implantable Cardioverter Defibrillators, Implantable Cardiac Pacemakers, Ventricular Assist Devices, Implantable Heart Monitors/Insertable Loop Recorders, Neurostimulators, Implantable Hearing Devices, Active Hearing Implants, Passive Hearing Implants, and Others. Implantable cardioverter-defibrillators segment holds the largest share in terms of revenue in 2019. This is owing to increasing incidence of cardiovascular devices, increasing development of technologically advanced devices and raising demand of these devices in the emerging countries. Implantable cardiac pacemakers market is also set to be the fastest growing with a CAGR of 8.3% during the forecast period 2020-2025. This is owing to increasing technological advancements in implantable cardiac pacemaker by several key players across the globe.
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Active Implantable Medical Devices Market Segment Analysis - By End User
Based on End User, Active Implantable Medical Devices Market is segmented Hospitals, Specialty Clinics, Ambulatory Surgery Centers and Others. Hospital segment held the major share in 2019. This is owing to increasing number of cardiovascular, neurological diseases, and raising geriatric population all over the globe. Specialty Clinics is set to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to the rising demand for non-invasive procedures, issues related to implantable devices and high cost of the devices.
Active Implantable Medical Devices Market Segment Analysis - By Geography
Based on Geography, the Active Implantable Medical Devices Market is segmented into North America, Europe, Asia-Pacific, Middle East and the Rest of the World. North America had a dominant share in terms of revenue with overall share of 39.8% in 2019. This is owing to increasing development of innovative and technologically advanced products, and increasing healthcare expenditure in the region. However Asia Pacific is set to be the fastest-growing CAGR during the forecast period 2020-2025. This is owing to rising number cardiovascular, neurological diseases in Asian countries which is driving the growth of Asia Pacific Implantable Medical Devices Market.
Active Implantable Medical Devices Market Drivers
Growing aging population
The growing aging population is one of the crucial elements of active implantable medical devices market growth. The people over the age of 60 are supposed to increase about 1.5 Billion in 2050. Age is associated with a fall in functional reserve in multiple organ systems such as brain, ears, and heart. It is not surprising that aged patients use imbalanced medical resources. As about 90% of the aged people have at least one chronic illness and 75% of aged people have two or more chronic diseases. These factors are driving the active implantable medical device market growth.
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Active Implantable Medical Devices Market Challenges
The main challenge affecting this market is security and privacy issues. The safety and security are coupled with the restrictions present in current Implantable Medical Devices platforms that are unique challenges in the development of adequate security mechanism for implantable medical devices market.
Active Implantable Medical Devices Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Active Implantable Medical Devices Market. Key companies of this market are Abbott Laboratories, William Demant Holding A/S, Nurotron Biotechnology Co. Ltd, Medtronic PLC, Biotronik Se & Co Kg, Boston Scientific Corporation, Cochlear Limited, Livanova PLC, Med-EL, and Sonova Holding AG among others.
Active Implantable Medical Devices Market Developments:
In June 2019, Abbott Laboratories Launches Next Generation World’s First Smartphone Compatible Implantable Heart Monitor for better arrhythmia detection positive news for people at risk for irregular heartbeats. The next-generation Confirm Rx insertable cardiac monitor (ICM), a paperclip-sized implantable device, combines Smartphone connectivity and continuous, remote monitoring to track unpredictable heart rhythm problems for fast and accurate diagnosis.
Key Takeaways
Geographically, North America Active Implantable Medical Devices Market accounted for the highest revenue share in 2019 owing to the increasing development of innovative and technologically advanced products and rising healthcare expenditure in the region.
Factors such as rising number of people suffering from cardiovascular, neurological diseases and investments funds to develop technologically advanced products and diseases are driving the demand of Active Implantable Medical Devices Market during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Active Implantable Medical Devices Market report.
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