Active Implantable Medical Devices Market Explores New Growth Opportunities
The active implantable medical devices market is projected to generate a revenue of $28,878.6 million in 2023, advancing at an 8.0% CAGR during the forecast period (2017–2023). The market is growing due to the surging aging population, rising prevalence of cardiovascular diseases and neurological disorders, increasing research & development activities, and technological advancements. Active implantable medical devices are devices that are intended to be partially or totally introduced, medically or surgically, into the human body, or by medical intervention into a natural orifice, and which are meant to remain inside after the procedure.
When product is taken into consideration, the active implantable medical devices market is categorized into neurostimulator, implantable heart monitor/insertable loop recorder (IHM/ILR), implantable cardioverter defibrillator (ICD), ventricular assist device (VAD), implantable cardiac pacemaker (ICP), and implantable hearing devices (IHD). Out of these, the ICD category dominated the market during the historical period (2013–2016) and is further predicted to account for the major share of the market during the forecast period. The category is further bifurcated into subcutaneous ICD and transvenous ICD, between which, transvenous ICD held the largest of the market in 2016.
The growing prevalence of cardiovascular diseases and neurological disorders is a key driving factor of the active implantable medical devices market. Cardiovascular diseases are the leading cause of premature deaths across the world. ICDs and ICPs are extensively utilized for the treatment of several cardiovascular diseases. In addition to this, as per the Alzheimer’s Association, in 2015, about 5.3 million people aged 65 years and above were reported to suffer from Alzheimer’s disease in the U.S. Thus, the high incidence of neurological disorders is further creating increasing requirement for neurostimulators, thereby driving the market.
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The development of advanced hearing implants is a key trend being witnessed in the active implantable medical devices market. Hearing impairment is a consequence of aging as well noise-induced hearing loss. The hearing device manufacturers are focusing toward the development of technologically advanced hearing implants due to the rising prevalence of hearing impairment. The wireless and microchip technologies are contributing significantly to the advancement in hearing implants. Furthermore, the new hearing implants are easy to use, small, provide discreet hearing solutions, and have ranges that can match patient’s hair color.
Hence, the market is registering growth due to technological advancements and the rising prevalence of neurological disorders and cardiovascular diseases.