(MENAFNEditorial) Zion Market Research has published a new report titled 'Active Implantable Medical Devices Market by Product (Cardiac Pacemakers, Implantable Cardioverter Defibrillators, Nerve Stimulators, Cochlear Implants, Ventricular Assist Devices, and Implantable Cardiac Devices), by Application (Cardiovascular, Neurological, Hearing Impairment, and Others), and by End User (Hospitals, Specialty Clinics, & ASCs): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 2024. According to the report, global active implantable medical devices market was valued at approximately USD 16.47 billion in 2017 and is expected to generate revenue of around USD 23.33 billion by the end of 2024, growing at a CAGR of around 5.10% between 2018 and 2024.
Active implantable medical devices are an implantable medical device which relies on a source of electrical energy, other than energy directly generated by the human body, for its functioning. These are introduced into the body by medical or surgical procedures.
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Active implantable medical devices market is segmented by product, application, and end-user. Based on the product, the active implantable medical devices market is further segmented into cardiac pacemakers, implantable cardioverter defibrillators (ICD), nerve stimulators, cochlear implants, and ventricular assist devices. The cardiac pacemakers segment is further sub-segmented into single chamber pacemakers, dual chambers pacemakers, and others. Transvenous ICD and subcutaneous ICD are included in the implantable cardioverter defibrillators segment. Nerve stimulators segment includes deep brain stimulators, vagus nerve stimulators, sacral nerve stimulators, gastric electrical stimulators, and spinal cord stimulators. Implantable cardioverter defibrillator (ICD) is anticipated to dominate the market owing to the rapid development of advanced devices & increase in demand for these devices along with rising in the incidence of arrhythmia & cardiovascular diseases.
Based on the application, the active implantable medical devices market is sub-segmented into cardiovascular, neurological, hearing impairment, and others. The cardiovascular segment is projected to dominate the active implantable medical devices market in the forecast period. The rapid increase in the occurrence of cardiovascular disorders is expected to fuel the growth of the cardiovascular segment.
The end-user segment of the active implantable medical devices market includes hospitals, specialty clinics, and ASCs. The hospital segment is expected to dominate the end-user segment due to the presence of a large patient pool in the hospitals.
Europe, Latin America, North America, Asia Pacific, and the Middle East & Africa are the regional segments of global market of active implantable medical devices. North America is anticipated to dominate the market in the forecast period due to the rise in the number of people suffering from arrhythmia and the early launch of technologically advanced products by companies in this region. Increase in the prevalence of neurological disorders and a rapid adoption of the advanced technology by the population are some of the factors fueling the growth of the market for active implantable medical devices in Europe. In the forecast period, Asia Pacific is expected to follow North America and Europe due increase in the occurrence of cardiovascular diseases and arrhythmia because of the changing lifestyle and adoption of western culture. Also, the increase in investments and product launches by various companies and less stringent laws regarding implantable devices is expected to fuel the growth of the active implantable medical devices market. Latin America & the Middle East & Africa is expected to show slow growth rate in the forecast period. Rising healthcare expenditure and increase in demand for technologically developed products in the treatment of diseases is expected to fuel the growth of active implantable medical devices market in these regions.
The key players in the global market for active implantable medical devices are Boston Scientific Corp., Cochlear Ltd., LivaNova Plc., Medtronic Plc, Sonova Holding AG, Abbott Laboratories, Nurotron Biotechnology Co. Ltd., William Demant Holding A/S, MED-EL, and Biotronik SE. The company focuses on developing technologies and launching it after the approval from FDA. For instance, in July 2018, Medtronic Plc received FDA approval for a less-invasive implant approach of HVAD(TM) System, a left ventricular assist device (LVAD). In January 2018, Abbott Laboratories received FDA approval for products namely magnetic resonance (MR)-conditional labeling for the Quadra Assura MP CRT-) and Fortify Assura ICD.
This report segments the global active implantable medical devices market as follows:
Global Active Implantable Medical Devices Market: Product Segment Analysis
- Cardiac Pacemakers
- Single Chamber Pacemakers
- Dual Chamber Pacemakers
- Others
- Implantable Cardioventer Defibrillators (ICD)
- Transvenous ICD
- Subcutaneous ICD
- Nerve Simulators
- Spinal Cord Simulators
- Deep Brain Simulators
- Sacral Nerve Simulators
- Vagus Nerve Simulators
- Gastric Electrical Simulators
- Cochlear Implants
- Ventricular Assist Devices
Global Active Implantable Medical Devices Market: Application Segment Analysis
- Cardiovascular
- Neurological
- Hearing impairment
- Others
Global Active Implantable Medical Devices Market: End-User Segment Analysis
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
Global Active Implantable Medical Devices Market: Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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