Factors such as growth in aging population, increasing prevalence of cardiovascular and neurological diseases, investments and funds to develop technologically advanced products, expanded applications of neurostimulators, and favorable reimbursement scenario for ENT procedures in developed countries are the primary growth drivers for the implantable and life-sustaining devices market.
What the Market Looks Like?
Predicted to grow at a CAGR of 7.8% during the forecast period, the Global Active Implantable Medical Devices Market is estimated to reach USD 26.75 Billion. North America commanded a major share of the global implantable and life-sustaining devices market.
Based on product, the market is segmented into implantable cardioverter defibrillators, implantable cardiac pacemakers, implantable heart monitors/insertable loop recorders, ventricular assist devices, neurostimulators, and implantable hearing devices. The implantable cardioverter defibrillators segment accounted for the largest share of the implantable and life-sustaining devices market owing to the increasing incidence of cardiovascular diseases, development of technologically advanced devices, and increasing demand for these devices in emerging countries.
The implantable cardioverter defibrillators segment accounted for the largest share of the global active implantable medical devices market. However, the implantable hearing devices segment is expected to witness the highest growth in the next five years. The growth of the implantable hearing devices is mainly attributed to the increasing prevalence of hearing loss across the globe and growing ENT procedures due to favorable reimbursement policies in the developed countries.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=102063992
What Drives the Market?
The growth of the global market for Active Implantable Medical Devices is primarily influenced by the following factors:
· Increasing Burden of Cardiovascular Diseases
· Rising Prevalence of Neurological Disorders
· Investments and Funds to Develop Technologically Advanced Products
· Expanded Applications of Neurostimulators
· Favorable Reimbursement Scenario for Ent Procedures in Developed Countries
Geographical growth scenario of Active Implantable Medical Devices Market
Geographically, the Active Implantable Medical Devices market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The large share of this regional segment can be attributed to the growth in geriatric population, increasing prevalence of cardiovascular and neurological diseases, high accessibility to advanced technologies, increasing development of innovative and technologically advanced products, and increasing healthcare expenditure in the region.
However, the market in the Asia-Pacific region is expected to grow at the highest CAGR, owing to the growth in geriatric population, growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies to develop advanced products, and less stringent regulations.
Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=102063992
Leading market players and strategies adopted
The prominent players in the Active Implantable Medical Devices market Medtronic plc (Ireland), Abbott Laboratories (U.S.), and Boston Scientific Corporation (U.S.) held the major share of the implantable cardiovascular and neurostimulators devices market. Whereas, Cochlear Limited (Australia), MED-EL (Austria), Sonova Holding AG (Switzerland), and William Demant Holding A/S (Denmark) held the major share of the implantable hearing devices market.