(PharmaNewsWire.Com, April 09, 2021 ) The 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. However, unfavorable healthcare reforms in the U.S., issues related to the use of implantable medical devices, and the high cost of implants may hinder the growth of this market to a certain extent.
According to the new market research report "Active Implantable Medical Devices Market by Product (Implantable Cardioverter Defibrillators (Transvenous & Subcutaneous), Cardiac Pacemaker, Ventricular Assist Device, Neurostimulator, Implantable Hearing Devices) - Global Forecast" published by MarketsandMarkets™.
Expected Revenue Surge: The Active Implantable Medical Devices Market is estimated to grow at a CAGR of 7.8%, to reach USD 26.75 Billion.
On the basis of 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 in 2016, owing to the increasing incidence of cardiovascular diseases, development of technologically advanced devices, and increasing demand for these devices in emerging countries.
Geographical Scenario in Depth:
North America dominated the active implantable medical devices market followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 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 are the major factors driving the growth of Active Implantable Medical Devices Market.
On the other hand, the Asia-Pacific (APAC) region is expected to witness the highest growth rate during the forecast period. This can be mainly attributed 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 in this region.
Leading Key-Players:
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.
Other major players operating in the implantable cardiovascular and neurostimulators devices market are BIOTRONIK SE & Co. KG (Germany) and LivaNova PLC (U.K.). Nurotron Biotechnology Co. Ltd. (China) and Medtronic plc (Ireland) are the other key players in the implantable hearing devices market.
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