World News: 06:59 GMT Thursday 8th August 2019. [Fior Markets via Globe Newswire via SPi World News]
New Jersey, NJ, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Key contributing factors for active implantable medical devices market growth are increasing cardiovascular and neurological diseases, growing elderly population, technological advancements in procedures and enhanced applications of neurotransmitters. The is expected to grow from USD 15.21 Billion in 2017 to USD 30.42 Billion by 2025 at a CAGR of 9.24% during the forecast period 2018-2025, according to the new report published by Fior Markets.
An active implantable medical device is introduced into the human body either totally or partially for diagnostic or therapeutic purposes. This is intended to remain in place. It offers wide range of devices including pacemakers, defibrillators, infusion pumps, ventricular assist systems and devices, cochlear implants and neurostimulators. These devices have applications in a number of diseases such as cardiovascular devices, Parkinson’s disease, epilepsy, spasticity, and patients with hearing or visual impairment. Rising number of cardiovascular system diseases and chronic pain diseases have a positive impact on the growth of the market. For instance, according to the World Health Organization (WHO), around 17 Billion deaths were registered annually from cardiovascular diseases. Leading players are investing in the development of advanced products, which are user friendly.
Increasing prevalence of cardiovascular diseases and neurological disorders is a major factor driving for global active implantable medical devices market. The healthcare industry in emerging economies has witnessed significant growth over the past few years. Risks associated with use of active implantable medical devices at the surgical site and sensitivity to the device material may hamper the growth of active implantable medical devices market. However, increasing income level and the increasing compliance for high quality implants in developing countries are fuelling the growth of active implantable medical devices market.
Key players operating in the global active implantable medical devices market are Abbott Laboratories, Medtronic plc, BIOTRONIK SE & Co. KG, Boston Scientific Corporation, Cochlear Limited, LivaNova PLC, Sonova Holding AG, MED-EL William Demant Holding A/S, Nurotron Biotechnology Co., Ltd. and others. Cochlear Limited, William Demant Holding A/S and Nurotron Biotechnology Co., Ltd. are the top leading players of the market. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the active implantable medical devices market.
Product segment includes implantable cardioverter defibrillators, implantable cardiac pacemakers, implantable heart monitors/insertable loop recorders, ventricular assist devices, neurostimulators, and implantable hearing devices. The implantable cardioverter defibrillators based segment was valued around USD 5.01 Billion in 2017. These are advanced devices and their growing demand in developing countries is the key factor to drive the growth of implantable cardioverter defibrillators segment.
End user segment is divided into segments such as hospitals, ambulatory surgery centres, and specialty clinics. Hospital segment is growing with the highest CAGR of 11.26% over the forecast period. The key factors contributing to its growth are prevalence of cardiovascular diseases and favourable reimbursement scenario for ENT procedures in developed countries. Furthermore, increasing use of the technologically advanced products in hospitals is anticipated to maintain the dominance of the hospitals segment over the forecast period.
North America region dominated the global active implantable medical devices market with USD 6.23 Billion in 2017 where as Asia pacific region is expected to register the highest growth rate in the forecast period. North America region is the fastest growing region due to an increasing prevalence of cardiovascular and neurological diseases with increasing geriatric population, easy accessibility to advanced technologies, and increasing healthcare expenditure in the region. Asia pacific is the second fastest growing region in the global active implantable medical devices market due to rising healthcare spending, growing demand for advanced technologies to develop advanced products, healthcare reforms for infrastructural development, and less stringent regulations.
The global active implantable medical devices market is analysed on the basis of value (USD Billion), volume (Units), consumption (Units), imports (Units) and exports (Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
The report can be customized as per client requirements. For further queries, you can contact us on or +1-201-465-4211. Our executives will be pleased to understand your requirements and offer you the best-suited reports.
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Globe Newswire: 06:59 GMT Thursday 8th August 2019
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