Global Active Implantable Medical Device Market Overview
Active implantable medical devices (AIMDs) are partially or totally inserted into the human body by clinical intervention and intended to remain in place for diagnostic or therapeutic purposes. Expanding aging population, growing burden of chronic diseases, increasing life expectancy, and easy availability of insurance facilities are major factors to drive demand for active implantable medical devices. As per the UN estimated, globally, 703 million individuals aged 65 years or over in 2019, which is projected to double to 1.5 billion in 2050. Chronic diseases contribute for two-thirds of deaths in the world. The increasing burden of cardiovascular and neurological diseases and investments and funds to develop healthcare infrastructure also contribute to the market growth. Cardiovascular diseases (CVDs) are the prominent cause of death across the world. As per World Health Organization estimates, 17.9 million people died from cardiovascular diseases in 2019, representing 32% of all global deaths.
According to Value Market Research, the global active implantable medical device market size was valued at about USD 27.9 billion in 2022 and is estimated to grow at a CAGR of around 8.4 % during the forecast period 2023 to 2030.
The global active implantable medical devices market faces challenges due to stringent regulatory compliance and critical manufacturing process. AIMDs are one of the highest risk categories of devices. These are designed to remain in direct contact with the body for extended periods. Thus, subject to rigorous regulatory controls before they reach global markets. AIMDs are among the most complicated to manufacture due to their function, internal use, and relatively small size. Its manufacturing requires a highly specialized and experienced team. However, the high cost of implanting devices, rising demand for non-invasive procedures, and other therapies impede the market growth.
A handful of significant players dominate the global active implantable medical devices market. Medtronic plc (Ireland), Abbott Laboratories (US), Boston Scientific Corporation (U.S.), BIOTRONIK SE & Co. KG (Germany), and LivaNova PLC (U.K.). Whereas, Cochlear Limited (Australia), MED-EL (Austria), Sonova Holding AG (Switzerland), William Demant Holding A/S (Denmark), and Nurotron Biotechnology Co. Ltd. (China) are key companies ruling the global market. Key players are investing in research & development to design, develop, and launch new advanced products to the market.
In this research report, the active implantable medical device market is segmented by type, application, and region.
Analysis, By Type
By type, the market is segmented into implantable cardioverter defibrillators, ventricular assist devices, implantable cardiac pacemakers, implantable heart monitors or insertable loop recorders, neurostimulators, implantable hearing devices, and others. An implantable cardiac pacemaker is expected to witness the highest growth over the forecast period. The segment is attributed to growing due to the reduced post-surgical complications, growing service provider, growing heart disease burden, and increasing R&D funding in emerging economies.
Analysis, By Region
Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America grabbed major pie of the global market. The increasing prevalence of cardiovascular diseases, growing obesity, unhealthy lifestyle of people, and strong healthcare infrastructure is steering regional growth. As of 2018, 30.3 million U.S. adults were diagnosed with heart disease. Annually, half of Americans die from heart disease, making it the leading cause of death in the United States. North America is blessed with specialized surgeons, skilled professionals, and prominent market players. All of these contribute to healthy regional growth.
Market Segmentation covered in the Report:
By Product
- Implantable Cardioverter Defibrillators (Transvenous Implantable Cardioverter Defibrillators)
- Ventricular Assist Devices
- Implantable Heart Monitors/Insertable Loop Recorders
- Neurostimulators (Spinal Cord Stimulators, Deep Brain Stimulators, Sacral Nerve Stimulators, Vagus Nerve Stimulators, Gastric Electrical Stimulators)
- Implantable Hearing Devices (Active Hearing Implants, Non-active/Passive Hearing Implants)
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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