A number of leading players in the global active implantable medical
devices are investing extensively in the research and development of
their new implants, finds a new research report by Transparency
Market Research (TMR). These players are also involving into
partnerships with hospitals and dermatologists to increase the sales
of their products.
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Boston Scientific Corp., Abbott Laboratories, Medtronic Plc, Sonova
Holding AG, LivaNova Plc, BIOTRONIK SE & Co. KG, Cochlear Ltd.,
William Demant Holding A/S, Nurotron Biotechnology Co. Ltd., and
MED-EL Medical Electronics are some of the leading players in the
global market for active implantable medical devices. These players
are expected to use innovative strategies to widen their product
portfolio in order to improve their market position over the next few
years, states the research report.
According to the research report, the opportunity in the global
active implantable medical devices market is likely to expand at a
CAGR of 4.40% over the period from 2017 to 2025 and reach a value of
US$20.73 bn by the end of the forecast period. Implantable
cardioverter defibrillators (ICDs) are registering a relatively
greater demand and are anticipated to continue doing so over the
forthcoming years.
Hospitals, ambulatory surgery centers (ASCs), and specialty clinics
have surfaced as the key end users of active implantable medical
devices across the world. Hospitals, among these, are expected to
report a higher uptake of these device in the years to come. In terms
of the region, North America led the global market in 2016 with a
share of 33.5%. Researchers project the scenario to remain more or
less the same over the forthcoming years, notes the market study.
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Increasing prevalence of Cardiovascular and Neurological Disorders
to Boost Demand
“The increasing prevalence of cardiovascular and neurological
disorders among people across the world is the main factor that has
been influencing the growth of the global market for active
implantable medical devices,” says the author of this research
study. Apart from this, the market’s growth is also influenced by
frequent product approvals and continual product launches. Companies
are introducing innovative and novel products so as to maintain
competitive advantage, carve new markets and lay foundation for
sustained business growth, states the research report.
Challenges Regarding Usage of Active Implantable Medical Devices
to Hamper Growth
On the flip side, challenges related to the usage of active
implantable medical devices, such as device failure and concerns
related to cybersecurity, may hamper the growth of the worldwide
market for active implantable medical devices in the years to come.
However, the rising healthcare expenditure associated with the
increasing number of patients with cardiovascular diseases (CVDs) and
neurological disorders is likely to fuel the demand for active
implantable medical devices, supporting the growth of this market
over the next few years, reports the market study.
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