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.
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.
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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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“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.
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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