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Active implantable medical device refers to any active medical device which is intended to be totally or partially introduced, surgically or medically, into the human body or by medical intervention into a natural orifice, and which is intended to remain after the procedure. Based on the product type different active implantable medical device products include implantable cardioverter defibrillators, neurostimulators, implantable cardiac pacemakers, implantable hearing devices, ventricular assist devices, implantable heart monitors/insertable loop recorders. The global active implantable medical devices market is expected to witness considerable growth during 2017 - 2023.
GLOBAL TRANSVENOUS IMPLANTABLE CARDIOVERTER DEFIBRILLATORS MARKET, BY TYPE, $M (2013 – 2023)
Implantable cardioverter defibrillators, which includes transvenous implantable cardioverter defibrillators and subcutaneous implantable cardioverter defibrillators, held largest share in the global active implantable medical devices market in 2016, due to the increasing prevalence of cardiovascular diseases and high compliance for technologically advanced products. Transvenous implantable cardioverter defibrillators, which include biventricular implantable cardioverter defibrillators, dual-chamber implantable cardioverter defibrillators and single-chamber implantable cardioverter defibrillators held larger share in the global active implantable cardioverter defibrillators market in 2016, as compared to subcutaneous implantable cardioverter defibrillators.
The neurostimulators market is expected to witness highest growth during forecast period. The demand for neurostimulators, especially deep brain stimulators is increasing significantly across the globe. The increasing prevalence of chronic pain, such as neuropathic pain, pain due to diabetes, arthritis pain and pain from injury is significantly increasing the demand for neurostimulators.
The global active implantable medical devices market is expected to witness a CAGR of 8.0% during 2017 - 2023, and is estimated to reach $28,878.6 million by 2023. Technological advancements, increasing prevalence of cardiovascular diseases, increasing healthcare expenditures and rising research and development activities are the major factors driving the growth of the global active implantable medical devices market. High cost of implantable medical devices and unfavorable reimbursement policies are key challenge limiting adoption of active implantable medical devices solutions.
The healthcare industry in emerging economies has witnessed significant growth over the past few years. The healthcare market size in the emerging economies is still a fraction of that in developed countries such as the U.S. and Western European countries. However, the difference illustrates the strong growth potential of emerging economies especially in Asia-Pacific and Latin America. The massive unexplored active implantable medical devices market would create ample revenue generation opportunities for the active implantable medical devices manufacturers.
The fragmented healthcare industry and high operating margins in emerging economies make them attractive to investors when compared to developed economies. The countries such as China and India have large population base and the healthcare infrastructure in these countries is improving, thus illustrating immense healthcare market potential. Manufacturing medical devices products in the developing regions tend to decrease the overall cost of manufacturing, thus reducing the cost of the product without altering the quality. With the increasing income level and the increasing compliance for high quality implants, the demand for active implantable medical devices is expected to increase in these countries.
The demand for active implantable medical devices is increasing due to increasing prevalence of cardiovascular diseases and increasing incidences of neurological disorders. Cardiovascular disease is the leading cause of premature death around the world. Implantable cardioverter defibrillators and implantable cardiac pacemakers are the key medical devices used for the treatment of different cardiovascular conditions. High prevalence of cardiovascular diseases depicts increased demand for these devices. According to the World Health Organization WHO, globally, around 17.5 million people died due to cardiovascular diseases in 2012, while the number is expected to reach 23.3 million by 2030.
Neurological disorders are characterized by dysfunctioning of the nervous system. These conditions include Parkinson’s disease, Alzheimer’s disease, fecal incontinence, epilepsy and depression. According to Alzheimer’s Association, approximately 5.3 million people aged 65 years and older were reported to have Alzheimer’s disease in 2015 in the U.S. It further reported that these numbers are expected to reach 7.1 million in 2025 and about 13.8 million in 2050. According to the Parkinson’s Disease Foundation (PDF), approximately 7 million to 10 million people across the globe have Parkinson’s disease. Similarly, according to PDF approximately 60,000 new cases of Parkinson’s disease are reported each year in the U.S. High incidence of neurological disorders fuels the demand for neurostimulators, which further drives the global active implantable medical devices market.
The global active implantable medical devices market is highly consolidated with three companies including Medtronic plc, Abbott Laboratories, and Boston Scientific Corporation accounting for the major share in the global active implantable medical devices market. Key players are focusing on product innovation, collaboration and partnership to increase their market share. In May 2016, Boston Scientific Corporation launched the Precision Montage MRI Spinal Cord Stimulator (SCS) System after receiving approval from the U.S. Food and Drug Administration. The Precision Montage System offers customized relief to patients with chronic pain, while also enabling safe access to full body magnetic resonance imaging (MRI) in a 1.5 Tesla environment.
Some of the other key players in the global active implantable medical devices market are BIOTRONIK SE & Co. KG, LivaNova PLC, William Demant Holding A/S, Nurotron Biotechnology Co. Ltd., Sonova Holding AG, and MED-EL.
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