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(Health-NewsWire.Net, December 22, 2020 ) According to the new market research report "Active Implantable Medical Devices Market by Product (Implantable Cardioverter Defibrillators (Transvenous & Subcutaneous), Cardiac Pacemaker, Ventricular Assist Device, Neurostimulator, Implantable Hearing Devices) - Global Forecast" published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
The Active Implantable Medical Devices Market is estimated to grow at a CAGR of 7.8% to reach USD 26.75 Billion.
Growth Boosting Factors:
- Increasing Burden of Cardiovascular Diseases
- Rising Prevalence of Neurological Disorders
- Investments and Funds to Develop Technologically Advanced Products
- Expanded Applications of Neurostimulators
- Favorable Reimbursement Scenario for Ent Procedures in Developed Countries
Major Market Growth Opportunities:
# Emerging Markets Offer Significant Growth Opportunities
# Development of Subcutaneous Implantable Cardioverter Defibrillators (S-ICDs)
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Leading Key Players in the Worldwide Industry:
Medtronic plc (Ireland), Abbott Laboratories (U.S.), and Boston Scientific Corporation (U.S.) held the major share of the implantable cardiovascular and neurostimulators devices market. Whereas, Cochlear Limited (Australia), MED-EL (Austria), Sonova Holding AG (Switzerland), and William Demant Holding A/S (Denmark) held the major share of the implantable hearing devices market.
Other major players operating in the implantable cardiovascular and neurostimulators devices market are BIOTRONIK SE & Co. KG (Germany) and LivaNova PLC (U.K.). Nurotron Biotechnology Co. Ltd. (China) and Medtronic plc (Ireland) are the other key players in the implantable hearing devices market.
Geographical Regions Mapped in Report:
Geographically, the global Active Implantable Medical Devices Market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. In 2016, North America commanded a major share of the global implantable and life-sustaining devices market. North America’s largest share is primarily attributed to the growth in geriatric population, increasing prevalence of cardiovascular and neurological diseases, high accessibility to advanced technologies, increasing development of innovative and technologically advanced products, and increasing healthcare expenditure in the region. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
Growth in the Asia-Pacific market can be attributed to the growth in geriatric population, growing incidence of chronic diseases, rising healthcare spending, healthcare reforms for infrastructural development, growing demand for advanced technologies to develop advanced products, and less stringent regulations.
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Market Segmentation in Detailed:
On the basis of product, the Active Implantable Medical Devices Market is segmented into implantable cardioverter defibrillators, implantable cardiac pacemakers, implantable heart monitors/insertable loop recorders, ventricular assist devices, neurostimulators, and implantable hearing devices. The implantable cardioverter defibrillators segment accounted for the largest share of the implantable and life-sustaining devices market in 2016 owing to the increasing incidence of cardiovascular diseases, development of technologically advanced devices, and increasing demand for these devices in emerging countries.
the implantable cardioverter defibrillators segment accounted for the largest share of the global active implantable medical devices market. However, the implantable hearing devices segment is expected to witness the highest growth in the next five years. The growth of the implantable hearing devices is mainly attributed to the increasing prevalence of hearing loss across the globe and growing ENT procedures due to favorable reimbursement policies in the developed countries.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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