The global active implantable medical devices market is set to exhibit huge expansion in the coming years, as per the estimates of the market research firm, P&S Intelligence.
The market is being driven by the growing incidence of cardiovascular diseases and neurological disorders, booming geriatric population, rapid technological advancements, surging healthcare expenditure, and exhaustive research and development (R&D) being conducted in the domain. Additionally, the emergence of subcutaneous implantable cardioverter defibrillators is creating immense growth opportunities in the market.
Browse In-depth Active Implantable Medical Devices Market Regional Breakdown
As per the Alzheimer’s Association, in the U.S., nearly 5.3 million people in the age bracket- 65 years and above- were diagnosed with Alzheimer’s disease in 2015, and this number will grow to 7.1 million by 2025 and around 13.8 million by 2050. Furthermore, nearly 7 million to 10 million suffer from Parkinson’s disease globally, as per the observations of the Parkinson’s Disease Foundation (PDF). Similarly, nearly 60,000 new cases of Parkinson’s disease are recorded every year in the U.S.
Apart from the aforementioned factors, the burgeoning requirement for neurostimulators is also fueling the growth of the active implantable medical devices market. Depending on product, the market is divided into implantable cardioverter defibrillators, neurostimulators, implantable cardiac pacemakers, implantable hearing devices, ventricular assist devices, and implantable heart monitors/insertable loop recorders categories. Amongst these, the implantable cardioverter defibrillators category dominated the market in 2016, because of the high incidence of cardiovascular diseases and the huge demand for compliance for technologically advanced systems.
Across the world, North America held the largest share in the active implantable medical devices market during the last few years, with the U.S. contributing higher revenue to the market than Canada. This was because of the rapid technological advancements, the existence of a large geriatric population and a well-established healthcare infrastructure, high healthcare spending, and the high incidence of cardiovascular diseases in the region. In the forthcoming years, the market will exhibit rapid advancement in Asia-Pacific (APAC).
Hence, it can be said with confidence that the market will boom in the coming years, primarily because of the rising incidence of neurological disorders and cardiovascular diseases, surging geriatric population, and the growing healthcare expenditure across the globe.
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