20-Jun-2022 | Zion Market Research
The global active implantable medical devices market was worth around USD 85.31 billion in 2021 and is estimated to grow to about USD 143.10 billion by 2028, with a compound annual growth rate (CAGR) of approximately 6.60 percent over the forecast period.
An active implantable device is a medical instrument or device that is lodged in the human body for any diagnostic or therapeutic reasons. It stays inside the person's body and is probably evaluated once in a while. Some prominent implantable devices are neurostimulators, cochlear implants, ventricular assist systems, infusion pumps, defibrillators, and peacemakers. Sometimes they can also be normal tissues that are implanted inside the human body.
Some of the more common devices could be something like prosthetics as well which fill in for the missing body parts. Some of the implanted components offer medication to the concerned patients and also sometimes monitor their body functions periodically. They are retained in the body parts for a long time or for permanent therapeutic purposes. Sometimes they are also removed after a certain amount of time once the patient is cured or the validation is over. They are joined with the help of adhesives. These adhesives make them more permanent in your body and also fulfill your lifetime requirements for all your ailments.
These implanted devices also offer a sense of physiological response and validate the performance of physiological organs. Some of these implantable devices are also rated as high-risk elements by the FDA department. The one sanctioned, validated, and trialed should be leveraged by the patients.
During the initial COVID-19 pandemic, there was a decrease in the number of patients admitted to hospitals for implant surgery. It was because individuals were afraid of becoming infected during the period of isolation and lockdown. Patients' admissions to hospitals were reduced in many locations, showing that several patients with moderate - to - severe disabilities skipped hospital visits. The net effect of COVID-19 on the implantable medical device sector has been reported to be adverse. The drop in demand for implant surgery was linked to this. Furthermore, since the number of patients admitted to hospitals for implant surgery has decreased, market participants have lowered their expenditure on raw materials and resources.
Active implantable devices have been in the demand due to the increasing trend of diseases among people. They are used widely as treatment & diagnostic methods and also come off as the primary instrument of patient care. These factors propel the global active implantable medical devices market growth universally. Another key growth driver is the rise of the geriatric population and senior citizens across the world. Some chronic illnesses are diagnosed and treated with the help of implantable devices which make it the most crucial requirement. This factor triggers market growth as well.
There is also an increasing prominence of cardiovascular and neurological diseases amongst people all over the world which propels growth in the global market. So many investments, funds, and infrastructures arranged by the government to improve medical facilities also tend to support the market. The extended purpose and leverage of neurostimulators for all neurological disorders improve the market trend as well.
The emergence of innovative implantable devices with easy and effective operative procedures also bolsters a growth environment in the market. The fact these devices serve as a fitting alternative for missing bodily organs also makes them the most leveraged in patient care. Automative reimbursement policies for ENT procedure also helps to steer the market towards growth.
On the other hand, the high cost of implant devices along with the issues it crops over time hampers the leverage of these devices. There is also a considerable shortage of expert professionals who deal with the devices in many developing countries. These factors restrain the market growth considerably. There is also an increasing trend and focus on non-invasive treatment procedures which hinder the market growth exclusively.
The global active implantable medical devices market is divided based on product, application, end-user, and region. By product, the global market is segregated into ventricular assist devices, cochlear implants, nerve stimulators, implantable cardioverter defibrillators (ICD), and cardiac pacemakers. Based on the application, the market is split into hearing impairment, neurological, cardiovascular, and others. The end-user segment is classified into ambulatory surgical centers, specialty clinics, and hospitals.
North America stands tall as the leading contributor to the global active implantable medical devices market due to the increase in the geriatric and immunocompromised people in the region. There is also an increasing trend of introducing advanced medical products and technology-rich devices in this area which supports the market trend exclusively. The reimbursement policies and healthcare expenditures in aid of the people have improved considerably here which indirectly triggers market growth substantially. Asia Pacific region follows the trail of being the next best contributor to the global market due to the increasing number of hospitals and infrastructures that host advanced medical instruments in this region. There is also a considerable rise in the R&D operations along with so many emerging healthcare reforms from these regions which tend to instigate market growth considerably.
The predominant players that are successfully functioning in the global active implantable medical devices market are Cardinal Health, Inc., C. R. Bard, Inc., Boston Scientific Corporation, Biotronik SE, and Co. KG, Abbott Laboratories, LivaNova PLC, Johnson and Johnson, Integra LifeSciences Holdings Corporation, Globus Medical, Inc., and CONMED Corporation, among others.
Browse the full “Active Implantable Medical Devices Market By Product (Cardiac Pacemakers, Implantable Cardioverter Defibrillators (ICD), Nerve Simulators, Cochlear Implants, And Ventricular Assist Devices), By Application (Cardiovascular, Neurological, Hearing Impairment, And Others), By End-User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/active-implantable-medical-devices-market
Global active implantable medical devices market is segmented as follows:
By End User
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