Since they are scrutinized thoroughly before approvals and monitored in a highly controlled manner, owing to their sheer implications as they are implanted into the body – the market for active implantable medical devices has always been confined within a few players who have the technological expertise to abide by the stringent regulations. According to a fresh business publication from Transparency Market Research (TMR), the global active implantable medical devices market is poised for a fruitful future, with the demand for products such as defibrillators and cardiac pacemakers continues to mount until 2025.
Opportunities to breach $20 billion mark by 2025
The TMR report has projected the opportunities in the market to multiply at a steady CAGR of 4.40% during the forecast period of 2017 to 2025. Revenue-wise, the global active implantable medical devices is poised to attain a value of US$20.73 billion by the end of 2025. The analyst of the report has identified Abbott Laboratories, Boston Scientific Corp., Medtronic PLC, Sonova Holding AG, BIOTRONIK SE & Co. KG, LivaNova PLC, William Demant Holding A/S, Cochlear Ltd., Nurotron Biotechnology Co. Ltd., and MED-EL Medical Electronics as some of the prominent vendors currently ahead of the curve in this market.
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One of the key strategy that most of the players are often indulging in to garner greater shares, is collaborations and partnerships or outright acquisitions. This helps them not only to cultivate new demands but also strengthen their geographical presence. In addition to that, their consistent focus is also on investing on research and development in order to innovate their products that gain approvals and make a mark in front of its intended consumers.
Based on procedure, the TMR report has segmented the active implantable medical devices market into neurological implants, cardiovascular implants, and hearing implants, whereas product-wise, the market has been bifurcated into implantable cardioverter defibrillators (ICD), cardiac pacemaker, nerve stimulators, ventricular assist devices (VAD), cochlear implants, and insertable cardiac monitors.
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The report has also gauged the demand potential that will be forthcoming from the end users of hospitals, ambulatory surgical centers (ASCs), and specialty clinics. Geographically, North America has been rated as the region with brightest demand potential, gaining traction from the presence of several prominent players in the developed country of the U.S.
Increased Investments in Sync with Growing Demand
Increasing burden of cardiovascular diseases has been highlighted as the primary driving factor of the active implantable medical devices market, but that is not all. Rising prevalence of neurological disorders, investments and funds to develop technologically advanced products, favorable reimbursement policies, and expanding applications of neurostimulators are some of the other drivers of this market.
On the other hand, high cost of implants, issues pertaining to their side effects as well as longevity, unfavorable healthcare reforms in the U.S., dearth of skilled professionals, and increasing pricing pressure are hampering the market from excelling further. That being said, the analyst of the TMR study reports that the development of subcutaneous implantable cardioverter defibrillators (S-ICDs) will open substantial new opportunities in the near future.
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Key takeaways:
- Only a handful of players are collectively holding major shares in the global active implantable medical devices market
- While developed countries in the North American and European regions are generating the most prominent chunk of demand in the present scenario, vastly populated emerging economies in Asia Pacific are steadily turning into highly lucrative too.
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