Global active implantable medical devices market is estimated to witness high growth, owing to increased prevalence of chronic diseases and adoption of technologically advanced implants
Global Active Implantable Medical Devices Market is estimated to be valued at USD 25.52 Bn in 2024, exhibiting a CAGR of 7.2% over the forecast period (2024-2031). The market growth is driven by increasing geriatric population and rising prevalence of chronic diseases globally. Furthermore, advancement in technology has facilitated development of miniaturized and efficient active implantable devices.
Market Dynamics:
Global active implantable medical devices market growth is primarily driven by increasing prevalence of cardiovascular diseases and neurological disorders worldwide. It is estimated that over 17.9 million people die annually from cardiovascular diseases, which makes it the leading cause of deaths globally. There has been increase in neurological disorders including epilepsy, stroke and Parkinson's disease in recent years. This has boosted demand for implantable medical devices for treatment and management of such chronic conditions. Continual technological advancements in integrating advanced features like remote monitoring and enhanced functionalities in compact sizes can boost uptake of active implantable devices among healthcare professionals and patients. However, stringent regulations around approval of new and modified active implantable devices can pose challenges to market players.
Rising Geriatric Population Boosts Demand for Active Implantable Medical Devices
Growing geriatric population aged 65 years and above can boost demand for active implantable medical devices. As people get older, these become more prone to chronic diseases and medical conditions that often require implantable devices. Diseases such as cardiovascular diseases and neurological disorders are more prevalent in the geriatric population. With life expectancies increasing globally, the elderly population is projected to grow dramatically. This growing pool of elderly patients can boost demand for implantable cardioverter defibrillators, cardiac pacemakers, neurostimulators and other such devices used in treating age-related illnesses.
Increased Awareness and Acceptance of these Medical Technologies Boosts their Uptake
Rising awareness among patients and physicians about newer active implantable medical devices and the benefits these provide can drive the market growth. Implantable devices have transformed the treatment of many chronic diseases. For instance, pacemakers have enhanced longevity for those with arrhythmias while cochlear implants have improved quality of life for many people with hearing loss. With more people opting for such device-based therapies, the global active implantable medical devices market is can witness growth. Improved biocompatibility of newer devices and miniaturization of device sizes have increased patient acceptance for implantable technologies.
Stringent Regulatory Framework Increases Compliance Costs for Manufacturers
Medical devices are strictly regulated worldwide and require rigorous safety and efficacy testing before approval and market launch. Regulatory standards have become more stringent in recent years, especially in developed markets, to improve patient safety. For active implantable devices, the approval process involves clinical trials, audits, extensive documentation and site inspections which increase costs substantially. Moreover, post-approval changes or minor modifications to approved devices also need re-approval. These regulatory hurdles and compliance requirements increases the cost of doing business for medical device manufacturers. The high compliance costs deter market entry of small players and also impact profit margins of existing players.
Reimbursement Cuts can Impact Device Adoption Rates
rising healthcare expenditure, governments and insurance providers are continually looking at ways to control costs. Over the past few years, many countries have reduced reimbursement levels for medical devices to rein in spending. For instance, some national insurance programs in Europe have decreased coverage for costly implantable devices such as neurostimulators and implantable heart pumps. In the U.S., changes in Medicare payment policies have impacted reimbursements for certain devices. Such reimbursement cuts can discourage patients from opting for costly implantable therapies and dampen adoption rates of newer high-end devices.
Remote Monitoring Opens up New Revenue Streams
The latest active implantable medical devices are equipped with wireless communication capabilities that enable remote patient monitoring. Conditions of implanted pacemakers, defibrillators and other devices can now be monitored in real-time without requiring hospital visits. This remote monitoring allows earlier detection of potential issues and reduces unnecessary in-person evaluations. Device manufacturers are providing remote monitoring services through dedicated patient monitoring portals and systems. This remote monitoring business provides a recurring revenue stream through service contracts. It also improves patient engagement and outcomes. As telemonitoring gain popularity, it will offer significant opportunities. Growing Prevalence of Lifestyle Diseases Boosts Demand in Emerging Markets
Non-communicable diseases like diabetes and cardiovascular conditions were traditionally most prevalent in developed nations. However, there has been growing burden of these lifestyle-related illnesses in populous emerging markets due to shifting dietary habits, sedentary work cultures and an aging population. Diseases like coronary artery disease and heart failure are now major causes of death in developing countries, thus, boosting demand for implantable cardiac devices. Moreover, medical tourism and affordability of care in emerging nations can also offer opportunity for device makers. Rising lifestyle disease burden and incomes in mid-tier cities can drive active implantable medical devices market growth in developing regions like Asia Pacific.
Link - https://www.coherentmarketinsights.com/market-insight/active-implantable-medical-devices-market-1126
Key Developments:
- In March 2024, Stryker completed its acquisition of SERF SAS, a France-based joint replacement company. Katherine Truppi, President of Stryker's Joint Replacement division, highlighted that this move enhances its global portfolio and commitment to orthopaedic excellence, expressing enthusiasm for the future collaboration with the SERF SAS team.
- In August 2022, Medtronic plc introduced an investigational extravascular implantable cardioverter defibrillator (EV ICD) system with the lead positioned under the breastbone, outside of the heart and veins. This system achieved a defibrillation success rate of 98.7% and met its safety endpoints in a global clinical trial.
- In February 2022, Abbott launched patient implants of its dual-chamber leadless pacemaker system as part of the AVEIR DR i2i pivotal clinical study. This investigational aveir dual-chamber leadless pacemaker marks a significant technological advancement in leadless pacing and is the first of its kind to be implanted globally within the pivotal trial.
- In December 2021, Royal Philips acquired Vesper Medical Inc., a U.S-based company that specializes in minimally-invasive peripheral vascular devices. This acquisition will enhance Philips’ portfolio with advanced venous stents for treating deep venous disease.
Key Players: Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, LivaNova PLC, Biotronik SE & Co. KG, Cochlear Ltd., William Demant Holding A/S, Sonova Holding AG, MED-EL, Nurotron Biotechnology Co. Ltd., Zimmer Biomet Holdings, Inc., Nevro Corp., Second Sight Medical Products, Inc., Nuvectra Corporation, AlevaNeurotherapeutics SA, Pixium Vision, Retina Implant AG, and Corindus Vascular Robotics, Inc.
