Active implantable medical devices are miniaturized electronic medical devices that are implanted inside the human body to treat various medical conditions. These devices help in early detection, diagnosis, and treatment of medical conditions by continuously monitoring, recognizing and analyzing the abnormal functioning of vital organs. Some common active implantable medical devices include implantable cardioverter defibrillators (ICDs), cochlear implants, pacemakers, neurostimulators etc. Implantable medical devices offer several advantages like early detection of abnormalities, continuous monitoring, automatic treatment procedures with little or no human intervention and improved quality of life. The growing global population suffering from chronic diseases like cardiovascular diseases and neurological disorders is fueling the demand for implantable medical devices. According to statistics, cardiovascular diseases account for over 17 million deaths annually worldwide.
The global Active Implantable Medical Devices Market is estimated to be valued at US$ 42.8 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the active implantable medical devices market is the growing preference for minimally invasive implant procedures. Minimally invasive procedures offer several advantages over traditional open surgical procedures like reduced hospital stay, lesser post-operative complications, minimal pain and scarring. This has boosted the demand for next-gen miniaturized implantable devices having minimally invasive capabilities. Various leading market players are launching technologically advanced miniaturized implants using nanotechnology to facilitate minimally invasive procedures. Secondly, the healthcare industry is witnessing the rising adoption of wireless and wearable medical implant devices having remote monitoring capabilities. The emergence of technologies like Bluetooth and near-field communication (NFC) has enabled remote monitoring of implanted devices without the need for the patient to visit the hospital frequently. This remote patient monitoring is driving improved clinical outcomes and the reduced burden on healthcare systems.
Threat of new entrants: The active implantable medical devices market requires significant R&D investments and regulatory approvals to enter. Therefore, the threat of new entrants is moderate.
Bargaining power of buyers: The bargaining power of buyers is high owing to the presence of several medical device manufacturers offering similar and substitutable products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are a number of suppliers providing raw materials and components required for manufacturing active implantable medical devices.
Threat of new substitutes: The threat of new substitutes is low as the active implantable medical devices have strong brand awareness and patient loyalty.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of global as well as regional players offering similar products.
The global active implantable medical devices market is expected to witness high growth due to the increasing geriatric population and rising prevalence of cardiovascular and neurological disorders. The global Active Implantable Medical Devices Market is estimated to be valued at US$ 42.8 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.
North America is anticipated to dominate the market during the forecast period owing to the rising demand for implantable devices, availability of advanced healthcare infrastructure, and regional presence of major players in the US and Canada. Europe is expected to showcase significant growth in the active implantable medical devices market. This can be attributed to the growing healthcare expenditure, high diagnosis rates of target diseases, and technological advancements in medical devices in countries like Germany, France and the UK.
Key players operating in the active implantable medical devices market are Abbott Laboratories, Boston Scientific Corporation, Medtronic, Cochlear Ltd., LivaNova PLC, Sonova Group, BIOTRONIK, William Demant Holding A/S.
- Source: Coherent Market Insights, Public sources, Desk research
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