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Active implantable medical devices such as pacemakers, implantable cardioverter defibrillators (ICD), and cochlear implants are sophisticated electronic devices implanted inside the body to treat various medical conditions. Pacemakers are used to maintain regular heart rate, ICDs are used to prevent irregular heartbeats, and cochlear implants help provide a sense of sound to people who are profoundly deaf or severely hard-of-hearing. The increasing prevalence of cardiovascular and neurological disorders is propelling the demand for active implantable medical devices across the globe.
The global Active Implantable Medical Devices Market is estimated to be valued at US$ 26.82 Bn 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:
Technological advancements is one of the major trends being witnessed in the active implantable medical devices market. Key players are focused on developing minimally invasive and advanced implantable devices with improved features. For instance, newly developed pacemakers are MRI-compatible and can automatically adjust pacing settings according to changing physiological needs of patients. Similarly, next generation cochlear implants have improved sound processing strategies and significantly improve hearing performance compared to conventional implants. Miniaturization of devices has also allowed implants to be placed subcutaneously rather than surgically. Such ongoing innovations are expected to boost the active implantable medical devices market during the forecast period.
Porter’s Analysis
Threat of new entrants: The active implantable medical devices market requires high R&D investment and strict regulatory approvals which act as a barrier for new companies.
Bargaining power of buyers: Individual buyers have low bargaining power due to inelastic demand for active implantable devices however large healthcare organizations can negotiate on price.
Bargaining power of suppliers: The market has a concentration of suppliers and suppliers of custom made components have some bargaining power.
Threat of new substitutes: There exists low threat of substitution as active implantable devices provide treatment which can’t be replicated by other alternatives.
Competitive rivalry: The market is dominated by few large players however regional players also compete on quality and service.
Key Takeaways
The global Active Implantable Medical Devices market is expected to witness high growth. The market is expected to reach a value of US$ 46.12 Bn by 2030, expanding at a CAGR of 7.7% during the forecast period.
North America holds the highest share in the active implantable devices market owing to presence of advanced healthcare infrastructure and government support for research. Europe is also a major regional marketsupported by rising prevalence of cardiovascular and neurological disorders along with large customer base.
Key players operating in the Active Implantable Medical Devices market are Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, LivaNova, Cochlear Limited, MED-EL, Sonova Holding AG, William Demant Holding A/S, and Nurotron Biotechnology Co. Ltd. Medtronic and Abbott hold the dominant market share with wide product portfolio and global presence. The market is expected to witness consolidation activity with large players acquiring regional brands to expand geographic footprint.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
