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The active implantable medical devices market comprises cardiovascular, neurological and other implantable medical devices that actively monitor and treat diseases. These devices are implanted inside the human body and are battery-operated such as pacemakers, implantable cardioverter defibrillator (ICD), bone growth stimulators and vagus nerve stimulators. Active implantable medical devices monitor physiological parameters of patients and provide necessary therapy to treat diseases. Growing prevalence of cardiac and neurological disorders and rising geriatric population are fueling the demand for active implantable medical devices globally.
The Global active implantable medical devices market is estimated to be valued at US$ 26.82 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the active implantable medical devices are Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, LivaNova, Cochlear Limited, MED-EL, Sonova Holding AG, and Nurotron Biotechnology Co. Ltd. Medtronic and Abbott together command over 50% of the global market share due to their diverse product portfolio and global presence.
Growing prevalence of cardiovascular and neurological disorders globally is driving the demand for active implantable medical devices. Rapid adoption of technologically advanced products and rising healthcare expenditure in emerging economies will further propel the market growth during the forecast period.
Major players are focusing on expanding their geographical presence through acquisitions and partnerships with local players. Increasing accessibility of medical devices through favorable reimbursement policies in developed nations is encouraging global expansion of active implantable medical devices market.
Market key trends
Remote patient monitoring technology is gaining prominence in active implantable medical devices market. Key players are offering devices with remote monitoring capabilities that can transmit physiological data to clinicians in real-time. This allows early detection of device-related complications and continuous monitoring of patients’ health without frequent hospital visits. For instance, Medtronic offers CareLink network that provides remote monitoring of implantable cardiac devices. Growing investments by players as well as implementation of favorable regulations for remote monitoring technologies will be a key trend shaping the future of active implantable medical devices industry.
Porter’s Analysis
Threat of new entrants: High capital requirements and the need for regulatory approvals pose significant barriers for new companies. Bargaining power of buyers: Large medical device companies have stronger negotiating power against suppliers due to their scale and purchasing power. Bargaining power of suppliers: Suppliers of specialized components and materials possess some bargaining power due to differentiated products and technologies required. Threat of new substitutes: Possibility of alternative treatments may impact market growth though demand driven by aging population provides stability. Competitive rivalry: Large multinational companies dominate the market however regional players intensify competition.
Geographical Regions
North America accounts for the largest share of the active implantable medical devices market in terms of value owing to factors such as the high healthcare expenditure and presence of major players in the region.
Asia Pacific is poised to grow at the fastest CAGR during the forecast period driven by factors such as the large patient population, increasing medical tourism, rising healthcare spending, and growing awareness about various chronic diseases and treatment options in emerging countries of the region.
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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
