Active Implantable Medical Devices Market Supply Chain Trends Mapping the Latest Technological Advancements
By: Pramod Kumar
Tags: Medical, Market Research Reports, Health

According to the study, the global active implantable medical devices market is likely to grow from $17.0 billion in 2016 to $28.9 billion by 2023. Technological advancements, increasing prevalence of cardiovascular diseases, rising healthcare expenditures and increasing research and development activities have been driving the growth of the global active implantable medical devices market. The market is further expected to gain revenue due to increasing geriatric population and incidence of neurological disorders. Development of subcutaneous implantable cardioverter defibrillators along with the increasing demand from developing nations is expected to create ample growth opportunities in the global active implantable medical devices market.

Active Implantable Medical Devices

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Geographically, North America has been the largest market for active implantable medical devices, with the U.S. being the larger contributor to the regional market as compared to Canada. The key factor driving the North American active implantable medical devices market are technological advancements, high healthcare expenditure, growing geriatric population, improved healthcare infrastructure and growing prevalence of cardiovascular diseases. The emerging economies in Asia-Pacific, especially China and India, are expected to grow tremendously in future, which is expected to bring the Asia-Pacific market approximately equal to the European market by 2023. Asia-Pacific presents several growth opportunities for the active implantable medical devices manufacturers due to the rapid expansion of healthcare industry in the region.

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Neurostimulation technology involves the usage of microelectrodes to activate nerves in the nervous system. A neurostimulation device is powered by battery and is a stopwatch sized device. It is surgically implanted in the brain and helps in generating paresthesia, a tingling sensation at the scheduled time intervals to the nervous system. These electric signals develop a sensation in the damaged nerves and help in treating chronic pain and neurological disorders. In case of chronic pain conditions, these electrical signals help in blocking the pain messages from nerves to reach brain. These devices are generally used in cases, where drug therapies are not effective. Increasing incidents of neurological disorders and the rising demand for minimally invasive procedures are leading to the increased demand for neurostimulators. The rapid penetration of neurostimulators market in the emerging economies is expected to have significant impact on the growth of the global active implantable medical devices market.

Key companies in the active implantable medical devices market are acquiring other companies to strengthen their position in the global market. In January 2017, Abbott completed the acquisition of St. Jude Medical, Inc., including its atrial fibrillation, structural heart and heart failure business as well as neuromodulation business. Similarly, in January 2015, Medtronic plc completed the acquisition of Covidien plc. Under the terms of the acquisition agreement, Medtronic, Inc. and Covidien plc are now combined under Medtronic plc. The acquisition strengthened position of the company in the global market with a large number of product offerings.