Every year millions of patients require implantable medical devices to improve their quality of life. Cardiovascular implants have the potential to provide cost-effective treatment for heart disease. Pacing devices have achieved substantial growth due to advances in cardiac resynchronization therapy. Increasing the focus of manufacturers to develop new generation cardiac devices with the aim to reduce mortality is significantly contributing to the growth of the market. Moreover, technological advancements in heart valves, ventricular assist devices, and implantable monitors are encouraging the growth of the market.
Global active implantable medical devices market is segmented by product and end user.
By product, the market is segmented into implantable cardioverter defibrillators, implantable cardiac pacemakers, implantable heart monitors/insertable loop recorders, implantable hearing devices, neurostimulators and ventricular assist devices. The implantable cardioverter defibrillators segment is expected to grow at the fastest CAGR. The growth can be attributed to increasing incidence of cardiovascular diseases, technologically advanced devices and increasing demand for these devices in developing countries. Implantable cardioverter defibrillators are further segmented into single chamber, dual chamber, and biventricular pacemaker devices.
Based on end user, the market is segmented into hospitals, ambulatory surgery centers and specialty clinics. Rising investments and improving healthcare infrastructure is contributing in the hospital sector to emerge as the most prominent end user in the years to come.
Geographically, the global active implantable medical devices market is segmented into four regions: North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
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North America is likely to dominate the active implantable medical devices market due to increasing geriatric population, rising prevalence of cardiovascular and neurological diseases, accessibility to advanced technologies, and increasing healthcare expenditure in the region.
Europe is likely to emerge as the second largest active implantable medical devices market globally. This can be attributed to increasing incidences of chronic disease and reimbursement policy for implantation of pacemakers to reduce the financial burden.
Asia Pacific active implantable medical devices market is expected to witness significant growth on account of a high prevalence of chronic diseases, aging population, healthcare reforms for infrastructural development, growing and less stringent regulations for new product development.
LAMEA is expected to witness steady growth. Latin America is most affected by heart disease and it has put an economic burden on the region.