The global active implantable medical devices market size was valued at USD 24.84 billion in 2023. It is projected to reach USD 42.35 billion by 2032, growing at a CAGR of 7.20% during the forecast period (2024–2032).
Rising elderly population, growing prevalence of cardiovascular diseaes and increasing global burden on economies are propelling the market. As per WHO, around 17.9 million people die every year from CVDs, which accounts for 31% of all deaths globally. In addition, increasing cases of neurological disorders such as Parkinson’s disease, epilepsy, and dystopia are observed to be high in emerging economies such as India. Neurostimulation is an effective treatment for these neurological diseases. As per Global Burden of Disease report, rate of cases per 100,000 people has increased in Parkinson's by 15.7 percent, Alzheimer's 2.4 percent, and brain and nervous system cancers 8.9 percent.
New products are being launched to meet the demand of consumers by market players. For instance, in 2016, Medtronic launched first leadless pacemaker Micra TPS. The introduction of wireless technology and mobile connectivity has enhanced the effectiveness of these devices. In the same year, Boston Scientific Corporation launched the Precision Montage MRI Spinal Cord Stimulator (SCS) System, which gives access to full-body magnetic resonance imaging (MRI) in a 1.5 Tesla environment.For instance, in 2017, Cochlear collaborated with Apple to provide cochlear implants with iPhone connectivity.
Study Period | 2020-2032 | CAGR | 7.20% |
Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
Base Year | 2023 | Base Year Market Size | USD 24.84 Billion |
Forecast Year | 2032 | Forecast Year Market Size | USD 42.35 Billion |
Largest Market | Europe | Fastest Growing Market | North America |
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).
North America is likely to dominate the market due to increasing geriatric population, rising prevalence of cardiovascular and neurological diseases, accessibility to advanced technologies, and increasing healthcare expenditure in the region. As per Disease Control and Prevention (CDC), 2017, around 2.7 to 6.1 million people in were suffering from atrial fibrillation, the most common type of heart arrhythmia in the U.S.
Europe is likely to emerge as the second largest market globally. This can be attributed to increasing incidences of chronic disease and reimbursement policy for implantation of pacemakers to reduce the financial burden. According to world’s export data, in 2017, European countries exported highest number of heart pacemakers during with the worth around USD 5 billion or 91.3% of the global total.
Asia pacific market is expected to witness significant growth on account of high prevalance of chronic diseases, aging population, healthcare reforms for infrastructural development, growing and less stringent regulations for new product development. As per the study conducted by The Global Burden of Disease, CVD death rate was 272 per 1,00000 individuals in India higher than the global average of 235.
LAMEA is expected to witness steady growth. Latin America is most affected by heart disease and it has put an economic burden of around USD 30.9 billion in 2015 and approximately 89.6 million people are diagnosed with the condition in the region.
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By product, the market is segmented into implantable cardioverter defibrillators, implantable cardiac pacemakers, implantable heart monitors/insertable loop recorders, ventricular assist devices, neurostimulators and implantable hearing 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.
The economic crisis brought on by the COVID-19 pandemic piqued companies' interest in applicant tracking system software even more. Despite the lockdown, the global recruitment software market grew by 4.54% year over year (YOY) in 2020. Filling hot positions to keep companies afloat was difficult due to social distancing and stay-at-home policies.
The go-to method for keeping the hiring process moving and protecting both recruiters and candidates was remote recruiting. A shift to virtual recruiting, on the other hand, necessitates robust applicant tracking techniques and feature-rich solutions. As a result, most businesses have adopted hiring automation and virtual interviewing tools such as Microsoft Teams, Skype, and Zoom, resulting in the growth of the applicant tracking system market.