Active Implantable Medical Devices Market is Estimated to Witness High Growth Owing to Rising Prevalence of Cardiovascular Disease

Active implantable medical devices such as pacemakers and implantable cardiac defibrillators are small devices that are implanted surgically or placed inside the body to monitor heart rhythm continuously. Such devices help in delivering electrical pulses to restore normal heart rhythm when the heart beats too fast, too slowly, or irregularly. The rising cases of cardiovascular diseases around the world have augmented the demand for active implantable medical devices.

The global Active Implantable Medical Devices Market is estimated to be valued at US$ 25.5 billion 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 Opportunity:
Rising prevalence of cardiovascular diseases presents a major market opportunity for active implantable medical devices. According to WHO, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Conditions like coronary heart disease, cerebrovascular disease and rheumatic heart disease are responsible for most cardiovascular deaths. High risk factors for cardiovascular diseases like obesity, smoking and physical inactivity are on the rise globally, leading to a burgeoning patient pool requiring active implantable medical devices. Expanding indications for implantable technologies like pacemakers, coupled with rising healthcare infrastructure and expenditure in emerging economies are likely to drive the demand for active implantable medical devices over the forecast period.

Porter’s Analysis

Threat of new entrants: Low-to-medium threat as this industry requires heavy capital investments and government regulations pose entry barriers for new players. However, some small players are entering developing markets.

Bargaining power of buyers: Medium bargaining power as some large buyers like hospitals can negotiate for lower prices and demand high-quality services. Competition offers alternatives to buyers.

Bargaining power of suppliers: Low bargaining power as the industry requires components and raw materials from specialized suppliers and alternative suppliers are available in most cases.

Threat of new substitutes: Medium threat as other treatments options like drugs and external devices can be substitutes depending on the condition. Technological advancements pose threat from new substitutes.

Competitive rivalry: High rivalry as the industry has many global and regional players competing on innovations, pricing, and quality. Product differentiation and strong branding mitigate competition to some extent.

SWOT Analysis
Strengths: Established brands, technological expertise, strong distribution network, healthcare infrastructure in developed markets
Weaknesses: High R&D costs, pricing pressures, stringent regulations
Opportunities: Aging population, growing chronic conditions, expansion in emerging countries
Threats: Reimbursement challenges, data privacy concerns, alternative treatment options

Key Takeaways

The global active implantable medical devices market is expected to witness high growth over the forecast period of 2023 to 2030. The increasing aging population prone to chronic conditions and growing healthcare expenditure in developing economies will drive the demand. The global Active Implantable Medical Devices Market is estimated to be valued at US$ 26.8 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023-2030.

Regional analysis indicates that North America will continue dominating the market due to advanced healthcare infrastructure and supportive reimbursement policies. However, Asia Pacific is poised to grow at the fastest pace led by China, India, and other Southeast Asian countries where healthcare sectors are expanding rapidly.

Key players operating in the active implantable medical devices market include Boston Scientific Corporation, Medtronic Plc, Abbott Laboratories, Cochlear Ltd., LivaNova Plc. These players are focusing on product innovation, technological advancements and geographical expansion to consolidate their presence. Strategic acquisitions are also carried out by major players to strengthen their product portfolios.