Global Active Implantable Medical Devices Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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How Much Growth is Expected for the Active Implantable Medical Devices Market from 2024 to 2033?
The market for active implantable medical devices has seen a robust growth lately. The market size is projected to increase from $24.8 billion in 2023 to $26.89 billion in 2024, showing a compound annual growth rate (CAGR) of 8.4%. This significant growth in the historical period can be credited to a multitude of factors including the flourishing economies in developing markets, augmented healthcare spending, rising instances of cardiovascular diseases, and an increase in healthcare facilities.
The market for active implantable medical devices is poised to experience robust growth in the forthcoming years, with its size projected to reach $37.2 billion in 2028, registering a compound annual growth rate (CAGR) of 8.4%. Key drivers propelling growth during the forecast period are the aging population, government assistance, and a rising prevalence of neurological disorders. Trending activities during this period encompass introducing new active implantable medical devices, fostering partnerships and collaborations, incorporating wireless technologies for charging implantable medical devices, and leveraging artificial intelligence (AI) to enhance product offerings and maintain market competitiveness.
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What Factors Are Encouraging Growth in the active implantable medical devices Market?
The upward trend in cardiovascular illnesses is projected to boost the expansion of the active implantable medical devices market. Active implantable medical devices, which are utilized to regulate or track abnormal heart rhythms in those who have certain heart rhythm irregularities or heart failure, coincide with cardiovascular disease – a condition that impacts the heart or blood vessels, usually associated with fatty deposits in the arteries and elevated blood clot risks. The growth of the elderly population has increased the need for active implantable medical devices. In accordance with an August 2022 report by the American College of Cardiology, a non-profitable medical alliance in the US, cardiovascular risk aspects are predicted to escalate from 2025 to 2060. The most significant proportional surge is anticipated in diabetes (from 39.3% to 55 million), dyslipidemia (from 27.6% to 126 million), hypertension (from 25.1% to 162 million), and obesity (from 18.3% to 126 million). The researchers highlight that stroke (from 33.8% to 15 million) and heart failure (from 33.4% to 13 million) are expected to have the highest surge in rates of cardiovascular disease, trailed by ischemic heart disease (from 30.7% to 29 million) and heart attack (from 16.9% to 16 million). Consequently, the surge in cardiovascular illnesses is propelling the expansion of the active implantable medical devices market.
Which Segments Play a Vital Role in the Active Implantable Medical Devices Market?
1) By Product Type: Cardiac Pacemakers, Implantable Cardioverter Defibrillators (ICD), Nerve Simulators, Cochlear Implants, Ventricular Assist Devices, Other Products
2) By Application: Cardiovascular, Neurological, Hearing Impairment, Other Applications
3) By End User: Hospitals, Specialty Clinics, Ambulatory Surgical Centers
What Trends Are Driving Change in the Active Implantable Medical Devices Market?
One growing trend in the active implantable medical devices market is the rise of product innovations. Leading firms within the market are creating unconventional products to maintain their market footprint. For example, researchers from Northwestern and George Washington University in the US created the first ever temporary pacemaker that’s wireless, doesn’t require a battery, and can be completely implanted, disappearing once it’s no longer needed, in June 2021. This device is lightweight, slim, and adaptable and can be used for patients who need temporary pacing after heart surgery or while waiting for a permanent pacemaker. All components of the pacemaker are compatible with the human body and can dissolve on their own in the body’s biofluids in five to seven weeks, eliminating the need for surgical removal. The device is powered wirelessly by using near-field communication protocols from an outside, distant antenna, negating the need for bulky batteries or rigid hardware such as wires or leads.
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What Regions Are Contributing Significantly to the Growth of the Active Implantable Medical Devices Market?
North America was the largest region in the active implantable medical devices market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the active implantable medical devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Active Implantable Medical Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the active implantable medical devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Active Implantable Medical Devices Market Include
1. Active Implantable Medical Devices Market Executive Summary
2. Active Implantable Medical Devices Market Segments
3. Active Implantable Medical Devices Market Size And Template Market Growth Rate
4. Key Active Implantable Medical Devices Market Trends
5. Major Active Implantable Medical Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Active Implantable Medical Devices Market
26. Top Active Implantable Medical Devices Companies
27. Active Implantable Medical Devices Market Opportunities And Strategies
28. Active Implantable Medical Devices Market, Conclusions And Recommendations
29. Appendix
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