Latin America Active Implantable Medical Devices Market By Product (Implantable Cardioverter Defibrillators (Transvenous & Subcutaneous), Cardiac Pacemaker, Ventricular Assist Device, Neurostimulator, Implantable Hearing Devices) And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016 To 2021)
The Latin America Active Implantable Medical Devices market is anticipated to grow at a 7.76% CAGR from 2016 to 2021 and it is estimated that the Latin-America market was valued at USD 2.21 billion in 2016 and is expected to reach USD 3.19 billion by 2021.
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The Active Implantable Medical Device (AIMD) Directive 90/385/EEC defines an active implantable medical device as "any active medical device which is intended to be totally or partially introduced, surgically or medically, into the human body or by medical intervention into a natural orifice, and which is intended to remain after the procedure". As one of the highest risk categories of device, they are subject to severe regulatory controls both pre- and post-market.
The regulatory controls set out in the AIMD Directive also apply to any accessories that are used to enable the device to operate as intended, for examples leads, programmers, controllers, battery packs, software applications, implant kits and refill kits.
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The demand for active implantable medical devices is rising due to increase in the prevalence of cardiovascular diseases and increase in the incidences of neurological disorders. Cardiovascular disease is the leading cause of premature death around the world.
Implantable cardioverter defibrillators and implantable cardiac pacemakers are the main medical devices used for the treatment of different cardiovascular conditions. High prevalence of cardiovascular diseases depicts an increase in the demand for these devices.
Factors such as advancement in technological, increase in the prevalence of cardiovascular diseases, rise in the healthcare expenditures by patients and increase in the research and development activities are the major factors driving the growth of the Latin-America active implantable medical devices market. However, the high cost of implantable medical devices and unfavorable reimbursement guidelines pose crucial challenge thereby limiting the adoption of active implantable medical devices solutions.
The Latin-America market for Active Implantable Medical Devices market is segmented into Product and Region. On the basis of Product, it is segmented into Implantable Cardioverter Defibrillators (Transvenous & Subcutaneous), Cardiac Pacemaker, Ventricular Assist Device, Neurostimulator and Implantable Hearing Devices.
Cardioverter defibrillators held the largest share in the active implantable medical devices market in 2016, due to the increase in the prevalence of cardiovascular diseases and high compliance for technologically advanced products. Transvenous implantable cardioverter desfibrillator which is further segmented into biventricular implantable cardioverter defibrillators, dual-chamber implantable cardioverter defibrillators.
Single-chamber implantable cardioverter defibrillators held the largest share in this market segment followed by subcutaneous implantable cardioverter defibrillators. The neurostimulators market is anticipated to witness the highest growth rate during the forecast period.
The demand for neurostimulators, especially deep brain stimulators is growing significantly across the globe. An increase in the prevalence of chronic pain, such as neuropathic pain, pain due to diabetes, arthritis pain and pain from injury has increased the demand for neurostimulators significantly.
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On the basis of geography, the market is analyzed under various regions namely Argentina, Brazil and Mexico. The fragmented healthcare industry and high operating margins in emerging economies make them attractive to investors when compared to developed economies.
Manufacturing medical devices products in the developing regions tend to decrease the overall cost of manufacturing, thus reducing the cost of the product without altering the quality.
Some of the key players dominating the active implantable medical devices market include Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, LivaNova PLC., Cochlear Limited, MED-EL, Sonova Holding AG, William Demant Holding A/S and Nurotron Biotechnology Co. Ltd.
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