North 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)
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The North America Active Implantable Medical Devices market is estimated to grow at a 7.53% CAGR from 2016 to 2021 and it is projected that the North-America market was valued at USD 6.45 billion in 2016 and is anticipated to reach USD 9.27 billion by 2021.
Medical Device (AIMD) Directive 90385EEC defines an active implantable medical device as any active implantable medical device refers to 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
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The demand for active implantable medical devices is increasing due to increasing occurrences of cardiovascular diseases and increasing 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 key medical devices used for the treatment of different cardiovascular conditions.
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High occurrence of cardiovascular diseases depicts increased demand for these devices. Neurological disorders are characterized by dysfunction in the nervous system.
These conditions include Parkinson’s disease, Alzheimer’s disease, fecal incontinence, epilepsy and depression. According to Alzheimer’s Association, approximately 5.3 million people aged 65 years and older were reported to have Alzheimer’s disease in 2015 in the U.S.
It further reported that these numbers are expected to reach 7.1 million in 2025 and about 13.8 million in 2050. According to the Parkinson’s Disease Foundation (PDF), approximately 7 million to 10 million people across the globe have Parkinson’s disease.
Similarly, according to PDF approximately 60,000 new cases of Parkinson’s disease are reported each year in the U.S. High incidence of neurological disorders fuels the demand for neurostimulators, which further drives the global active implantable medical devices market.
The healthcare industry in emerging economies has witnessed significant growth over the past few years. The healthcare market size in the emerging economies is still a fraction of that in developed countries.
The massive unexplored active implantable medical devices market would create ample revenue generation opportunities for the active implantable medical devices manufacturers. The fragmented healthcare industry and high operating margins in emerging economies make them attractive to investors when compared to developed economies.
The countries such as China and India have large population base and the healthcare infrastructure in these countries is improving, thus illustrating immense healthcare market potential. 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.
With the increasing income level and the increasing compliance for high quality implants, the demand for active implantable medical devices is expected to increase in these countries.
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The North-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. Transvenous implantable cardioverter defibrillator is further segmented into biventricular implantable cardioverter defibrillators, dual-chamber implantable cardioverter defibrillators.
Single-chamber implantable cardioverter defibrillators accounted for the largest share in this market segment followed by subcutaneous implantable cardioverter defibrillators. The neurostimulators market is projected to witness the highest growth rate in this market segment.
On the basis of geography, the market is analyzed under various regions namely U.S. and Canada. North America held the largest share in the regional segment of the market.
The large share of this regional segment can be credited to the growth in geriatric population, surge in the occurrence of cardiovascular and neurological diseases, high accessibility to advanced technologies, rise in the development of innovative and technologically advanced products, and rise in the healthcare expenditure in the region.
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Some of the major companies dominating the market 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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