The Active Implantable Medical Devices Market Is Projected To Reach $37.2 Billion By 2028 At A CAGR Of 8.4%

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The Active Implantable Medical Devices Global Market Report 2024 illustrates that the active implantable medical devices market has seen considerable growth in recent years. This growth trend is projected to continue, with the market expected to grow from $24.8 billion in 2023 to $26.89 billion in 2024 at a compound annual growth rate CAGR of 8.4%. The primary driver of this expansion has been a combination of strong economic growth in emerging markets, increased healthcare expenditure, a surge in the prevalence of cardiovascular diseases, and growth in the number of healthcare facilities.

What is Driving the Growth of the Active Implantable Medical Devices Market?

The active implantable medical devices market is projected to continue its robust growth, reaching $37.2 billion by 2028 at a CAGR of 8.4%. This growth is primarily attributed to the increase in the elderly population, government support, and the escalating incidence of neurological diseases. Important trends for the forecast period include the launching of new active implantable medical devices, partnerships and collaborations, the integration of wireless technologies for more effortless medical device charging, and integration of artificial intelligence AI to improve product offerings and remain competitive.

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How is the Increasing Prevalence of Cardiovascular Diseases Impacting the Market?

Cardiovascular disease CVD, which affects the heart or blood vessels, is likely to be a strong propellant for the active implantable medical devices market. CVD is often associated with fatty deposits inside the arteries and an increased risk of blood clots. Active implantable medical devices are regularly used to regulate or monitor irregular heartbeats in people with specific heart rhythm problems or heart failure. The rising geriatric population has further increased the demand for active implantable medical devices.

Who are the Key Industry Players Dominating the Market?

Major companies operating in the active implantable medical devices market are Medtronic PLC, Boston Scientific Corporation, Cochlear Limited, Abbott Laboratories, Sonova Holding AG, MED-EL Medical Electronics, Livanova PLC, Biotronik Se & Co., Kg, and MicroPort Scientific Corporation. These industry players continue to shape the market landscape through innovation and strategic collaborations.

What are the Upcoming Trends in the Active Implantable Medical Devices Market?

Recent product innovations have emerged as a key trend in the active implantable medical devices market. Companies are focusing on developing novel products to sustain a competitive edge, such as the creation of a transitory pacemaker - a wireless, battery-free, completely implanted pacing device that dissolves over time when it's no longer needed. Such innovations are set to redefine the market in the coming years.

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How is the Active Implantable Medical Devices Market Segmented?

The market is categorized based on product type, applications, and end users:

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 are the Regional Market Insights?

North America was the largest region in the active implantable medical devices market in 2023. The region is anticipated to sustain the highest market growth rate in the forecast period. Other regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.

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