Active Implantable Cardioverter Defibrillators Contribute Largest Revenue to the Active Implantable Medical Devices Market
Active implantable medical devices market size is set to reach $28.8 billion by 2023, growing at a CAGR of 8.0% between 2017-2023. Technological advancements, increasing prevalence of cardiovascular diseases, increasing healthcare expenditures and rising research and development activities are the major factors driving the growth of the market.
As per the findings of research, implantable cardioverter defibrillators held the largest share in the active implantable medical devices market in 2016, primarily due to the development of technologically advanced devices and increasing prevalence of cardiovascular diseases. The neurostimulators market is expected to witness the highest growth during the forecast period. This growth of neurostimulators is attributed to the increasing incidence of neurological disorders and increasing demand from emerging economies. Among different type of implantable cardioverter defibrillators, transevenous implantable cardioverter defibrillators held larger share in the active implantable medical devices market in 2016, and it is also expected to witness higher growth during the forecast period. Increasing research and development activities and rising compliance for technological innovations and data driven customizations are driving the growth of the global transvenous implantable cardioverter market.
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The Asia-Pacific active implantable medical devices market is expected to grow at the fastest rate in the forecast period as compared to other regions, mainly due to growing aging population in various countries, such as India and China. Moreover, the substantially larger base of the aging population in these Asian countries, is expected to drive the growth of the active implantable medical device market in the region. Among the countries in the Asia-Pacific region, Japan held the largest share of the Asia-Pacific active implantable medical device market in 2016, mainly due to increasing healthcare expenditures and growing demand of advanced solutions and therapies for the treatment of cardiovascular diseases, chronic pain, neurological disorders and hearing loss. China was the second largest active implantable medical device market in Asia-Pacific in 2016. Aging population is a key factor, fuelling the growth of the active implantable medical device market in China.
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Some of the key players in the active implantable medical devices market include Boston Scientific Corporation, BIOTRONIK SE & Co. KG, LivaNova PLC, William Demant Holding A/S, Nurotron Biotechnology Co. Ltd., Medtronic, Inc., Covidien plc, Sonova Holding AG, and MED-EL.
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