Active Implantable Medical Devices Market By Product Type ( Implantable Cardiovascular Devices [Cardioverter Defibrillators, Ventricular Assist Devices, Implantable Pacemakers, Implantable Cardiac Monitors/Insertable Loop Recorders], Implantable Neurostimulators [Deep Brain Stimulators, Spinal Cord Stimulators, Sacral Nerve Stimulators, Others] Hearing Implants, Others), By End-User (Hospitals, Ambulatory Surgical Centres, And Others), by geography, is expected to expand at a significant CAGR forecast till 2026 due to the rising burden of geriatric population coupled with increasing prevalence of various disorders such as cardiovascular disorders, neurological disorders, hearing impairment, among others and shifting focus of key manufacturers for developing technologically advanced products.
The global active implantable medical devices market insights were valued at USD 25 billion in 2020, growing at a CAGR of 7.55% during the forecast period from 2021 to 2026, to reach USD 38.57 billion by 2026. The rise in demand for active implantable medical devices is primarily attributed to the growing burden of various diseases such as neurological disorders, cardiovascular disorders, hearing disability, and others among the worldwide population due to the growing old age population. In addition, rise in product approvals, and increase in investment and funds by the companies for the development of active implantable devices, among others are also the factors responsible for the global active implantable medical devices market growth during the forecasted period.
The demand for various active implantable devices is gaining momentum at present owing to the rising prevalence of disorders majorly associated with heart and brain among the old age population across the globe. According to the United Nations Department of Economic and Social affairs 2020 highlights, worldwide, there were an estimated 727 million persons aged 65 years and over in the year 2020 which is projected to double and reach over 1.5 billion persons by the year 2050. The senescing population is more likely to develop various chronic disorders. For instance, as per the statistics revealed by the World Health Organization (WHO) in the year 2021, above 5% of the world’s population which is approximately 430 million people are suffering from hearing disability, and the prevalence of hearing loss increases with age affecting over 25% population older than 60 years are affected by disabling hearing loss.
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Moreover, due to the aging population, the risk of developing cardiovascular disorder increases manifolds which leads to increasing demand for active implantable devices. For instance, according to the World Heart Federation 2021, the global prevalence of heart failure is estimated to be 26 million.
In addition, the rise in investment and funds by the companies focused on developing active implantable medical devices is also a factor that will contribute to the active implantable devices market growth. For instance, in September 2020, Salvia BioElectronics raised EUR 26M (USD 31M) to develop innovative neurostimulation therapy for chronic migraine from new and existing investors.
Also, shifting the focus of manufacturers towards developing technologically advanced active implantable medical devices is one of the key factors contributing to the global market growth of the devices. For instance, recently on January 22, 2021, Boston Scientific Corporation received FDA approval of its fourth-generation Vercise Genus™ Deep Brain Stimulation (DBS) System which is approved for conditional use in a magnetic resonance imaging (MRI) environment and also consists of a family of Bluetooth-enabled, rechargeable and non-rechargeable, implantable pulse generators (IPGs) that power Cartesia™ Directional Leads to provide optimal symptom relief.