Active Implantable Medical Devices Market Analysis: Industry Dynamics

Active implantable medical devices are implantable medical devices used for cardiac pacing, neurological stimulation and hearing implants. They are implanted within the human body to treat various medical conditions such as cardiac arrhythmias, bladder diseases, depression and hearing loss. Advances in digital electronics have enabled remote monitoring of active implantable devices. This allows physicians to monitor device function and patient health status remotely without physical visits.

The global Active Implantable Medical Devices Market is estimated to be valued at US$ 26.82 Bn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The opportunity in remote monitoring allows physicians to remotely track patients' health status and device function in real time via internet. This eliminates need for frequent hospital visits for device follow up. It provides early detection of device related issues or changes in health condition and timely intervention. Remote monitoring enhances patient care and reduces healthcare costs associated with routine check-ups. With growing elderly population globally, remote monitoring offers significant opportunities for active implantable device manufacturers to expand market reach and improve patient outcomes.

Porter's Analysis

Threat of new entrants: The active implantable medical devices market requires large investments for RD and manufacturing facilities, thereby posing high entry barriers.

Bargaining power of buyers: The presence of well-established players with a wide product portfolio and compliance with strict regulations gives buyers less bargaining power.

Bargaining power of suppliers: The medical devices supply chain being diversified, suppliers have moderate bargaining power.

Threat of new substitutes: The lack of forthcoming substitute technologies keeps the threat low.

Competitive rivalry: The market being dominated by global players intensifies competition.

SWOT Analysis

Strength: Well-established brands and robust RD capabilities of leading players drive market growth. Product innovation and customization satisfy diverse patient needs.

Weakness: High cost of devices remains a concern. Complex regulatory approvals and lengthy certification processes delay product launch.

Opportunity: Rising geriatric population and increasing prevalence of chronic conditions spur demand. Emerging economies provide untapped potential.

Threats: Stringent regulations regarding approval and safety pose challenges. Healthcare reforms and reimbursement policies impact the pricing flexibility.

Key Takeaways

The global active implantable medical devices market is expected to witness high growth over the forecast period supported by continuous technological advancements.

Regional analysis indicates North America dominates the market with the largest share owing to advanced healthcare infrastructure and availability of reimbursements. Asia Pacific exhibits the fastest growth fueled by growing medical tourism, improving healthcare infrastructure and rising income levels in developing countries.

Key players operating in the active implantable medical devices market are Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, BIOTRONIK SE Co. KG, LivaNova, Cochlear Limited, MED-EL, Sonova Holding AG, William Demant Holding A/S, and Nurotron Biotechnology Co. Ltd.