Market Trends of Global Active Implantable Medical Devices Industry
This section covers the major market trends shaping the Active Implantable Medical Devices Market according to our research experts:
Implantable Cardiac Pacemaker is Expected to Witness Healthy Growth Over the Forecast Period
The implantable cardiac pacemakers are of three major types, namely, single-chamber, dual-chamber, and biventricular pacemakers. The growth of the segment can be attributed to factors, such as reduced post-surgical complications and the presence of multiple leads to assure normal physiology of the heart.
According to an article titled 'Heart-disease risk soars after COVID - even with a mild case' published in February 2022, for at least a year following diagnosis, even a minor case of COVID-19 can raise a person's risk of cardiovascular issues. Over the year following infection, people who had recovered from COVID-19 exhibited substantial increases in 20 cardiovascular issues. In the COVID-19 group, there were approximately 12 additional cases of heart failure per 1,000 study participants, or a 72% increase in risk. These factors are expected to accelerate the usage of implantable cardiac pacemakers and drive segmental growth in the market. As per an article titled 'Pacemaker' published in May 2022, between 500,000 and 3 million Americans have pacemakers implanted. With age, the likelihood of pacemaker insertion drastically rises. In actuality, patients over the age of 65 receive more than 70% of all pacemaker implantations.
Various product launches are expected to accelerate the segmental growth in the market. for instnace, in June 2021, Medtronic Private Limited, India, announced the launch of Micra AV - a miniaturize ully self-contained pacemaker that delivers advanced pacing technology to atrioventriculor (AV) block patients by minimally invasive approach.
Thus, the above-mentioned factors and the increasing usage of implantable cardiac pacemakers is expected to drive segmental growth in the market.
North America Dominates the Market and Expected to do Same Over the Forecast Period
North America is expected to hold a significant share in the market and is expected to do the same in the forecast period.
The rising prevalence of cardiovascular diseases, high obesity rates, and favorable reimbursement environments are the primary factors that are driving the market growth. A few of the key market players in the country are developing novel products that are expected to promote the market in the region. For instance, in February 2020, Mexico joined the HEARTS initiative to strengthen primary healthcare for Cardiovascular Diseases. Promoted by the Pan American Health Organization/World Health Organization (PAHO/WHO), the initiative aims to improve the prevention and control of hypertension at the primary care level. Thus, owing to the abovementioned factors, the studied market in the country is expected to register significant growth over the forecast period.
According to the Centers for Disease Control and Prevention (CDC)'s article titled "Heart Disease Facts", updated in September 2020, heart disease is the leading cause of death in the United States. The same source also reports that every year, about 805,000 Americans have a heart attack. As per Centers for Disease Control and Prevention (CDC) statistics, more than three million people in the United States suffer from atrial fibrillation, which is the most common type of abnormal heart rhythm. Furthermore, the number is expected to quadruple by 2050, as the population ages. Therefore, the increasing burden of cardiovascular diseases is expected to accelerate the demand for the market in the region during the forecast period.
As per an article titled "Prevalence and treatment of neuropathic pain diagnoses among U.S. nursing home residents" published in July 2022, the prevalence of neuropathic pain was 14.6% in the United States. Thus, the high incidence of neuropathic pain is also one of the reasons expected to drive the market in the region. The rise in cases of failed back surgery syndrome (FBSS), patients with neuropathic pain, and efforts to manage chronic neuropathic pain with methods other than chronic opioid therapy have all contributed to the emergence of neurostimulation in the country.
In February 2022, the United States Food and Drug Administration (FDA) approved Abbott's CardioMEMS HF System to support the care of more people living with heart failure. Such product approvals are also expected to drive market growth in the region
Therefore, the above-mentioned factors are expected to drive market growth in the region during the forecast period.
