According to the latest market research study published by P&S Intelligence, the global active implantable medical devices market is poised for significant growth, with an estimated size of $22.5 billion in 2023 and a projected reach of $37.1 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.5% between 2024 and 2030.
Several factors are driving this expansion, including the rising incidence of chronic ailments, a rapidly aging global population, and the increasing prevalence of neurological and cardiovascular disorders. Advancements in implantable medical device technology, coupled with growing funding for the development of technologically enhanced products, are further propelling market growth. Additionally, there is a notable rise in the acceptance of neurostimulators and an increasing awareness regarding medical implants.
Key Insights
The surging elderly population is a significant contributor to market growth. According to the World Health Organization, one in six individuals globally will be 60 years old or over by 2030, with the number of people aged 60 and above expected to reach 1.4 billion, up from 1 billion in 2020. Moreover, the count of individuals aged 80 years or older is projected to triple between 2020 and 2050, reaching 426 million. This demographic shift underscores the increasing demand for active implantable medical devices.
North America led the market in 2023, driven by the high prevalence of cardiovascular diseases, favorable reimbursement policies, and elevated obesity rates. The presence of major industry players developing innovative products that are safer, smaller, more cost-effective, and efficient also contributes to the region's market dominance. Additionally, over 3 million individuals in the U.S. suffer from atrial fibrillation, the most common type of abnormal heart rhythm, with this number expected to quadruple by 2050 due to an aging population. This trend is likely to drive the demand for implantable cardioverter defibrillators, implantable loop recorders, and pacemakers in the coming years.
The Asia-Pacific (APAC) region is anticipated to experience the highest CAGR in the coming years. Factors such as increasing healthcare expenditures, expansion of healthcare infrastructure, and a substantial elderly population in countries like India and China are boosting the regional market. Moreover, less-stringent regulations in these countries attract medical device companies to invest in the region.
Latin America (LATAM) presents lucrative opportunities for investment in active implantable medical devices. Initiatives by regional countries to enhance the standard of care, especially for critical conditions, are driving market growth in this region.
In summary, the active implantable medical devices market is on a robust growth trajectory, fueled by demographic shifts, technological advancements, and increasing healthcare investments across various regions.
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