According to the study, the global active implantable medical devices market is likely to grow from $17.0 billion in 2016 to $28.9 billion by 2023. Technological advancements, increasing prevalence of cardiovascular diseases, rising healthcare expenditures and increasing research and development activities have been driving the growth of the global active implantable medical devices market. The market is further expected to gain revenue due to increasing geriatric population and incidence of neurological disorders. Development of subcutaneous implantable cardioverter defibrillators along with the increasing demand from developing nations is expected to create ample growth opportunities in the global active implantable medical devices market.
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As per the findings of research, implantable cardioverter defibrillators held the largest share in the global 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 global 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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Among different types of neurostimulators, spinal cord stimulators contributed the largest revenue to the global neurostimulators market in 2016. Spinal cord stimulators market witnessed significant penetration across all geographies globally. Increasing number of failed-back surgery syndrome, refractory angina pectoris, peripheral vascular disease, and complex regional pain syndrome are the key factors leading to the increased demand for spinal cord stimulators.
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Neurostimulation technology involves the usage of microelectrodes to activate nerves in the nervous system. A neurostimulation device is powered by battery and is a stopwatch sized device. It is surgically implanted in the brain and helps in generating paresthesia, a tingling sensation at the scheduled time intervals to the nervous system. These electric signals develop a sensation in the damaged nerves and help in treating chronic pain and neurological disorders. In case of chronic pain conditions, these electrical signals help in blocking the pain messages from nerves to reach brain. These devices are generally used in cases, where drug therapies are not effective. Increasing incidents of neurological disorders and the rising demand for minimally invasive procedures are leading to the increased demand for neurostimulators. The rapid penetration of neurostimulators market in the emerging economies is expected to have significant impact on the growth of the global active implantable medical devices market.
Some of the other key players in the market include Boston Scientific Corporation, BIOTRONIK SE & Co. KG, LivaNova PLC, William Demant Holding A/S, Nurotron Biotechnology Co. Ltd., Sonova Holding AG, and MED-EL.Source: Click here