NEW YORK, July 16, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, active implantable medical devices market size is set to reach $28.8 billion by 2023. Technological advancements, increasing prevalence of cardiovascular diseases, increasing healthcare expenditures and rising research and development activities are the major factors driving the growth of the active implantable medical devices industry.
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Adoption of miniaturized implants is a major trend witnessed in the active implantable medical devices market. With the advancement in technology, the medical device manufacturers are focusing on development of miniaturized medical implants. Conventional implants are larger in size and require complex and expensive surgical procedures for their transplantation. Additionally, large medical implants are associated with number of complications. With innovations in healthcare, miniaturizing technologies are supporting the demand for miniaturized implantable devices. The design of implantable devices has also changed with variations in technology. Small implantable devices require less-invasive procedures, are minimally visible to the patient and are therefore less disruptive to the body during implantation, which has increased the adoption of miniaturized implants in the hospitals for the treatment of cardiovascular disorders, neurological disorders and hearing loss.
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The R&D investments for the development of novel and innovative active implantable medical devices are increasing due to increased demand for effective implantable medical devices. Moreover, the currently available devices require surgical implantation and replacement surgeries after every few years. The technologically advanced implantable medical devices facilitate non-invasive procedures for the safe and effective treatment of drug-resistant neurological disorders. Moreover, the growing demand for technological advanced implantable devices is influencing the medical device manufacturing companies to invest in R&D. This has resulted in significant increase in the R&D investments to meet the growing demand for efficient and effective implantable medical devices. Many companies in the active implantable medical devices market such as Medtronic Inc., Boston Scientific Corporation, LivaNova plc, William Demant Holding AG and Cochlear Ltd. are actively involved in the development of new and advanced active implantable devices.
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Active implantable medical devices can often lead to certain complications such as infections, erosion of the device, incompatibility with MRI scanners, blood clots and device malfunctions. Complications can occur with the placement of device during surgery and after the surgery. Active implantable devices such as cardiac implants, hearing implants causes injury, infection at the site of placement which further results into swelling, bruising. Some of the implantable devices are not compatible with magnetic resonance imaging (MRI) scanner as current induced from the powerful radiofrequency fields of MRI scanner can overheat the implanted leadwires. Thus, risk associated with use of these device hinders the growth of the global active implantable medical devices market.
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