The major driving factors in the pacemakers market are increasing prevalence of cardiovascular diseases and technological advancements in devices.
According to a new market research report the global Pacemakers Market size is projected to reach $5.3 billion by 2023 from $4.5 billion in 2019, at a CAGR of 2.0%. Growth in this market is driven by increasing prevalence of cardiovascular diseases and technological advancements in devices.
In the secondary research process, various secondary sources such as Hoovers, Bloomberg BusinessWeek, Forbes, and Dun Bradstreet have been referred to, so as to identify and collect information useful for a technical, market-oriented, and commercial study of the pacemakers market.
The market is segmented by Implantability (External), Technology (Single Chamber, Dual Chamber, CRT-P/Biventricular Pacemaker), Type (Conventional, MRI Compatible), End User (Hospitals and Cardiac Centers, Ambulatory Surgical Center) Geography
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The MRI compatible pacemakers segment is projected to be the fastest-growing segment, by type, during the forecast period. This can be attributed to the growing number of patients with implanted pacemakers and the increasing need for MRI scans in the geriatric population, as patients in this age group are more likely to have cardiac devices such as pacemakers.
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The implantable pacemakers segment is projected to be the fastest-growing segment, by implantability, during the forecast period. The large share of the implantable pacemakers segment is primarily attributed to the increasing prevalence of CVDs and the rising preference for these pacemakers due to their benefits over their external counterparts.
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North America is estimated to account for the largest share of the market. Factors such as the rising prevalence of CVDs, growing geriatric population, increasing healthcare expenditure, and the availability of technologically advanced devices are driving the growth of the pacemakers market in North America.
The major pacemakers vendors include Medtronic (Ireland), Abbott (US), and Boston Scientific (US) BIOTRONIK (Germany), LivaNova (UK), OSCOR (US), Pacetronix (India), MEDICO (Italy), Osypka Medical (Germany), and Lepu Medical (China). These players have adopted various growth strategies such as expansions, acquisitions, and new product launches to expand their presence in the global pacemakers market. Product launches has been the most dominating strategy adopted by major players from 2015 to 2018. This has helped them to expand their consumer base and address the unmet needs of end users.
In line with rising adoption of pacemaker devices, Medtronic focus on to develop innovative products for the treatment of heart rhythm disorders and heart failures. The company offers an extensive product portfolio for this market through its Cardiac and Vascular Group segment. It has a significant presence in more than 155 countries including major markets such as the US and Ireland. Medtronic focuses on organic growth strategies such as product launches to remain competitive in the market. In the last three years, it launched several products such as the Advisa and Ensura SR MRI SureScan Single-chamber Pacemaker Devices, Viva CRT-P Pacemaker, and Advisa DR MRI SureScan Pacing System.
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