(I-BusinessNews.Com, November 24, 2020 ) According to research report the pacemakers market is projected to reach USD 4.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 2.0% during the forecast period.
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A pacemaker is a medical device used when the heart is unable to produce electrical impulses naturally. When the heartÂs natural pacemaker is defective or when the electrical pathways of the heart are blocked, it can cause irregular heartbeats, as known as arrhythmias. A pacemaker uses electrical pulses to prompt the heart to beat at a normal rate to treat arrhythmias.
Â In November 2017, Medtronic received FDA approval and launched the Azure pacemaker with BlueSync technology in the US market
Â In February 2017, Medtronic received CE Mark certification for its Next Generation Cardiac Resynchronization Therapy-Pacemakers
Â In February 2017, Abbott Laboratories received FDA approval for the Assurity MRI Pacemakers
Â In March 2016, St. Jude Medical received the CE Mark certification for MRI compatibility for its Nanostim leadless pacemakers
The major players in the pacemakers market 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.
In 2017, Abbott acquired of St Jude Medical, this acquisition strengthened AbbottÂs product offerings in the cardiovascular devices segment including pacemakers. The company offers a wide range of pacemaker products for cardiac rhythm management applications.
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North America is projected to account for the largest market size in the cardiac pacemakers market during the forecast period.
North America is estimated to account for the largest share of the market in 2018. 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 cardiac pacemakers market in North America.
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.
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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Mr. Aashish Mehra
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Mr. Aashish Mehra