(I-BusinessNews.Com, August 13, 2021 ) According to research report the pacemakers market is projected to reach USD 4.9 billion by 2027 from USD 4.4 billion in 2018, at a CAGR of 2.0% during the forecast period.
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The major driving factors in the pacemakers market are increasing prevalence of cardiovascular diseases and technological advancements in devices.
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.
In 2017, Abbott acquired of St Jude Medical, this acquisition strengthened Abbott’s product offerings in the cardiovascular devices segment including pacemakers. The company offers a wide range of pacemaker products for cardiac rhythm management applications. Abbott is focusing on inorganic and organic growth strategies such as acquisitions and product launches. For example, in 2018, the company launched its smallest pacemaker, Assurity MRI and also receive CE mark approval for Nanostim leadless pacemaker in 2016. The company has a vast geographic presence and operated in 150 countries across the world. Abbott’s strong portfolio provides it with a competitive advantage in the market.
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.
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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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.
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