Pacemakers Market Size, Share, Trends and Global Forecast 2023
Added: (Wed Jan 02 2019)
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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. The major driving factors in the pacemakers market are increasing prevalence of cardiovascular diseases and technological advancements in devices.
The study involved 4 major activities in estimating the current market size for pacemaker. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
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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.
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.
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 pacemakers market in North America.
The major vendors in the global pacemaker market are 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).
Recent Developments:
In November 2017, Medtronic received FDA approval and launched the Azure pacemaker with BlueSync technology in the US market
In February 2017, Medtronic received CE Mark certification for its Next Generation Cardiac Resynchronization Therapy-Pacemakers
In February 2017, Abbott Laboratories received FDA approval for the Assurity MRI Pacemakers
In March 2016, St. Jude Medical received the CE Mark certification for MRI compatibility for its Nanostim leadless pacemakers
Key questions addressed by the report:
Who are the major market players in pacemakers?
What are the regional growth trends and the largest revenue-generating region for pacemakers?
Why are pacemaker necessary for cardiac patients?
What are the major types of pacemakers?
Who are the major end users of the pacemaker market?
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Market Dynamics
Drivers
Increasing Burden of RSV Infections
Growing Demand for Point-Of-Care Molecular Diagnostic Tests for the Diagnosis of RSV Infections
Increasing Adoption of Molecular Diagnostics Over Immunoassays
Increasing Approval of RSV Diagnostic Kits and Assays
Restraint
Low Detection Limits of Immunoassays
Opportunities
Technological Advancements in Diagnostic Methods
Threats
Development of RSV Vaccines
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