Pacemakers Market – Development And Business Intelligence
Summary
- Market Growth Factors & Global Market Size.
- Leading Players & Growth Strategies.
- Geographic Overview.
Market growth influenced due to following factors-
- Increasing prevalence of cardiovascular diseases
- Technological advancements in devices.
- Rising preference for these pacemaker due to their benefits over their external counterparts.
Global market size-
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.
Top players & Growth Strategies –
The major pacemakers vendors include Medtronic (Ireland), Abbott (US), and Boston Scientific (US) BIOTRONIK (Germany), LivaNova (UK), OSCOR (US), Pacetronix (India), MEDICO (OTCPK: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 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.
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Geographic Overview –
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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