- Market Growth Factors & Global Market Size.
- Leading Players & Top Segments.
- Geographic Overview.
Market growth influenced due to following factors-
- Increasing prevalence of cardiovascular diseases.
- Technological advancements in devices.
Global market size-
According to research report the pacemakers market is projected to reach $ 4.9 billion by 2023, at a CAGR of 2.0% during the forecast period.
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 (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.
Top Market Segments-
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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Geographic Overview -
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.
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