Pacemakers Market Development And Business Intelligence
Summary
- Major factors influencing the growth of the market.
- Leading players & Business Strategies.
- 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%.
Leading Players & Strategies -
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.
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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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