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(Medical-NewsWire.com, November 24, 2021 ) According to research report the pacemaker 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.
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> Pacemaker Market: By Technology (2018–2023)
> Asia Pacific: By Technology (2017)
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.
Major vendors in the pacemakers market 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).
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
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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.
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