Pacemakers Market Size, Trends, Growth Scenario and Analysis 2027

Posted by Prabha Mahajan on September 27th, 2022

According to a new market research study titled ‘Pacemakers market - Global Analysis and Forecasts by Product Type, Technology, and End User. The global pacemakers market is expected to reach US$ 10,908.0 Mn in 2027 from US$ 5,485.4 in 2018. The market is estimated to grow with a CAGR of 8.1% from 2019-2027. The report highlights the trends prevalent in the global pacemakers market and the factors driving the market along with those that act as deterrents to its growth. Key factors driving the market are increasing burden of cardiovascular diseases, increasing technological advancements and large pool of geriatric population. However, high cost of implantation procedures and product recalls for pacemakers are likely to refrain the market growth.

In an aging society where chronic conditions such as cardiovascular diseases is a leading factor in the health system, technical advancements are necessary to preserve the quality of life through keeping the affordable prices. Electronic implants are playing a pioneering role that help to detect specific medical parameters. Additionally, these implants are able to take immediately autonomous therapeutic measures, combining diagnosis and treatment in a single system. Electronic medical implant is an emerging field in the medical industry and has led to various developments of the products, in the field of cardiology, neurology and otology. Many of the market players are developing novel products in order to minimize the burden of cardiovascular diseases, neurological disorders and hearing disorders. For instance, Boston Scientific Corporation in September 2017, introduced the Resonate family of Implantable Cardioverter Defibrillator (ICD) as well as the cardiac resynchronization therapy defibrillator (CRT-D) systems. The product is powered by EnduraLife battery technology, which has double battery capacity as compared to other devices.

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The players in the market are adopting various inorganic and organic developments for individual growth, and thus, the growth of the market is highly dependent on them. The vital players in the pacemakers market focus on various growth strategies to enroot their presence and garner major market share across the globe. The major market players within recent years have been observed to invest a substantial amount towards the development of new products. This implies a bright picture of the type of strategies majorly incorporated by the market players to sustain their positions as well as to generate increased growth revenue in the pacemakers market. The global leaders in the market have been majorly adopting product launches and partnerships as one of the key strategies to improve its product lines in order to build up customer-centric benefits to its end users and enhance its geographic diversification.

The global leaders are expanding their activities across the world and are developing various innovative techniques to cardiovascular diseases. For instance, in February 2017, Abbott decalered US Food and Drug Administration (FDA) approval for its Assurity MRI pacemaker and Tendril MRI pacing lead. The Assurity MRI pacemaker offers wireless remote monitoring, providing the physicians secure access to their patients' diagnostic data as well as daily device measurements and elimination to the need for in-office visits.

Apart from the developments for the pacemakers market, the key market players are entering strategic acquisitions and working towards developments of advanced pacemakers. For instance, in January 2017, Abbott announced it has completed the acquisition of St. Jude Medical, Inc. thereby strengthening its global medical device leadership while offering innovative products to address more areas of care. Therefore, the market is likely to experience rapid growth in the coming years.

Global pacemakers market, based on the technology, was segmented into single chambered, dual-chambered and bi-ventricular. In 2018, the single chambered segment held the largest share of the market, by technology. Moreover, the same segment of pacemakers market is also expected to witness growth in its demand at a fastest CAGR of 8.2% during 2019 to 2027.

Some of the prominent players operating in pacemakers market are Medico S.p.A., Vitatron, Abbott, Medtronic, OSCOR, LivaNova Plc, Abiomed, Boston Scientific Corporation, Biotronik, Zimmer Biomet, and Lepu Medical among others. The market players are focused on bringing new and innovative products and services to sustain their position in the market. For instance, In November 2017, Medtronic announced its FDA approval for Azure pacemakers with BlueSync technology in the US.

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Prabha Mahajan

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Prabha Mahajan
Joined: September 26th, 2022
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