Size, share, and trends of the Pacemakers market
Posted by Prabha Mahajan on October 3rd, 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.
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. Some of the notable players in the global pacemakers market include Medico S.p.A., Vitatron, Abbott, Medtronic, OSCOR, LivaNova Plc, Abiomed, Boston Scientific Corporation, Biotronik, Zimmer Biomet, and Lepu Medical among others. 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.
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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.
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About the AuthorPrabha Mahajan
Joined: September 26th, 2022
Articles Posted: 158
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