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Published Date: 2017-09-13Number of Pages: 170

Pacemaker Devices Market (Product Type - External, Implantable; End User - Hospitals, Cardiology Clinics, ASCs; Application - Arrhythmia, Atrial Fibrillation, Bradycardia, Tachycardia; Technology - Single Chamber, Dual Chamber, Biventricular) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022

The global pacemaker devices market is likely to exhibit rapid growth in the coming years on the back of the rapid progress of the medical devices industry in recent years and the increasing attention being paid by regulatory authorities to the development of effective cardiac treatment devices. The rising prevalence of cardiovascular conditions, particularly in prosperous Western economies, is likely to provide the global pacemaker devices market with steady momentum in the coming years. The growing utility and convenience of modern pacemaker devices could be a major factor for the global market in the coming years, as smartphone integration and other such technological innovations could improve the prospects of the pacemaker devices market rapidly in the near future.

In the 2017-2022 forecast period, the global pacemaker devices market is expected to exhibit a sturdy 8.1% CAGR. The market valuation of the global performance coatings market is thus likely to rise from US$5.5 bn to US$8.1 bn over the forecast period.

Implantable Pacemaker Devices to Dominate Global Market

External and implantable pacemakers are the key product types in the global pacemaker devices market. Of these, implantable pacemakers accounted for more than 65% of the market in 2017 and are likely to remain the dominant segment through the 2017-2022 forecast period. The demand for implantable pacemaker devices has been driven by the steady development of the medical devices sector, which has led to consistent product innovation. The convenience of implantable pacemaker devices over external devices in terms of the accuracy of the readings and comfort to the patient is likely to enable steady dominance of implantable pacemaker devices in the global market in the coming years.

 

pacemaker devices market

 

Hospitals to Remain Leading End Users of Pacemaker Devices

The global pacemaker devices market is segmented into hospitals, ambulatory surgical centers, and cardiac clinics in terms of end use. The high volume of patients in hospitals is likely to make them the dominant consumers of pacemaker devices, in addition to the requirement for comprehensive physical assessment and surgical procedures before implantation.

North America to Dominate Global Pacemaker Devices Market

Geographically, North America is the dominant contributor to the global pacemaker devices market. The North America market was valued at US$1,921.6 mn in 2017 and is likely to rise to US$2,917.9 mn by 2022. The dominance of the North America pacemaker devices market is further highlighted by its robust 8.7% CAGR over the 2017-2022 forecast period. The robust healthcare research scenario in North America is conducive for strong growth of the pacemaker devices market in the region, in addition to the proliferation of numerous medical institutions and global leaders in the field of cardiac medical device innovation. The dominance of North America in the field of medical device research is likely to remain steady in the coming years.

Europe is also a key contributor to the global pacemaker devices market and is likely to account for around 25% of the market in the coming years. Asia Pacific except Japan is also likely to become a leading regional market for pacemaker devices over the coming years due to the rising prevalence of cardiac conditions in the region. The APEJ market for pacemaker devices is expected to rise to a valuation of US$1,692.2 mn by 2022, exhibiting a strong 8.3% CAGR over the 2017-2022 forecast period.

Competitive Dynamics

Leading companies in the global pacemaker devices market include Abbott Laboratories, Medtronic Plc., Oscor Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, Lepu Medical Technology, OSYPKA AG, Zoll Medical Corporation, and Pacetronix Limited.

Global Pacemaker Devices Market: Overview

Pacemaker devices are a crucial class of cardiac devices used to regulate the rate of a patient’s heartbeat. The treatment of various cardiac ailments requires pacemaker devices to some extent due to their vital use in allowing a patient to recover fully and have optical cardiac capacity. There are various types of pacemaker devices in the global market due to the rapid rate of technological progression in the healthcare sector, with new product formulations likely to hit the market in the coming years. This is likely to ensure steady growth of the global pacemaker devices market.

According to Transparency Market Research, the global pacemaker devices market was valued at US$5.5 bn in 2017. Exhibiting a strong 8.1% CAGR between 2017 and 2022, the market is expected to rise to US$8.1 bn by 2022.

The report provides a close look at the growth trajectory of the global pacemaker devices market, with close attention paid to factors such as the geographical segmentation of the market and the market’s leading contributors. The product and application segments of the global pacemaker devices market are also assessed in the report to provide readers with a comprehensive view of the market. The main drivers and restraints of the global pacemaker devices market are examined in order to understand their impact on the trajectory of the market in the coming years.

Global Pacemaker Devices Market: Dynamics

Drivers and restraints affecting the global pacemaker devices market are examined in detail in the report. The impact of each driver and restraint on the market is described in detail in the report through the use of industry standard analysis tools. The growth of the pacemaker devices market is affected by several factors regarding the healthcare industry and the growing medical devices sector due to the high dynamism of the sector. This has led to consistent innovation in the healthcare sector, providing a steady growth drive for markets such as pacemaker devices.

The growing rate of cardiac complaints in the developed world is the major driver behind the global pacemaker devices market. Cardiac troubles have long been identified as a primary health consequence of the economically prosperous lifestyle led by consumers in developed Western markets and have grown in prevalence steadily over the last few decades. This has led to rising government support for the development of better cardiac treatment devices, including pacemaker devices.

Global Pacemaker Devices Market: Segmentation

By product type, the global pacemaker devices market is bifurcated into external and implantable pacemakers. Of these, implantable pacemaker devices comprise the dominant segment of the global pacemaker devices market and held a whopping 65.1% of the market in 2017. The market for implantable pacemaker devices was valued at US$3.5 bn in 2017 and is expected to rise to US$5.3 bn by 2022 at a robust 8.3% CAGR.

Geographically, North America is likely to dominate proceedings in the global pacemaker devices market in the coming years. The regional market is likely to grow from a valuation of US$1.9 bn to US$2.9 bn in the 2017-2022 forecast period, exhibiting a remarkable 8.7% CAGR. North America is thus likely to account for about 36% of the global pacemaker devices market by 2022. Europe is another dominant regional market for pacemaker devices and is likely to account for close to a quarter of the global pacemaker devices market despite a drop in valuation over the 2017-2022 forecast period.

Global Pacemaker Devices Market: Competitive Dynamics

Leading companies in the global pacemaker devices market include Abbott Laboratories, Medtronic Plc., Oscor Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, Lepu Medical Technology, OSYPKA AG, Zoll Medical Corporation, and Pacetronix Limited.


 
 
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