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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