A pacemaker is a medical device used when the heart is unable to produce electrical impulses naturally. When the heart’s natural pacemaker is defective or when the electrical pathways of the heart are blocked, it can cause irregular heartbeats, as known as arrhythmias. A pacemaker uses electrical pulses to prompt the heart to beat at a normal rate to treat arrhythmias.
According to research report the pacemakers market is projected to reach USD 4.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 2.0% during the forecast period.
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• The MRI compatible pacemakers segment, by type, is projected to grow at the highest CAGR during the forecast period. The development of MRI Compatible pacemakers is a major advancement in the pacemakers market. It is estimated that 75% of patients who currently have an implantable cardiac pacemaker will need MRI scans during their lifetimes.
• The hospitals & cardiac centres segment, by end user, is projected to grow at the highest CAGR during the forecast period. Factors such as the large number of cardiovascular surgical procedures performed in hospitals, improving healthcare infrastructure, and favourable reimbursement scenario are driving the growth of the pacemakers market for hospitals & cardiac centres.
• The implanted pacemakers segment, by implantability, is projected to grow at the higher CAGR during the forecast period. These devices are often placed in the chest area, just under the collarbone, to send electrical signals to start or regulate the patient’s heartbeat
• The dual-chamber pacemakers segment, by technology, is projected to grow at the highest CAGR during the forecast period. A dual-chamber pacemaker has two leads and can be external or implantable. It connects to both chambers on the right side of the heart—the right atrium and the right ventricles—and can coordinate functions between the atria and ventricles.
North America is the major revenue-generating region in the global pacemaker market. 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 market in North America.
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The major pacemaker’s vendors 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). These players have adopted various growth strategies such as expansions, acquisitions, and new product launches to expand their presence in the global pacemakers market. Product launches has been the most dominating strategy adopted by major players from 2015 to 2018. This has helped them to expand their consumer base and address the unmet needs of end users.