SEATTLE, Aug. 8, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global cardiac pacemaker market was valued at US$ 5,972.2 million in 2017, and is projected to exhibit a CAGR of 7.3% during the forecast period (2018 – 2026).
Key Trends and Analysis of the Global Cardiac Pacemaker Market:
Technologically advanced pacemakers such as MRI safe-pacemakers, pacemakers with improved battery life, and such technological advancements are expected to result in improved health outcomes for patients with Atrial Fibrillation (AF) in patients suffering from bradycardia. Moreover, wireless automated technology adoption of wireless automated technology by market players is expected to drive the market growth of cardiac pacemakers market. For instance, in February 2017, Abbott received the Food and Drug Administration (FDA) approval for MR-conditional labeling for the Assurity MRI pacemaker and the Tendril MRI pacing lead.
Moreover, key manufacturers are focused on launching more compact and efficient technologies that assist pacemaker devices for better outcomes, which allow better control over abnormal heart rhythm, as well as additional specifications such as blood temperature monitoring and breathing rate monitoring. For instance, in May 2016, Biotronik launched a portable monitoring device called 'CardioMessenger Smart' in the U.S. This system is about the size of a modern smartphone used to keep pacemaker, Implantable Cardioverter Defibrillator (ICD) and Insertable Cardiac Monitor (ICM) patients connected to their physician remotely.
Thus, increasing number of product developments and innovations are expected to improve patient outcomes, and drive demand for cardiac pacemakers over the forecast period.
Among regions, North America is expected to dominate the global cardiac pacemaker market, owing to rising prevalence of heart disease and technological advancements by market players in the region. Moreover, factors such as improved healthcare facilities and better reimbursement scenario are also driving growth of the cardiac pacemakers market in North America. In March 2017, Medtronic Plc issued Medicare reimbursement for the first leadless cardiac pacemaker Mica Trans catheter Pacing System (TPS), which is available in the U.S.
The global cardiac pacemaker market is projected to witness a CAGR of 7.3% during the forecast period (2018 – 2026), owing to increasing number of product approvals from regulatory authorities. For instance, in April 2016, the U.S. Food and Drug Administration approved the first pacemaker, Micra Transcatheter Pacing System, developed by Medtronic Plc.
Among regions, Europe is expected to exhibit significant growth in the cardiac pacemaker market, owing to increasing number of product approvals in the region. For instance, in February 2017, Medtronic Plc. received the CE marking for a suite of quadripolar cardiac resynchronization therapy pacemakers (CRT-Ps) that also allow patients to receive MRI (magnetic resonance imaging) scans.
Major players operating in the global cardiac pacemaker market include Medtronic Plc., Boston Scientific Corporation, Abbott Vascular Inc., Edwards LifeScience Corporation, Thoractec Corporation, Syncardia systems, Inc., Biotronik, B. Braun Melsungen AG, and LivaNova PLC.
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