Selbyville, Delaware, Oct. 10, 2019 (GLOBE NEWSWIRE) --
Global Pacemakers Market revenue is projected to cross USD 4 billion by 2025; according to a new research report by Global Market Insights, Inc. Technological advancements in pacemakers leading to greater procedural success rate will impel the industry growth. Rising demand for MRI compatible pacemakers will witness robust demand in the upcoming years.
In the recent years, it was witnessed that the pacemakers market is continuously growing with a significant pace due to rising geriatric population with high risk of heart diseases and introduction of technological advancements such as implanted cardioverter defibrillator. These are some of the factors that are propelling the market growth and is expected to witness a momentous advancement in the foreseeable future. Furthermore, increasing demand for implantable pacemakers in emerging economies such as Latin America, Asia Pacific, and Middle East due to rise in prevalence of cardiovascular disorders will drive the market growth. Numerous training programs for surgeons and patients regarding implantable cardioverter defibrillator devices are planned by various manufacturers that has further led to rise in the awareness amongst patients and surgeons. Hence, the aforementioned factors are estimated to spur the pacemakers market growth in the forthcoming years.
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Implantable pacemakers market is expected to witness a CAGR of 2.8% over the forecast period. These pacemakers are used in patients with irregular heartbeat. Rise in prevalence of arrythmia and rising prevalence of heart disease are few factors that has resulted in increased adoption of pacemakers, hence boosting the market growth. Furthermore, these devices are used to stimulate myocardial contraction that would further boost the demand of these products during the forecast period.
Dual-chamber pacemakers industry was valued at USD 2,562.2 million in 2018. Dual chamber pacemakers have favorable and significant effect on atrial fibrillation and assist in preventing pacemaker syndrome, that will in turn propel the segmental growth. Hence, greater demand for dual-chamber pacemakers along with cost-effectiveness is anticipated to strengthen the market growth during the analysis period.
Browse key industry insights spread across 450 pages with 870 market data tables & 12 figures & charts from the report, “Pacemakers Market Size By Product (Implantable Pacemakers, External Pacemakers), By Technology (Single-chamber Pacemakers {Single-chamber Atrial, Single-chamber Ventricular}, Dual-chamber Pacemakers, Biventricular/CRT Pacemakers), By Type (MRI Compatible Pacemakers, Conventional Pacemakers), By Application (Congestive Heart Failure, Arrhythmias, Bradycardia, Tachycardia), By Age (Under 22 years, 23 – 49 years, 50 – 64 years, 65+ years), By End-use (Hospitals, Cardiac Care Centers, Ambulatory Surgical Centers, Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Poland, Russia, China, Japan, India, Australia, South Korea, Taiwan, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pacemaker-market
MRI compatible segment is expected to witness a CAGR of 9.5% over the forecast period. The market growth is attributed to various factors such as increasing number of geriatric populations with the necessity for MRI scans and rising number of patients with implanted pacemaker. Hence, owing to these factors pacemakers market is projected to witness a significant growth in the upcoming years.
Application of pacemakers in arrythmias was valued at USD 473.0 million in 2018 and is expected to witness significant growth over the forecast period. The market growth is attributed to various factors such as sedentary lifestyle disorders and increasing incidence of heart attacks across the globe. According to a recent news article, around 4 million Americans are suffering from recurrent arrhythmias currently. Hence, the adoption of pacemakers in order to treat these diseases is expected to witness significant growth in the coming years.
Implantation of pacemakers in hospitals is expected to witness a CAGR of 3.2 % over the forecast period. The rapid growth is owing to several factors such as favorable reimbursement scenario and growing awareness pertaining to the technologically advanced devices available in the hospitals. Furthermore, in the U.S., the Centers for Medicare and Medicaid Services has permitted reimbursement for new MRI-conditional pacing system in patients. Thus, such developments in hospitals is expected to witness a significant growth in the future.
Implantations of pacemakers in the age group of above 65 years witnessed the largest revenue at USD 2,947.5 million in 2018 and is expected to witness a significant growth over the forecast period. Growing number of geriatric patients with chronic disorders such as cardiovascular disease and diabetes are some of the factors contributing towards the pacemaker market growth.
UK pacemaker market is estimated to expand at 3.1% CAGR over the forecast period owing to growing lifestyle changes and rising prevalence of cardiovascular diseases in the country. For instance, according to the British Heart Foundation, around 7.4 million people are living with heart diseases in the UK. Furthermore, according to a recently published article in the National Health Service (NHS), around 2 million people experience heart rhythm problems in the UK each year. Thus, with rise in the number of arrhythmias, the adoption for implantable pacemakers is steadily growing in the country, thereby fueling the market development.
Some of the major players in the global pacemakers industry are BIOTRONIK, Boston Scientific, Medtronic, Abbott, Pacetronix, among other players. Key players are adopting various strategic initiatives such as merger & acquisition, partnerships and collaborations in order to expand their geographic presence and product portfolio. For instance, in March 2017, BIOTRONIK announced the European launch of Edora series that is the smallest series of pacemakers. The device has MRI auto detect feature and is equipped with several other features that would help in improving patient safety, comfort and therapy.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.