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The Pulse of Innovation: Trends in External Pacemakers
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According to The Business Research Company's, The external pacemakers market size has grown strongly in recent years. It will grow from $1.44 billion in 2023 to $1.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to the shift towards less invasive surgical techniques, the demand for minimally invasive structural heart devices, ongoing training and education programs for healthcare professionals, rising healthcare expenditure, growing patient preference for non-surgical or minimally invasive treatment options.
The external pacemaker market size is expected to see strong growth in the next few years. It will grow to $1.90 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to the increasing aging population, growing awareness about heart health, the implementation of screening programs, favorable reimbursement policies for structural heart procedures, timely regulatory approvals for new structural heart devices. Major trends in the forecast period include increasing adoption of transcatheter valve replacement, ongoing development of innovative devices with advanced materials, growing emphasis on personalized treatment approaches, increasing adoption of hybrid procedures, integration of remote monitoring and telehealth solutions.
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Market Drivers and Trends:
The increasing number of fungal infections among people globally is expected to propel the growth of the dermatophythosis treatment market going forward. A fungal infection is a health condition caused by the overgrowth of fungi on or inside the body, resulting in symptoms such as itching, redness, and discomfort. Fungal infections are increasing due to a combination of factors, including climate change, globalization, urbanization, and the growing population of immunocompromised individuals. Dermatophytosis treatment is used to treat fungal infections on the skin, hair, and nails caused by certain types of fungi, helping to relieve symptoms and stop the infection from spreading. For instance, in July 2023, according to the Centers for Disease Control and Prevention (CDC), a US-based public health agency, fungal infection-related hospitalizations reached a total of 59,212 till 2021, with the rate of these hospitalizations increasing from 25.0 in 2020 to 26.8 in 2021 per 10,000 hospitalizations, with an average annual increase of 8.5%. The rising burden of fungal infections among people globally is expected to propel the growth of the dermatophythosis treatment market.
Major companies operating in the external pacemaker market are developing innovative products, such as miniaturized pacemakers, to improve battery life and gain a competitive edge in the market. Miniaturized or leadless pacemakers are small electronic devices implanted in the heart to regulate its rhythm. For instance, in May 2023, Medtronic Plc, an Ireland-based medical device company, received Food and Drug Administration approval for Micra AV2 and Micra VR2, the next generation of its industry-leading miniaturized, leadless pacemakers. They provide up to 40% more battery life than previous models, with projected median battery life ranging from nearly 16 to 17 years. These devices feature advanced algorithms for automatic AV synchrony programming and higher tracking capability for active patients. Micra pacemakers minimize complications and improve the patient experience with their small size and lack of leads or surgical pockets.
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Major Key Players of the Market:
Abbott Laboratories, Medtronic plc, Boston Scientific Corporation, Fluke Corporation, W. L. Gore & Associates Inc., Lepu Medical Technology Co.Ltd., Biotronik, LivaNova PLC, ZOLL Medical Corporation, CryoLife Inc., OSCOR Inc., Sorin Group, Netech Corporation, Cosmos Healthcare, FIAB SpA, Soma Tech Intl, JenaValve Technology Inc., Ancora Heart Inc., Shree Pacetronix Ltd., Osypka Medical Inc., Avery Biomedical Devices Inc., Galix Biomedical Instrumentation Inc, AtaCor Medical Inc., Cor Medical Centre, Navilyst Medical Inc.
External Pacemakers Market 2024 Key Insights:
• The external pacemaker market size is expected to see strong growth in the next few years. It will grow to $1.90 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Role Of External Pacemakers In Addressing The Growing Burden Of Cardiovascular Disease
• Innovative Next-Generation Pacemakers For Advancements In The External Pacemaker Market
• North America was the largest region in the external peacemakers market in 2023
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