Pacemaker Devices Market To Receive Overwhelming Hike In Revenues By 2022
Some of the leading players operating in the global pacemaker devices market are Boston Scientific Corporation, Biotronik SE & Co. KG, Medtronic Plc., OSYPKA AG, Lepu Medical Technology, Pacetronix Limited, Oscor Inc., Zoll Medical Corporation, and Abbott Laboratories. TMR analysts estimate that the global pacemaker devices market will exhibit a promising 8.1% CAGR over the period between 2017 and 2022, rising from a valuation of US$5.5 bn in 2017 to US$8.1 bn by 2022.
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Implantable Pacemakers Continue to Remain Most Preferred Product Variety
Of the two key varieties of pacemaker devices in the market, namely external and implantable pacemakers, the segment of implantable pacemakers held a clear authority in the market, holding a more than 65% of the market in 2017. The segment is also likely to hold its ground over the report’s forecast period. The steady rise in the number of innovative devices in this sector, improved convenience of advanced implantable pacemakers over external devices in terms of comfort and accuracy will continue to help implantable pacemaker devices remain the most preferred product type over the report’s forecast period as well.
Geographically, the market for pacemaker devices in North America presently dominates in terms of revenue contribution to the global market. The regional market, holding a major share in the global market’s overall revenue in 2016, is expected to expand at a robust CAGR of 8.7% over the period between 2017 and 2022. The well-established healthcare research sector in the region and the early adoption of innovative technologies in the field of healthcare and medicine could help the region retain its dominance in the global pacemaker devices market over the report’s forecast period as well.
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Increased Funds from Public and Private Bodies Help Push Research Activities Ahead
One of the key factors likely to help the global pacemaker devices market gather steady pace in the near future is the rising support – in the form of conducive regulations, increased funds and investments directed towards R&D activities – in the field of advanced medical devices across the globe. Along with private investments, the market for pacemaker devices is also witnessing a significant rise in investment from governments and public bodies. An uptick in research and development activities is favoring the overall growth prospects of the market as well.
The market is also benefitting from the increased incorporation of advanced connectivity features in modern-day pacemakers. Increased advent of technologically advanced products is expected to remain one of the key drivers for the market in the next few years as several new and specialized medical device companies are entering the market. Easy availability of advanced technology across high growth potential regions that have vast untapped growth opportunities could also benefit the market massively.
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