Cardiac Pacemaker Market Projected To Grow Radiantly By 2023; Asserts MRFR Unleashing Industry Forecast

Market Research Future published a Half-Cooked research report on “Global Cardiac Pacemaker Market Research Report - Forecast to 2023”– Market Analysis, Scope, Progress, Trends and Forecast to 2023.
A cardiac pacemaker (or artificial pacemaker) is a medical device that uses electrical impulses, delivered by electrodes contacting the heart muscles, to regulate the accurate beating of the heart. The primary purpose of a pacemaker is to maintain an adequate heart rate either through decreased functioning of the heart's native pacemaker, or there is a block in the heart's electrical conduction system. Modern pacemakers are externally programmable and allow the cardiologist to select the optimum pacing modes for individual patients. Some combine a pacemaker and defibrillator in a single implantable device. Others have multiple electrodes stimulating differing positions within the heart to improve synchronisation of the lower chambers of the heart. These pacemakers are implantable or external, or can be biventricular, single chambered and dual chambered. Implantable pacemakers are extensively used over the external pacemakers. Doctors usually recommend single chamber or dual chamber pacemaker according to the medical condition of the patient.

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Global cardiac pacemaker market is growing at a comparatively slow rate but is expected to grow at a swift pace in the coming future. Increasing prevalence of atrial fibrillation (AFib), which is the most common type of heart arrhythmia drives the market growth. As per Centers for Disease Control and Prevention (CDC), in 2017, 2.7-6.1 million people in the U.S. are estimated with the medical condition of AFib. Moreover, according to the Singapore Heart Foundation, AFib is most likely to affect the geriatric population, affecting one in every 20 individuals over the age of 65 years and more. There is an increase in the geriatric population which is expected to boost the market growth. In 2015 World Health Organization, estimated that the geriatric population is expected to reach 2.1 billion by 2050. However, high cost of the pacemakers followed by the need of the surgery and risks of dysfunctioning will restrain the market growth during the forecast period.  

The global cardiac pacemaker market is expected to grow at an approximate CAGR of 7.9% during the forecast period from 2017-2023. According to a recent study report published by the Market Research Future, the global cardiac pacemaker market is expected to gain eminence over the forecast period. The market is forecasted to demonstrate a steady growth by 2023, surpassing its previous growth records in terms of value with a constant CAGR during the anticipated period (2017 – 2023).

Medtronic (U.S.), Abbott. (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK (Germany), LEPU MEDICAL (U.K), SORIN Group (Europe), MEDICO S.p.A. (Europe), OSCOR Inc. (U.S.), Shree Pacetronix Ltd. (India)., Osypka Medical, Inc. (U.S.)  and others are some of the prominent players at the forefront of competition in the Global Cardiac Pacemaker Market and are profiled in MRFR Analysis. 

Global Cardiac Pacemaker Market - Competitive Analysis

The market for cardiac pacemaker is characterised by the presence of several well-established and small players, the global market of cardiac pacemaker appears to be highly competitive and fragmented. Major players are increasingly expanding their footprint in the emerging nations, making it putting pressure on the regional players, especially in terms of features such as type, product portfolios, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. Numerous players in the market are offering a wide range of products that are available into the market and so key players are trying to focus on acquisition and strategic alliances with local companies to minimize the competition.

For instance, in June 2017, Philips announces to acquire the Spectranetics Corporation to accelerate expansion in image-guided therapy devices to treat cardiac and peripheral vascular disease. Spectranetics is a leader in vascular intervention to treat coronary and peripheral artery disease, and in lead management for the minimally invasive removal of implanted pacemaker and implantable cardioverter defibrillator (ICD) leads.

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Approvals for pacemakers in regulated market has also upsurged the growth of the market.  For instance, in March 2016, St. Jude Medical secures CE Mark Approval of MRI compatibility for the Nanostim leadless pacemaker. With the approval, all existing patients with a Nanostim leadless pacemaker and new patients implanted with the pacemaker throughout Europe can safely undergo full body MRI scans.

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