(Entertainment-NewsWire.com, July 12, 2018 ) The Global Cardiac Pacemaker Market, by Product Type (Implantable Cardiac Pacemaker (Single Chambered, Dual Chambered, and Biventricular) and External Cardiac Pacemaker), and by End User (Hospitals and Ambulatory Surgical Centers) was valued at US$ 5,972.2 million in 2017, and is projected to exhibit a CAGR of 7.3% over the forecast period (2018 - 2026) as highlighted in a new report published by Coherent Market Insights.
Current advancement in the cardiac pacemaker are majorly focused on improving cardiac resynchronization with multisite pacing, reduction of hardware allowing to reduce device failure, valve injury, minimizing the risk of device infection, and to develop battery-less cardiac pacemaker. Involvement of various research organizations in developing advanced implantable cardiac pacemaker is expected to boost the adoption of cardiac pacemaker in the near future.
MRI examination for patients with implanted pacemakers was considered to be risky due to potential electromagnetic interaction between the pacemakers and MRI. Development of MRI-compatible pacemakers aided in increasing adoption of these pacemakers. Medtronic Plc., a leading player in this market — was the first company to receive FDA approval for MRI-compatible pacemaker for Revo MRI SureScan in 2011. Other companies such as Biotronik and Boston Scientific Corporation have introduced their products in this category. St. Jude Medical, Inc acquired by Abbott Laboratories in January 2017, was one of the leading players in pacemakers. However, due to late approval for its MRI-compatible pacemakers in 2017, the company has struggled to maintain its position in this market.
Browse 35 Market Data Tables and 44 Figures spread through 173 Pages and in-depth TOC on "Cardiac Pacemaker Market, by Product Type (Implantable cardiac pacemaker (Single chambered, Dual chambered and Biventricular) and External cardiac pacemaker), and by End User (Hospitals and Ambulatory Surgical Centers) - Global Forecast to 2026"
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Key players in cardiac pacemaker market are focused on research and developmental activities for developing novel compact implantable cardiac pacemakers with better safety and at low cost, thereby increasing product acceptance by healthcare professionals and patients. Moreover, various key players are engaged in obtaining product approval from regulatory authority to increase their geographical reach and also are focusing on strategic collaborations, mergers and acquisitions to retain leading position in market. For instance, in November 2017, Medtronic plc received U.S. Food and Drug Administration (FDA) approval for their portfolio of Azure pacemakers with BlueSync technology, which is available in both single and dual chamber cardiac pacemakers. Company’s new Azure XT MRI and Azure S MRI pacemakers offer improved longevity, which is an estimated at 13.7 years (dual chamber). Furthermore, in November 2017, LivaNova PLC and MicroPort Scientific Corporation entered into a binding Letter of Intent (LOI) to sale LivaNova’s Cardiac Rhythm Management (CRM) business franchise to MicroPort for US$ 190 million. Company’s CRM product portfolio includes pacemakers, high-voltage defibrillators, and cardiac resynchronization therapy devices. The acquisition helps MicroPort to add these diverse cardiac rhythm management portfolio to their existing product portfolio.
The global cardiac pacemaker market is expected to expand at a CAGR of 7.3% during the forecast period (2018 – 2026), owing to increasing technological advancement in implantable cardiac pacemakers by key manufactures to introduce novel pacemakers, with ability to control the abnormal heart rhythm, also monitor and record patient’s heart's electrical activity and heart rhythm, along with monitor blood temperature, breathing rate.
Dual chamber pacemaker with two leads placed in right atrium is projected to grow with higher pace during the forecast period in the implantable cardiac pacemaker segment, owing to the higher efficiency of dual chamber cardiac pacemaker in atrioventricular block or sick sinus syndrome and also its cost effectiveness
Hospitals holds largest market share in end user segment, owing to increasing volume of pacemaker implantation surgery procedures conducted at this healthcare setting. Furthermore, various technologically advanced healthcare facilities are offered by hospitals.
Some of the major players operating in the global cardiac pacemaker market include Medtronic Plc, BIOTRONIK, Inc., Boston Scientific Corporation, Abbott Laboratories, Vitatron Holding B.V., Shree Pacetronix Ltd., MEDICO S.p.A., Lepu Medical Technology Co Ltd., LivaNova PLC, Qinming Medical, and Cordis Inc.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.