Market growth influenced due to following factors-
- Increasing prevalence of CVD.
- growing number of patients with implanted pacemakers.
- Rising preference for these pacemakers due to their benefits over their external counterparts.
Global market size-
According to research report the cardiac pacemakers market is projected to reach $4.9 billion by 2027 from USD 4.4 billion in 2018, at a CAGR of 2.0%.
Leading Players -
Major players in the pacemakers market include Medtronic (Ireland), Abbott (US), and Boston Scientific (US), LivaNova (UK), OSCOR (US), BIOTRONIK (Germany), Pacetronix (India), MEDICO (Italy), Osypka Medical (Germany), and Lepu Medical (China).
Top Segments-
The implantable pacemakers segment is expected to account for the largest market share, and this trend is expected to continue during the forecast period. The large share of the implantable pacemakers segment is primarily attributed to the increasing prevalence of CVDs and the rising preference for these pacemaker due to their benefits over their external counterparts.
The MRI compatible pacemakers segment is projected to be the fastest growing segment, by type. This can be attributed to the increasing need for MRI scans in the geriatric population and growing number of patients with implanted pacemakers, as patients in this age group are more likely to have cardiac devices such as pacemakers.
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Geographic Overview -
North America is estimated to account for the largest share of the market. Factors such as the rising prevalence of CVDs, growing geriatric population, increasing healthcare expenditure, and the availability of technologically advanced devices are driving the growth of the pacemakers market in North America.