The global pacemaker devices market has a moderately fragmented competitive landscape. This is because of the presence of several established as well new players in the market, finds Transparency Market Research (TMR). Key manufacturers are focusing on launching of specialized products, this could further intensify completion in the pacemaker device market. To remain competitive in such intense dynamics, companies are adopting several strategies such as business expansion, collaboration and acquisitions and mergers.
Some of the prominent players operating in the global pacemaker devices market are Biotronik SE & Co. KG, Boston Scientific Corporation, Medtronic Plc., Lepu Medical Technology, OSYPKA AG, Pacetronix Limited, Zoll Medical Corporation, Abbott Laboratories and Oscor Inc.
According to TMR, the global pacemaker devices market is anticipated to exhibit a healthy 8.1% CAGR from 2018 to 2022. Rising at this pace, the market is projected to attain a valuation of US$8.1 bn by 2022. Analysts noted the global pacemaker device market at US$5.5 bn in 2017.
On the basis of type, the implantable pacemakers segment led the pacemaker device market in 2017. The segment accounted for more than 65% of market share. This is mainly because of the increase in number implantable devices and convenience of implantable pacemakers over external devices. Geographically, North America presently dominated the pacemakers devices market. This is due to the well-established healthcare infrastructure in the region. In the coming, Asia Pacific may surpass North America in terms of valuation owing to the increasing need of pacemakers devices in the region.
Favorable Reimbursement Policy for Implantation of Pacemakers to Propel Growth
The global pacemakers devices market is projected to rise at a significant pace. The key factors contributing to the growth of the market are rising disposable income, growing obese population and increasing adoption of comfortable lifestyle. All these factors contribute in prevalence of the cardiovascular diseases (CVDs) directly or indirectly. Increasing prevalence of CVDs is a major factor behind the pacemaker surgeries. This is increasing the demand of peacemakers device and thus projected to expand pacemakers devices market in the coming years.
Along with this, availability of easy medical reimbursement policy for pacemakers implant is encouraging patient to opt for pacemakers. This reduces monitory burden on patients for pacemakers and its implantation. For instance, In U.S. Average cost of a single chamber device is USD 10,000, out of this approximately 7,000 USD is reimbursed under government medical plan in U.S. Moreover, developed countries like U.K. and Canada have similar reimbursement plan. This is anticipated to foster the growth of the global pacemakers devices market.
Technological Advancements: A Major Trend in Pacemakers Devices Market
On the flipside, increasing case of device failure and manufacturing errors in pacemakers are projected to impede growth of the global pace market device marker. Apart from this, dearth of specialized professionals to perform replacement surgeries is also expected to hamper growth in the pacemakers devices market. However factors like stringent regulations, increased investment in research and development activities in medical devices across the globe is likely to offer lucrative avenue for the growth of the global pacemakers device market.