Pacemaker is an electronic devices that stimulate the heart with electrical impulses so as to restore a normal rhythm in individual with slow heart rhythms. MR conditional pacemaker devices are an innovative technological advanced product which is a paradigm shift in medical device which is a cardiac pacemaker with an MRI. The rapid proliferation of diagnostic using a spectrum of energy sources has led to the new potential possibilities that bound or contraindicate the technical use of magnetic resonance imaging (MRI). MR conditional pacemaker devices market is an oligopolistic market with few players such as Biotronik, Medtronic, Inc., and St. Jude Medical and others. A focus on decreasing mortality and improve patient outcomes, manufacturers are developing new generations of pacing devices which has resulted in better pricing strategy in an increasingly cost sensitive healthcare environment. Huge demand for pacing devices similar to other related devices due to technological advances in cardiovascular related devices, structural implants, ventricular- assist devices and implantable monitors that has resulted in greater use of MR conditional pacemaker devices. The MR conditional pacemaker devices market is driven due to growth in cardiac resynchronization therapy (CRT).
According to the World Health Organization, cardiovascular diseases is ranked first for cause of death globally. Also in 2012, 17.5 million people died from cardiovascular disease, representing 31% of all global deaths. From these deaths 7.4 million were due to coronary heart disease and 6.7 million were due to stroke. These cardiovascular deaths mainly occurred in low and middle income countries. Moreover factors such as increase in sedentary lifestyle and various lifestyle related diseases such as obesity, diabetes and others it is expected to boost the MR conditional pacemaker devices market growth during the forecast period. Also awareness among the general population regarding the benefits and due to no specific guidelines regarding scanning beyond the specified limitations of an individual MR conditional pacing device is expected to fuel the growth of MR conditional pacemaker device market. However MR conditional pacemaker devices market has some restraints such as low adoption for these products may hinder the growth of the MR conditional pacemaker devices market.
Increasing sedentary lifestyle among population leading to rise in the incidence of conditions such as heart attack, heart failure, high blood pressure and others is expected to boost the MR conditional pacemaker devices market over the forecast period. In addition consistent demand for MR conditional pacemaker devices by people suffering from cardiovascular disease is expected to drive the MR conditional pacemaker devices market during the forecast period.
Geographically the MR conditional pacemaker devices market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific and MEA region.
North America followed by Europe is dominating the MR conditional pacemaker devices market as high incidence of cardiovascular disease, cardiac arrests, heart failure and cardiac arrhythmias in these regions. In Asia Pacific region the MR conditional pacemaker devices market is expected to deliver significant growth due to the high pool of geriatric population in this region and growing economy which is expected to further fuel market demand. Moreover the MR conditional pacemaker devices market is expected to register robust growth due by the end of forecast period due to factors such as technological innovation, and high disposable income.
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Some of the major companies in the MR Conditional Pacemaker devices market are Biotronik, Vitatron, Medtronic, Sorin Group, St.Jude Medical, Boston Scientific, and others
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