Pacemaker, a small, battery-operated device, has been proven to be a great boon to the patients with irregularities of heart beats. Sensing the occurrences when the heart is beating irregularly or too slowly. Pacemaker sends a signal to the heart that regularizes heart beats with the appropriate pace. Thanks to the technological advancements transpired in to the field of Medical Technology with the help of which, the Pacemaker Market is been flooding with the innovations foretelling the galore fortune the market is to perceive about in the years to come.
Accrediting the intensively quadrupling traction of the Pacemaker market is gaining today and the potential of the market to expand pervasively further in the future; the Market Research Future, had recently published a meticulous study report; which indicates that the booming Global Pacemaker Market is expected to gain further prominence in the year to come, growing with a phenomenal CAGR during the forecast period of 2016-2023.
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The Global Pacemaker Market is predominantly driven by the growing prevalence of Arrhythmias, Bradycardia, incidence of cardiovascular diseases, and implementation of minimally invasive procedures. Developed economies such as US and UK are topping up in case of prevailing incidents of cardiovascular disorders. While Developing countries such as India or China are too experiencing the increasing prevalence of diseases and disorders related to the heart. Other factors contributing to the growth of Pacemaker Market include advanced diagnostics, favourable reimbursement scenario for treatment and multiple technologies such as advanced material and software for cardiac pacemaker etc. Additionally, favourably supportive government initiatives, and non-government organizations funding coupled with the government-aided awareness programs are providing impetus to the market growth to an extent.
On the other hand, high cost of Pacemakers coupled with rising incidents of product recalls due to device malfunctioning are likely to present challenges to the Pacemaker market growth. However trends such as accentuating approaches towards the new smart, reliable and cost-effective device launches along with innovations such as leadless pacemaker devices and implantable cardioverter defibrillator will phenomenally foster the market growth during the next six years.
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Pacemakers can relieve some arrhythmia symptoms, such as fatigue (tiredness) and fainting. A pacemaker also can help a person who has abnormal heart rhythms resume a more active lifestyle. Doctors also treat arrhythmias with implantable cardioverter defibrillators (ICDs). ICDs are similar to pacemakers. However, besides using low-energy electrical pulses to control abnormal heart rhythms, ICDs also can use high-energy electrical pulses to treat certain dangerous arrhythmias.
According to the World Health Organisation (WHO), over three quarters of deaths attributed to cardiovascular diseases (CVD) occur in low- and middle-income countries. In these countries, economic and financial circumstances may limit patients’ access to new cardiovascular devices. It has been estimated that between one and two million people worldwide die each year due to not having access to a pacemaker. A study presented at the 30th Mexican Congress of Cardiology in Guadalajara shows that Mexican doctors have safely reused donated pacemakers after sterilisation. The remarkable findings are expected to present an alternative for patients who otherwise cannot afford to get a new pacemaker. Needless to say, findings about the possibility of reutilising pacemakers have certainly opened up new opportunities and have sparked a bright hope for patients in impoverished communities, especially in under-developed countries.
Nevertheless, as appealing as the prospect might sound to patients and healthcare professionals alike – pacemaker reutilisation still remains a very new approach; particularly in the realm of medicine.
Legal and ethical concerns are among matters that still need to be considered and resolved, as different countries may have different rules regarding single-use medical devices. In addition, a comprehensive legal framework and standard validated protocols for the entire process of testing, sterilising and reutilising used pacemakers would be required before more healthcare institutions worldwide embrace this practice.
Pacemaker Global Market – Competitive Analysis
ATS Medical, Biotronik GmbH & Co. KG, Boston Scientific Corporation, Edwards Lifesciences, Medtronic PLC, Sorin Group, St. Jude Medical Inc., Vitatron Holding B.V., and Zoll Medical Corporation are some of the key players at the forefront of competition in the Global Pacemaker Market and profiled in MRFR Analysis.
The Pacemaker market appears to be highly competitive and fragmented. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.
To meet competitive market demands, manufacturers typically design new immunoassay instruments to incorporate many additional capabilities and features. Such expanded feature sets often include pre-analytical automation, interoperability with clinical chemistry and other analyzers, automated reflex testing protocols, automated specimen storage, automated quality control, and flexible reporting methods.
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Industry, Innovation & Related News
November 20, 2017 – Medtronic plc. announced U.S. Food and Drug Administration (FDA) approval and U.S. commercial launch for its portfolio of Azure(TM) pacemakers with BlueSync(TM) technology. Available in both single chamber and dual chamber models, the Azure XT MRI and Azure S MRI pacemakers offer improved longevity, estimated at 13.7 years (dual chamber) or 27 percent longer than its predecessor,1 so patients likely need fewer device replacements. The new pacemakers also allow patients to have MRI (magnetic resonance imaging) scans in either 1.5 or 3 Tesla (T) machines.
November 20, 2017 – USA – A medical program that calls for the recycling of pacemakers and their eventual distribution to patients in developing countries, including the Philippines was launched during the 64th anniversary of World Medical Relief Inc. (WMRI) on 6th November 2017.
Pacemaker Global Market – Regional Analysis
Globally North America is the largest market for pacemaker. The North American market for pacemaker is expected to grow at a substantial CAGR and is expected to reach at astronomical amount by the end of the forecasted period. Europe is the second-largest market for pacemaker which is expected to grow at a considerable CAGR. Asia pacific region is expected to be growing in pacemaker market.
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