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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 estimated to exhibit a CAGR of 7.3% over the forecast period (2018-2026).
Current technological advancements in cardiac pacemaker by key players, majorly focuses 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. Moreover, various research organizations are focusing on developing advanced implantable cardiac pacemakers, which is expected to boost adoption of cardiac pacemakers, thereby expected to drive the market growth over the forecast period.
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Additionally, MRI examination of patients with implanted pacemakers was considered to be risky due to potential electromagnetic interaction between the pacemakers and MRI, whereas development of MRI-compatible pacemakers aided in driving adoption of these pacemakers. For instance, Medtronic Plc., a leading player in this market was the first company to receive FDA approval for its MRI-compatible pacemaker for Revo MRI SureScan in 2011. Moreover, other market palyers such as Biotronik and Boston Scientific Corporation have introduced their products in this category. Furthermore, in January 2017, St. Jude Medical, Inc was acquired by Abbott Laboratories, one of the leading players in pacemakers. However, due to late approval for its MRI-compatible pacemakers in 2017, the company struggled to maintain its position in this market.
In addition, key players in cardiac pacemaker market are focusing on research and development, in order to develop 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 the U.S. Food and Drug Administration (FDA) approval for its 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). Similarly, in November 2017, LivaNova PLC and MicroPort Scientific Corporation entered into a binding Letter of Intent (LOI) to sell LivaNova’s Cardiac Rhythm Management (CRM) business franchise to MicroPort for US$ 190 million. Moreover, company’s CRM product portfolio include pacemakers, high-voltage defibrillators, and cardiac resynchronization therapy devices. The acquisition aided MicroPort to add these diverse cardiac rhythm management portfolio to its existing product portfolio.
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 takeaways of the cardiac pacemaker market:
- The global cardiac pacemaker market is expected to exhibit a CAGR of 7.3% over the forecast period (2018-2026). This is attributed to rising technological advancements in implantable cardiac pacemakers by key manufactures, in order to launch novel pacemakers, with ability to control the abnormal heart rhythm, monitor and record patient’s heart’s electrical activity and heart rhythm, monitor blood temperature, and breathing rate.
- Moreover, dual chamber pacemaker segment is estimated to witness fastest growth during the forecast period in the cardiac pacemaker segment, attributed to the higher efficiency of dual chamber cardiac pacemaker in atrioventricular block or sick sinus syndrome and coupled with its cost effectiveness
- Among end user, hospital segment is expected to account for highest market share, attributed to increasing volume of pacemaker implantation surgery procedures conducted at healthcare setting, coupled with various technologically advanced healthcare facilities offered by hospitals
- Key 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., among others
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