ALBANY, New York, September 14, 2017 /PRNewswire/ --
Rising support to the medical devices industry is likely to remain vital for the global pacemaker devices market in the coming years. Several governments across the world have begun to invest in the medical device sector as well as the healthcare research sector due to the strong benefits to the economy as well as to the region's healthcare sector due to the indigenous production of medical devices and technology.
According to Transparency Market Research, the global pacemaker devices market was valued at US$5.5 bn in 2017 and is expected to rise to US$8.1 bn by 2022.
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The rising incorporation of modern connectivity features in pacemakers is likely to help the global pacemaker devices market's growth. Smartphone connectivity can allow users to keep track of their or a loved one's heart rate, while calling the physician in cases of emergency has also become easier due to the technological progression of modern pacemaker devices. Technological progression is likely to remain a key driver for the global pacemaker devices market in the coming years due to the rapid entry of several new players in the medical device sector and the easy availability of advanced medical technology for incorporation in new medical devices.
Geographically, North America is likely to dominate the global pacemaker devices market in the coming years due to the rising prevalence of cardiac problems in developed countries such as the U.S., the high number of medical device manufacturers located in the region, and the increasing support for adoption of technologically advanced pacemaker devices in the healthcare sector. The steady support given by the government in the U.S. and Canada, both of which rank among the most lucrative locations for medical device companies, is likely to drive the global pacemaker devices market at a steady rate in North America in the coming years. The North America market for pacemaker devices is expected to rise from US$1.9 bn to US$2.9 bn over the 2017-2022 forecast period at a robust CAGR of 8.7%.
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Asia Pacific except Japan is a relatively minor contributor to the global pacemaker devices market at present. However, the rising prevalence of cardiac diseases in Southeast Asia is likely to lead to rising demand for pacemaker devices, while the rising disposable income of consumers in APAC countries such as China, India, Malaysia, Thailand, and Indonesia could help enable steady adoption of technologically advanced pacemaker devices. The APEJ pacemaker devices market is expected to exhibit a 8.3% CAGR over the 2017-2022 forecast period and reach a valuation of US$1.7 bn by 2022.
Pacemaker devices are a set of devices used to regulate the heartbeat of cardiac patients. Pacemakers have long been a vital part of the cardiac disease treatment sector, but steady technological progression has brought about new generations of pacemaker devices with impressive new features and ergonomic comfort. This is likely to remain a key factor for the global pacemaker devices market, as the market surges due to the growing prevalence of cardiac diseases across the world. Developed regions such as North America and Europe are likely to dominate the global pacemaker devices market, with developing regions such as APEJ and MEA unlikely to feature as dominant contributors in the coming years.
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The global pacemaker devices market is moderately fragmented due to the dominance of established medical industry giants. However, a rising number of specialist players could enter the pacemaker devices market in the coming years. Leading companies in the global pacemaker devices market include Abbott Laboratories, Medtronic Plc., Oscor Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, Lepu Medical Technology, OSYPKA AG, Zoll Medical Corporation, and Pacetronix Limited.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research