Pacemaker Devices Market to hit US$5.5 bn by 2022; North America Leads Revenue Generation, Says TMR
ALBANY, New York, November 8, 2018 /PRNewswire/ --
With several well-entrenched medical companies operating in the global pacemaker devices market, its competitive landscape is somewhat fragmented. Over the course of the next few years, the market is set to become further crowded as more specialist players enter the fray. In order to thrive in such a competitive space, players are seen focusing on product innovations and expanding geographical outreach across under tapped emerging markets.
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Leveraging such game plans, players that have come to hold a key position in the global pacemaker devices market are Biotronik SE & Co. KG, Boston Scientific Corporation, Medtronic Plc., OSYPKA AG, Pacetronix Limited, and Lepu Medical Technology.
A report on the global pacemaker devices market finds that it would rise at a solid CAGR of 8.1% from 2017 to 2022. At this pace, it would attain a value of US$8.1 bn by 2022 from US$5.5 bn.
Products in the global pacemaker devices market can be broadly segmented into implantable and external. Between the two, the segment of implantable pacemaker devices accounts for a dominant share in the market - in 2017 it was a substantial 65.0%. In the near term as well the implantable devices are expected to retain their key share because of more advanced products hitting the market every now and then. When it comes to geography segments, North America at present leads the global pacemaker devices market because of its advanced healthcare infrastructure and high per capita healthcare spends of its people. The North America pacemaker devices market is set to rise at 8.7% CAGR over the course of the forecast period.
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Higher Investments in Development of Medical Devices Bodes well for Market
Supporting the growth of the global pacemaker devices market is the supportive regulations and increased funding towards research and development of medical devices. Both government and private bodies are seen allocating funds. All these are leading to launch of better products that accord better comfort and functionality. The surging instances of cardiovascular conditions, especially in advanced Western economies has warranted such funding from relevant authorities."
Another factor benefitting sales in the global pacemaker devices market is the incorporation of advanced connectivity features in the latest batch of pacemakers. With the emergence of technologically advanced products, the sales growth is expected to pick up further pace. Sensing an opportunity, already specialized medical device companies are jumping into the arena with specialty products.
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Players in Pacemaker Devices Market Turn Gaze to Under-tapped Emerging Economies
A noticeable trend in the global pacemaker devices market is the focus on upcoming markets in emerging economies by nimble players. As medical infrastructure across them strengthens, the prospects of pacemaker devices market grows too. Elaborates the lead analyst of our report, "The strong presence of advanced technology locally is helping keen players to tap into the vast growth opportunities."
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