The pacemakers market is projected to reach USD 4.9
billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 2.0% during
the forecast period. The major driving factors in the pacemakers market
are increasing prevalence of cardiovascular diseases and technological
advancements in devices.
The major pacemakers vendors
include Medtronic (Ireland), Abbott (US), and Boston Scientific (US)
BIOTRONIK (Germany), LivaNova (UK), OSCOR (US), Pacetronix (India),
MEDICO (Italy), Osypka Medical (Germany), and Lepu Medical (China).
These players have adopted various growth strategies such as expansions,
acquisitions, and new product launches to expand their presence in the
global pacemakers market. Product launches has been the most dominating
strategy adopted by major players from 2015 to 2018. This has helped
them to expand their consumer base and address the unmet needs of end
users.
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In line with rising adoption of pacemaker devices,
Medtronic focus on to develop innovative products for the treatment of
heart rhythm disorders and heart failures. The company offers an
extensive product portfolio for this market through its Cardiac and
Vascular Group segment. It has a significant presence in more than 155
countries including major markets such as the US and Ireland. Medtronic
focuses on organic growth strategies such as product launches to remain
competitive in the market. In the last three years, it launched several
products such as the Advisa and Ensura SR MRI SureScan Single-chamber
Pacemaker Devices, Viva CRT-P Pacemaker, and Advisa DR MRI SureScan
Pacing System.
In 2017, Abbott acquired of St Jude Medical, this
acquisition strengthened Abbott’s product offerings in the
cardiovascular devices segment including pacemakers. The company offers a
wide range of pacemaker products for cardiac rhythm management
applications. Abbott is focusing on inorganic and organic growth
strategies such as acquisitions and product launches. For example, in
2018, the company launched its smallest pacemaker, Assurity MRI and also
receive CE mark approval for Nanostim leadless pacemaker in 2016. The
company has a vast geographic presence and operated in 150 countries
across the world. Abbott’s strong portfolio provides it with a
competitive advantage in the market.
Related Reports:
Pacemakers Market
by Implantability (External), Technology (Single Chamber, Dual Chamber,
CRT-P/Biventricular Pacemaker), Type (Conventional, MRI Compatible),
End User (Hospitals and Cardiac Centers, Ambulatory Surgical Center) -
Global Forecast to 2023
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