Pacemaker Market to Reach $10.3 Billion by 2025 | Technological Enhancements areSupporting Marketby Susan Hill Business Consultant
The global pacemaker market size is expected to reach USD 10.3 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 7.2% CAGR during the forecast period. Heightening prevalence of cardiac conditions, coupled with rising availability of medical coverage, is a key driving factor governing the growth of the pacemaker market globally. In addition, technological enhancements in these devices are supporting market expansion.
Increasing prevalence of cardiovascular diseases (CVDs) is a high-impact growth-rendering factor. The World Health Organization reported an estimated 17.5 million deaths stemming from CVDs in 2012. Currently, high occurrence of CVDs is a key concern and in order to address this, government organizations and market participants are channelizing funds and efforts to offer the best possible cure. This is anticipated to foster R&D initiatives and increase the influx of advanced products in this marketspace.
Additionally, increasing awareness about cardiovascular disorders and their long-term impact is raising the preference of patients for advanced treatment options. This is expected to bolster the usage rate of these products. On the other hand, these devices are cost prohibitive, with the price of a pacemaker ranging from USD 10,000 to USD 30,000. This is likely to restrain the growth of the market.
Further key findings from the study suggest:
- Implantable pacemakers held a lucrative
share in 2016 and are likely to grow at a profitable rate over the
- North America, owing to its planned
healthcare network, greater per capita income, and increasing awareness
levels about adverse effects of a prolonged cardiac condition, has retained
a large share in the global pacemaker market
- Economic development in countries such as
India and China, unmet needs of a massive population, and supportive
initiatives undertaken by governments to improve healthcare access are
projected to present avenues for investment in the Asia Pacific market
- Some of the key players operating in this space are Medtronic; BIOTRONIK, Inc.; Boston Scientific Corporation; St. Jude Medical; ZOLL Medical Corporation; MEDICO S.p.A.; Vitatron; Pacetronix; and Cordis, Inc.
Access full research report on global pacemaker market: www.grandviewresearch.com/industry-analysis/pacemaker-market
Created on Mar 19th 2020 06:41. Viewed 191 times.