According to Stratistics MRC, The “Global Cardiac Pacemakers Market” is accounted for $8.01 billion in 2016 and expected to grow at a CAGR of 9.3% to reach $14.99 billion by 2023.
Cardiac pacemakers are medical devices that are utilized to deliver electrical pulses to the heart, so as to maintain a normal pulse. Pacemakers are used for the treatment of patients who are experiencing heart conditions, such as heart failure and arrhythmia's.
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Growing Ageing Population is driving market growth.
The demographic shift that has been witnessed with the increase of the elderly population has resulted in a sudden spurt in cases of people affected by cardiovascular diseases globally. The percentage of people that are entering 60 years and above is increasing rapidly and would continue to do so for the next two decades. Cardiovascular diseases shall continue to remain the leading cause of deaths globally which in turn would lead to an increase in costs associated with the treatment of the CVDs.
By end-user, clinics and hospitals segment held significant market growth during the forecast period due to the higher rate of implants that take place in the hospital's as the reimbursement rates offered are better when compared with ambulatory surgical centres.
On the basis of the geographical presence, the Asia Pacific region acquired the largest market share owing to rising levels of disposable incomes and increasing prevalence of cardiovascular diseases in the past decade which has opened up a plethora of opportunities for growth of the market.
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The Global Cardiac Pacemakers Market Leaders are Abbott Laboratories, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, Cook Medical, Cordis, Inc., Lepu Medical Technology Co ltd, LivaNova Plc, Medico, S.p.A, Medtronic, Osypka Medical GmbH, Pacetronix ltd, SORIN Group, St. Jude Medical, Inc., USCOME LTD, Vitatron and Zoll Medical Corporation.
BIOTRONIK SE & Co. KG, In March 2017, Biotronik has launched the Edora range of high-functioning, small-size pacemakers and cardiac resynchronisation therapy pacemakers (CRT-Ps). The new devices are equipped with features designed to improve patient safety, therapy and comfort. Moreover, Edora pacemakers are significantly smaller and lighter than preceding models. Biotronik’s new series of pacemakers fits well in the current age of smart technologies, with devices that are smaller, lighter and shorter while retaining longevity.
Medtronic, In Jan 2014, Medtronic, Inc. acquired TYRX, Inc. This acquisition supports Medtronic's expansion of its medical device product offerings to include broader healthcare services and solutions, providing meaningful clinical outcomes and economic value for hospitals, physicians, patients and payers.
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