The Global Cardiac Pacemakers Market is likely to grow in the coming years due to a increasing cases of sudden cardiac deaths. According to a report published by Fortune Business Insights, titled “Cardiac Pacemakers Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 4,064.9 Mn in 2018. Fortune Business Insights has predicted that the market will reach US$ 5,131.9 Mn by the end of 2026, thereby exhibiting a CAGR of 3.0%.
The cardiac pacemakers have gained popularity in recent times due to their application in monitoring patient heartbeat using electrical stimulation. Cardiac Pacemakers have the ability to operate over a short or longer period of time, depending upon the application. The ability of cardiac pacemakers to provide diagnostic information about the heart has led to a rise in uptake of the device, globally.
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Some of the leading companies include
- Boston Scientific
- Microport CRM.
Technological Advancements Witnessed in the Market to Support Growth
The advancements in pacemakers have been noteworthy due to the ease of use and comfort that they have brought. The report includes various technological advancements with regard to pacemakers that have contributed positively to the overall market. The introduction of technologically sound pacemakers has created a surge in demand. This, in turn, has created an emphasis on research and development of newer products. IN 2019, Medtronic announced that it plans to launch an application that would be integrated with its line of pacemakers. The use of application-integrated cardiac pacemakers will enable features such as ease of use, constant alerts, and early diagnosis. The company announced the MyCareLink Heart mobile app that would be integrated with the company’s BlueSync technology. The report stresses on product launches integrated with newer technologies and gauges the impact that these products have on the global cardiac pacemakers market.
Increasing Regulatory Approvals are Favoring Expansion
The cardiac pacemakers are sensitive devices that need usage approvals before being commercialized. In such scenarios, increasing approvals will enable growth of the global market. Recently, the Food and Drug Administration (FDA) has eased off on its approval of cardiac treatment devices. Growing FDA approvals have encouraged companies to come up products of their own. One such healthcare company, ‘Boston Scientific’ boasts several FDA approved devices aimed at treatment of cardiac disorders. Recently, Boston Scientific gained approval for its Ingenio and Advantio pacemakers. The devices were launched to match the heartbeats of related patients with a few precise activities.
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The Ingenio offers respiratory rate trend (RRT), a feature used to monitor respiratory activities. The device was designed to examine heart failure diagnostics and subsequently improve patient outcome. Boston’s cardiac pacemakers will boost the global cardiac pacemakers market and will enable growth of the market in the forthcoming years.
Fortune Business Insights has profiled some of the leading companies that have made significant growth contributions to the global market. The report gauges the impact of these companies on the global market.