Moreover, the same segment of pacemakers market is also expected to witness growth in its demand at the fastest CAGR of 8.2% from 2019 to 2027
NEW YORK, Nov. 11, 2019 /PRNewswire/ --
Pacemakers market in North America is expected to grow from US$ 2,607.1 Mn in the year 2018 and is expected to reach US$ 5,144.2 Mn by 2027 growing at a CAGR of 8.0% over the forecast period.
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Driving factors such as the rising number of patients suffering from cardiovascular diseases and the introduction of novel pacemakers are likely to grow the pacemakers market in the forecast period.Whereas, the product recalls for these products are likely to impact the growth of the pacemakers market during the forecast period.
On the other hand, continuous development in pacemakers' technology is likely to be a prevalent trend in the market.
In an aging society where chronic conditions such as cardiovascular diseases is a leading factor in the health system, technical advancements are necessary to preserve the quality of life by keeping affordable prices.Electronic implants are playing a pioneering role that helps to detect specific medical parameters.
Additionally, these implants are able to take immediately autonomous therapeutic measures, combining diagnosis and treatment in a single system.The electronic medical implant is an emerging field in the medical industry and has led to various developments of the products, in the field of cardiology, neurology, and ontology.
Many of the market players are developing novel products in order to minimize the burden of cardiovascular diseases, neurological disorders, and hearing disorders.For instance, Boston Scientific Corporation in September 2017, launched the Resonate family of Implantable Cardioverter Defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) systems.
This product is powered by EnduraLife battery technology, which has double battery capacity as compared to other devices. Therefore, the pacemakers market is anticipated to grow due to technological advancements and rapid product launches.
The North America pacemakers market on the basis of route of administration is segmented in to oral, transmucosal, injectable, topical, implantable and ocular. In 2018, the oral segment held the largest market share of 50.2% of the pacemakers market, by route of administration. The oral segment is expected to dominate its market share in 2027 owing to ease of drug administration, the high degree of flexibility on dosages, and cost-effectiveness.
The pacemakers market, based on technology, is segmented into single chambered, dual chambered and bi-ventricular.In 2018, the single chambered segment held the largest share of the market by technology.
Moreover, the same segment of pacemakers market is also expected to witness growth in its demand at the fastest CAGR of 8.2% from 2019 to 2027. The dominance of a single chambered segment is attributed by smaller pacemaker generator, shorter procedure time, lower complication rates, and requirement of single needle stick for venous access.
The pacemakers market, based on the end user, was segmented into hospitals, ambulatory surgical centers, and others.In 2018, the hospitals segment held the largest share of the market by the end user.
In addition, the segment is also expected to grow at the fastest rate during the coming years owing to an increasing number of patient admissions for cardiovascular disease treatment, rising consolidation of small clinics with multi-specialty hospitals and patient preference towards hospitals for performing pacemaker implantation surgeries.
Some of the major primary and secondary sources for pacemakers included in the report are Centers for Disease Control & Prevention, Food and Drug Administration, American Heart Association, World Health Organization, and Others.
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