(MENAFN- GlobeNewsWire - Nasdaq) Dublin, April 04, 2024 (GLOBE NEWSWIRE) -- The "Global Leadless Pacemakers market Size, Share & industry Trends Analysis Report By Type (Micra Transcatheter Pacing System, and Others), By End-use (Hospitals, and Outpatient Facilities), By Regional Outlook and Forecast, 2023 - 2030" report has been added to ResearchAndMarkets's offering.
Market Growth Driven by Minimally Invasive technology and Rising Cardiac Arrhythmia Prevalence
The Global Leadless Pacemakers Market is forecast to experience robust growth with expectations to reach $827.7 million by the year 2030, progressing at a compound annual growth rate (CAGR) of 15.2% during the forecast period. Such significant growth is propelled by the increasing demand for minimally invasive medical procedures and a marked rise in the incidence of cardiac arrhythmias worldwide. Europe is anticipated to capture a substantial market share by 2030, reflecting an appreciation for less invasive medical procedures among patients and healthcare professionals alike.
Strategic Industry Movements Enhance Competitive Landscape
Prominent players within the market are actively engaging in strategic mergers and acquisitions to enrich their product portfolios and expand their market reach. Recent acquisitions by leading industry participants, such as Medtronic's acquisition of Affera, Inc., and Abbott Laboratories' acquisition of Cardiovascular Systems, Inc., underscore the trend of strategic consolidation within the industry to bolster technological capabilities and service offerings.
Impact of the COVID-19 Pandemic
The onset of the COVID-19 pandemic led to a temporary reduction in leadless pacemaker implantation procedures due to the postponement or cancellation of elective surgeries to prioritize emergency care and minimize virus transmission risks. Additionally, the pandemic caused disruptions in the global supply chain for medical devices, further influencing the availability and timely access to these innovative pacemaker technologies.
Minimally Invasive Procedures Fostering Market Expansion
The trend towards minimally invasive medical interventions has been instrumental in driving the market growth, offering enhanced patient safety and more rapid postoperative recovery. These developments are facilitating earlier discharges from medical facilities and reducing post-surgical complications. The surging demand for procedures that lower surgical risks and improve patient comfort is a key factor contributing to the growth of the leadless pacemakers domain.
Cardiac Arrhythmias Prevalence Bolstering Device Adoption
An uptick in the prevalence of cardiac arrhythmias across various demographics is fostering an upsurge in the demand for leadless pacemakers. These advanced devices are increasingly recognized as a beneficial therapeutic option for patients suffering from arrhythmias, spanning from elderly individuals to younger populations.
Regulatory and Reimbursement Hurdles Present Challenges
Despite the clear demand and technological advancements, the market's growth is confronted by regulatory and reimbursement challenges. Lengthy and complex approval processes for new medical devices impose delays on market entry, while economic considerations can limit the adoption of leadless pacemakers, despite their clinical benefits.
End-use and Regional Market Insights
A detailed analysis indicates that hospital segments have garnered the largest revenue share within the market, attributed to streamlined resource utilization and reduced risks of device-related infections. Geographically, North America has secured a commanding position in the market, owing to a high priority placed on infection control and the adoption of innovative, minimally invasive pacemaker technologies. The report includes comprehensive coverage, encompassing the dynamics influencing the industry's direction and performance. It reflects key insights into market segmentation, competitive strategies, and the potential impact of regulatory and economic concerns on the future of leadless pacemakers deployment globally.
Companies Featured
Medtronic PLC Abbott Laboratories Boston Scientific Corporation Biotronik SE & Co. KG Lepu Medical Technology Co., Ltd Integer Holdings Corporation MicroPort Scientific Corporation Osypka AG Terumo Corporation EBR Systems, Inc.
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