Leadless Pacing Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Global Leadless Pacing Systems Market: Snapshot
The global market for leadless pacing systems has been growing on account of the advancements in the field of cardiology across the globe. Although leadless pacing systems are a relative new product in the market for cardiovascular treatment devices, they are expected to supersede the demand for all other kinds of cardiovascular devices. Pacemakers that use lead have led to complications during the treatment process, mostly due to the injection of leads into the body. Hence, by nature itself, leadless pacing systems are a more convenient mode of treatment for cardiovascular devices. The tremendous investments in healthcare made by a multitude of international bodies are projected to enhance the growth prospects of the global leadless pacemaker systems market.
The medical fraternity has witnessed a boisterous rate of growth, and the cardiovascular department has been at the fore of this development. As cardiologists approve the use leadless pacing systems and international health organizations reveal their usefulness during treatments, the demand within the global market is expected to escalate. Besides this, several new and more effective models of leadless pacing systems such as the micra transcatheter pacing system have been invented in recent times. The success of such pacing systems has had a positive impact on the growth of the global market for leadless pacing systems.
The expertise of the medical experts and cardiologists in the US and Canada is expected to boost the demand within the market for leadless pacing systems in North America. Furthermore, the large market gap for cardiac devices in Asia Pacific is expected to contribute to the growth of the regional market for leadless pacing systems.
Global Leadless Pacing Systems Market: Overview
Leadless pacing systems are a novel technology in the cardiac pacemaker market, which are small in size as compared to traditional pacemakers. The absence of lead eliminates the potential complications which occurs in patients on whom the lead devices are used. Leadless pacing systems are considered to be less invasive as patients who require pacemakers do not require surgery as opposed to traditional pacemaker procedures. Leadless pacing systems are implanted close to the outer surface of the upper thigh through a window and the retrieval of these devices also possible without causing any complication. It is predicted that the demand for leadless pacing systems will increase in the near future on account of the high implant success rates.
As of now, the market for leadless pacing system comprises of just two products that have received commercial approval. The names of these two products are: Micra Trans catheter pacing system by Medtronic plc and Nanostim leadless pacing system by St. Jude’s Medical (now Abbott).
Global Leadless Pacing Systems Market: Drivers and Trends
One of the key factors boosting the global leadless pacing systems market is the growing number of eligible patients, rise in the disposable income of the people, growing acceptance of new technology, Improvement in the rainbow swim policies, rapidly growing geriatric population, and Rising incidences of cardiovascular diseases. Technological advancements such as long battery life, relief from frequent pacing, and the less-invasive approach are some of the other factors propelling their use. On the other hand it is expected that strict regulatory approval system will hamper the growth of this market. The high cost of production is yet another factor posing a challenge for the growth of the leadless pacing systems market. There are very limited operators with hands-on experience and this is also expected to be a challenge. In addition to this, battery depletion issues will also act as an obstacle for the leadless pacing systems market. However, immense growth opportunities lies in the future as market players are anticipated to direct their efforts to improve the product and come up with innovations such as dual chamber and multi-chamber pacing.
In terms of application, this market is segmented into atrioventricular block, sinus node dysfunction, and atrial fibrillation. Of these, it is the latter that is witnessing highest demand for leadless pacing systems, followed by the sinus node dysfunction.
Global Leadless Pacing Systems Market: Regional Analysis
On the basis of geography, North America is leading in the market followed by Europe on account of increasing affordability of these products as well as favourable reimbursement scenario. The only adoption of latest technology is yet another factor behind the growth of the North America market for leadless pacing systems. It is expected that the market for leadless pacing system will also be lucrative in the Middle East and Africa. In addition to this region, Asia-Pacific is also holding in men's potential for growth on account of the growing improvements in Healthcare sector and advancements of healthcare facilities. Latin America on the other hand, presents the smallest market for leadless pacing systems.
The report profiles the leading players operating in the global leadless pacing systems market such as Medtronic plc. and Abbott Laboratories. Boston Scientific Corporation and Biotronik are also profiled in the report. Key players within the market are employing the strategy of acquiring and merging with others as well as on getting product approvals from the various regulatory bodies. Players are also focusing on technical advancements so as to stay ahead of competition and make a mark for themselves in the global leadless pacing systems market. The report also reveals the various strategies employed by key players in order to expand their reach and gain more market shares.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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