Albany, NY -- (SBWIRE) -- 09/19/2018 -- The global Pacemaker Devices Market is likely to exhibit rapid growth in the coming years on the back of the rapid progress of the medical devices industry in recent years and the increasing attention being paid by regulatory authorities to the development of effective cardiac treatment devices. The rising prevalence of cardiovascular conditions, particularly in prosperous Western economies, is likely to provide the global pacemaker devices market with steady momentum in the coming years. The growing utility and convenience of modern pacemaker devices could be a major factor for the global market in the coming years, as smartphone integration and other such technological innovations could improve the prospects of the pacemaker devices market rapidly in the near future.

In the 2017-2022 forecast period, the global pacemaker devices market is expected to exhibit a sturdy 8.1% CAGR. The market valuation of the global performance coatings market is thus likely to rise from US$5.5 bn to US$8.1 bn over the forecast period.

External and implantable pacemakers are the key product types in the global pacemaker devices market. Of these, implantable pacemakers accounted for more than 65% of the market in 2017 and are likely to remain the dominant segment through the 2017-2022 forecast period. The demand for implantable pacemaker devices has been driven by the steady development of the medical devices sector, which has led to consistent product innovation. The convenience of implantable pacemaker devices over external devices in terms of the accuracy of the readings and comfort to the patient is likely to enable steady dominance of implantable pacemaker devices in the global market in the coming years.

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The global pacemaker devices market is segmented into hospitals, ambulatory surgical centers, and cardiac clinics in terms of end use. The high volume of patients in hospitals is likely to make them the dominant consumers of pacemaker devices, in addition to the requirement for comprehensive physical assessment and surgical procedures before implantation.

Geographically, North America is the dominant contributor to the global pacemaker devices market. The North America market was valued at US$1,921.6 mn in 2017 and is likely to rise to US$2,917.9 mn by 2022. The dominance of the North America pacemaker devices market is further highlighted by its robust 8.7% CAGR over the 2017-2022 forecast period. The robust healthcare research scenario in North America is conducive for strong growth of the pacemaker devices market in the region, in addition to the proliferation of numerous medical institutions and global leaders in the field of cardiac medical device innovation. The dominance of North America in the field of medical device research is likely to remain steady in the coming years.

Europe is also a key contributor to the global pacemaker devices market and is likely to account for around 25% of the market in the coming years. Asia Pacific except Japan is also likely to become a leading regional market for pacemaker devices over the coming years due to the rising prevalence of cardiac conditions in the region. The APEJ market for pacemaker devices is expected to rise to a valuation of US$1,692.2 mn by 2022, exhibiting a strong 8.3% CAGR over the 2017-2022 forecast period.

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Leading companies in the global pacemaker devices market include Abbott Laboratories, Medtronic Plc., Oscor Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, Lepu Medical Technology, OSYPKA AG, Zoll Medical Corporation, and Pacetronix Limited.