Market Challenge – Increasing product recalls

Product recall for cardiac pacemakers by market players is expected to hamper the global cardiac pacemaker market growth over the forecast period. For instance, in August 2021, Boston Scientific, a medical device manufacturing company, announced the recalling notice for pacemakers and cardiac resynchronization therapy pacemakers (CRT-Ps) due to the risk of transitioning to safety mode. Safety mode is intended to provide backup if the device is faulty. These pacemakers or cardiac resynchronization therapy pacemakers (CRT-Ps) belongs to Boston Scientific’s INGENIO product portfolio, which are used for patients who have low heart rates, and patients with moderate to severe heart failure, a condition where heart cannot pump enough blood as per requirement for patient.

Market Opportunity – Increasing Investments by Key Market Players

Increasing adoption of inorganic growth strategies such as investments is expected to drive growth of the global cardiac pacemaker market. For instance, in July 2022, a research project at the University of Leeds U.K., announced that it had received a funding of US$ 214,328 grant from Heart Research UK to examine use of blood pressure cuffs for heart failure patients with pacemakers.

Cardiac Pacemaker Market Report Snapshots