20 Jul 2021
Posted in Medical Devices
South Korea pacemakers market to grow at 3% CAGR through 2025, forecasts GlobalData
The pacemakers market in South Korea is expected to grow at a compound annual growth rate (CAGR) of about 3% between 2020 and 2025, driven by aging population and advances in pacemaker technologies such as leadless pacemakers, MRI compatible and sensor pacemakers, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Pacemakers (Cardiovascular) Global Market Analysis and Forecast Model (Covid 19 Market Impact)’, reveals that Medtronic was the leading player in the South Korean pacemaker devices market in 2020, followed by Abbott Laboratories and Boston Scientific Corp. Together, these three companies accounted for around 90% of the total market in 2020.
Tanisha Verma, Medical Devices Analyst at GlobalData, comments: “The launch of dual chamber leadless pacemakers in 2020 is expected to further drive the market as they offer advantages such as absence of a transvenous lead, easier implantation in patients in whom venous access is difficult and eliminating the risk of infections.”
Infection at the surgical site, sensitivity to the device material, swelling and damage to the blood vessels are some of the most common risks associated with conventional pacemakers. New technologies such as leadless pacemakers, MRI compatible and sensor pacemakers lower the risks associated with pacemaker implantation.
Ms Verma concludes: “Conventional dual and single chamber pacemakers are still expected to hold more than 90% of the market due to factors such as their low cost, and current low level of physician training in implanting leadless pacemakers.”