The MRI Compatible Pacemakers market to Stay “Inorganically” upward between 2019 and 2029
Magnetic resonance imaging (MRI) is the first line of diagnosis and the gold standard for soft tissue imaging and is prominently used for a wide range of medical conditions like musculoskeletal system, cancer, and various neurologic disorders. Wherein, a pacemaker is a small device which is positioned in the abdomen or chest for controlling the abnormal heart rhythms. Pacemakers are used for treating arrhythmias as they use electric pulses to push the heart to beat at a normal level. Use of pacemakers and MRI device has been consistently on the rise during the recent years. Patient with pacemakers are very likely to opt for MRI during the lifetime of their implanted devices. MRI compatible pacemakers are certain implantations that are safe when and MRI is performed. Over the years, various novel technologies for MRI compatible pacemakers have paved their way into the healthcare industry. As per a study published by the Harvard Health Publishing, researchers conducted and then reviewed 212 MRI scans that involved 178 patients with non-approved MRI compatible pacemakers and found no contradictions for safety of the patients. Over the past 7 years, FDA has approved a few MRI compatible pacemakers that are safe to use.
Prominent FDA approvals, rise in number of patients with electronic cardiac implants, and increase in the healthcare expenditure, are few of the primary factors pushing market growth for MRI compatible pacemakers. Government investments for R&D and technology related to MRI compatible pacemakers and increasing number of manufacturers involved in the R&D of MRI compatible pacemakers, is also expected to fuel demand for MRI compatible pacemakers during the forecast period. In 2014, Medtronic got its two of the devices approved by the FDA; Revo MRI SureScan pacemakers, and Advisa DR MRI. Various manufacturers have got their approvals over the years, which has pushed market growth for MRI compatible pacemakers, and is expected to boost the demand for MRI compatible pacemakers during the forecast period. On the contrary, stringent regulatory scenarios for MRI compatible pacemakers and severely high costs associated with these MRI compatible pacemakers might obstruct the market growth for MRI compatible pacemakers over the course of forecast.
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On the basis of Product Type, MRI Compatible Pacemakers Market can be segmented as:
- Single-chamber Pacemakers
- Double-chamber Pacemakers
On the basis of End Use, MRI Compatible Pacemakers Market can be segmented as:
- Specialty Clinics
- Ambulatory Surgical Centers
- Research Centers
- Diagnostic Centers
MRI compatible pacemakers are going through constant technological advancements and various local players are venturing into designing and manufacturing of MRI compatible pacemakers. In addition, there is a growing and substantial body of evidence that patients with many pacemaker implants that are not FDA-approved for MRI examination can also be scanned safely under specific conditions. There are 3 approved MRI compatible pacemakers in the United States presently, and many manufacturers are expected in the near future. Major specifications and specific precautions for MRI compatible pacemakers should be carefully followed for further avoiding and risks associated with the patient. For instance: Scanning of patients with any pacemaker devices, either approved or non-approved should compulsorily be performed with an electrophysiology device nurse present for the entire span of the examination.
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Geographically, global MRI compatible pacemakers market is segmented into regions viz. North America, South Asia, Latin America, East Asia, Oceania, Europe, and Middle East & Africa. North America’s MRI compatible pacemakers market is expected to increase owing it to the presence of key players operating in the MRI compatible pacemakers market within the region and increasing availability of MRI compatible pacemakers across the region. The Asia-pacific market for MRI compatible pacemakers is expected to grow at a robust rate during the forecast period due to increase in healthcare expenditure, growing demand for MRI examinations, and large number of MRI compatible pacemakers launched over the decade in the region. Europe market for MRI compatible pacemakers is also expected to contribute a significant revenue share in the global market for MRI compatible pacemakers owing it to improvements in the healthcare infrastructure and growing awareness on the advantages of MRI compatible pacemakers.
Some of the global MRI Compatible Pacemakers market participants identified across the value chain include: Medtronic PLC, Biotronik, Boston Scientific Corporation, Sorin Group, Abbott Laboratories, and others.
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