Overview of the global cardiac pacemaker market
According to report by Market Research Future (MRFR), the global cardiac pacemaker market is set to register a CAGR of approximately 7.9% during the forecast period (2017-2023).
Drivers and Restraints
MRFR’s market study identifies the growing prevalence of cardiovascular disorders to be one of the main growth drivers for the cardiac pacemaker market. Cardiovascular disorder is one of the main causes of death in developed and developing nations. Factors such as high blood pressure, lack of physical exercise, obesity, hereditary, diabetes and growing geriatric population are mainly responsible for causing cardiovascular diseases in individuals. This is where a cardiac pacemaker comes in, which is used to regulate the heartbeat frequency that is reduced by cardiovascular disorder.
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Various supportive government initiatives coupled with non-government organizations funding has also been instrumental in the phenomenal market growth over the past couple of years. For instance, the University of Michigan has entered into a partnership with World Medical Relief to develop the My Heart, Your Heart pacemaker program. It entails using a previously used pacemaker which is tested, certified and reconditioned before being sent to help needy people in other economies.
However, high cost of treatment is predicted to restrain the growth of the market over the forecast period. On the other hand, cardiac pacemaker manufacturers are continuously integrating new and innovative technologies to improve the efficiency and output of the pacemakers. For instance, Medtronic has developed new products like leadless pacemaker and rate-responsive pacemaker with enhanced features, effectivity, and functionality.
The global cardiac pacemaker market is segmented based on type, technology, application, and end users.
By type, the market is segmented into implantable, external cardiac pacemaker, and others. Implantable cardiac pacemakers are small devices that are placed inside the chest or abdomen to control abnormal heart rhythms. This means the patient has more energy and less shortness of breath. Thus, the segment of implantable pacemaker is surging at a higher rate than other sub-segments.
By technology, the market is segmented into biventricular, single-chambered, dual-chambered, and others. Biventricular devices are expected to gain lucrative share over the review period. These devices consist of two or three leads and are used in patients that present a lack of synchronization between contractions of the left and right ventricles, a condition known as ventricular desynchrony.
By application, the market is segmented into arrhythmias, congestive heart failure, and others. The arrhythmias segment is sub-segmented into tachycardia, bradycardia, and others. with increasing incidences of arrhythmias across the globe, the application of cardiac pacemaker for arrhythmias cases is high in the global market. By end-user, the market is segmented into hospitals, cardiac care centers, medical institutes, and others.
The global cardiac pacemaker market is segmented into regions of the Americas, Europe, Asia Pacific and the Middle East & Africa.
Globally, the Americas lead the global cardiac pacemaker market on account of the well-developed healthcare sector and massive patient population. Additionally, changing lifestyle, increasing healthcare expenditure, and growing geriatric population fosters the market growth in the Americas. Moreover, the presence of the developed economies such as the United States (U.S) and Canada within the region triggers the market growth as well.
Europe is the second largest market across the globe. Availability of funds for research, growing patient population, increasing healthcare expenditures, sophisticated healthcare sector and government support for research & development are exhibited to buoy the market growth during the conjectured period.
Asia Pacific is the fastest growing region, MRFR asserts that it is due to the presence of huge patient population, continuously developing economies such as India and China. These countries have increasing healthcare expenditures and growing healthcare sector along with favorable government policies like relaxation in customs and excise duty.
Lastly, the Middle East & Africa holds the least cardiac pacemaker market share on the back of poor economy and strict government policies in the African region. A major portion of the market in the Middle East & Africa is held by the Middle East owing to the well-developed healthcare sector and massive healthcare expenditure by the economies like Kuwait, Saudi Arabia, Dubai, and Qatar.
The prominent players at the forefront of the market are LEPU MEDICAL (U.K), SORIN Group (Europe), MEDICO S.p.A. (Europe), Medtronic (U.S.), Abbott. (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK (Germany), OSCOR Inc. (U.S.), and others.
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