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July 28, 2020

Global Cardiac Pacemakers Market by Product Types (Implantable and External), Technologies (Single Chambered Pacemakers, Dual Chambered Pacemakers, and Biventricular Pacemakers), End-users (Hospitals & Clinics, Ambulatory Surgical Centers, and Others)

The cardiac pacemakers market was valued at approximately USD 9.5 billion in 2019 and is expected to reach around USD 18.6 billion by 2026, expanding at a CAGR of around 7.8% during the forecast period, between 2020 and 2026. The growth of the market is attributed to increasing prevalence of cardiovascular disorders in developed and underdeveloped countries. Additionally, initiatives taken government and funding are also the primary factors driving the growth of the market. However, lack of awareness regarding the diseases is one of the key factors hindering the growth of the market. Cardiac pacemaker is an electrical device which is used by the patients suffering from irregular heartbeat for the treatment of arrhythmias. The patients suffer from two types of arrhythmias which includes bradycardia and tachycardia. The fast heart beat rate is known as tachycardia and slow heartbeat rate is known as bradycardia. The disease leads to disabling blood pumping in other body parts which results in fainting and fatigue. The chances of artrial and ventricular arrhythmias increases with age and it does not show any sign of coronary heart disease. The number of sudden cardiac deaths is more than 600,000 according to Center for Disease Control and Prevention (CDC). Additionally, around 50% patients die during the first cardiac disease. A cardiac pacemaker helps in regulating heart rate to lead a healthy and active life style.

Market Trends, Drivers, Restraints, and Opportunities:

  • Surging number of cardiovascular incidents across the globe especially in developed nations increases the demand for cardiac pacemakers which drives the growth of the market.
  • Increasing cardiovascular diseases in the undeveloped countries boosts the growth of the market.
  • Growing funds from non-government organizations and support from government through various initiatives is one of the primary factors fueling the growth of the market.
  • Rising technological advancements and advanced diagnostics with transformation in technology is propelling the growth of the market.
  • Boosting scenarios for reimbursement of the treatment increases the growth of the market.
  • Lack of awareness among population regarding cardiovascular diseases is one of the primary factors restraining the growth of the market.
  • Increasing treatment cost and product recalls due to device malfunctioning are also key factors hampering the growth of the global cardiac pacemakers market.
  • New product launches and production of cost-effective, reliable, and fast diagnostic methods are the opportunities for the growth of the market.

Scope of the Report

The report on the global cardiac pacemakers market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report. AttributesDetailsBase Year2019Historic Data2015–2018Forecast Period2020–2026Regional ScopeAsia Pacific, Europe, North America, Middle East & Africa, and Latin AmericaReport CoverageCompany Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Global Cardiac Pacemakers Market Segment Insights:

Based on product types, the global cardiac pacemakers market is bifurcated into implantable and external. Implantable cardiac pacemaker leads the growth of the market in the segment with largest market share. Implantable pacemaker is placed on the left side of the chest under the skin and is connected to the heart through the leads guided through a blood vessel. Excellent modality and effectiveness of implantable pacemakers propels the growth of the market. On the basis of technologies, the market is segregated into single chambered pacemakers, dual chambered pacemakers, and biventricular pacemakers. Dual chambered pacemakers dominate the growth of the market in the segment with largest market share. High efficiency of dual chambered pacemakers in reducing artrioventricular block, sick sinus syndrome, and incidents of stroke and heart failure is the primary factor propelling the growth of the segment. Additionally, increase in sales and high price drives the growth of dual chambered cardiac pacemaker. Based on end-users, the market is divided into hospitals & clinics, ambulatory surgical centers, and others. The end-user dominating the market growth in the segment is hospitals & clinics with largest market share and highest growth rate over the forecast period. Increasing number of implants of cardiac pacemakers taking place in hospitals owing to better reimbursement rates is the primary factor fueling the growth of the segment. In terms of regions, the global cardiac pacemakers market is categorized as Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. North America leads the growth of the market in the segment with maximum share. Surging prevalence of cardiovascular diseases in the region is the key factor boosting growth of the market. Additionally, robust healthcare infrastructure is also fueling the growth of the market in North America.

Competitive Landscape:

Major companies in the global cardiac pacemakers market include Medtronic’s, St.Jude Medical Inc., Abbott Inc., Boston Scientific Corporation, BIOTRONIK SE & Co. KG, Lepu Medical Technology Co ltd., MEDICOWEB, Pacetronix ltd., LivaNova Plc., and Osypka Medical GmbH. The key vendors of the market hold around 80% to 85% of the overall market share. The companies are using strategic acquisitions such as expansions, capital investments, R&D activities, technological advancements, product launches, product portfolio, collaborations, mergers & acquisitions, and strategic partnerships. Abbott Inc. received approval of Food and Drug Administration (FDA) in February 2017 for MRI-conditional labeling of the Tendril MRI pacing lead and the Assurity MRI pacemaker. BIOTRONIK SE & Co. KG recently launched CardioMessenger Smart, a portable monitoring device, in the U.S. to keep pacemaker.

The global cardiac pacemakers market has been segmented on the basis of

Product Types

  • Implantable
  • External

Technologies

  • Single Chambered Pacemakers
  • Dual Chambered Pacemakers
  • Biventricular Pacemakers

End-users

  • Hospitals & Clinics
  • Ambulatory Surgical Centers
  • Others

Regions

  • Asia Pacific
  • Europe
  • North America
  • Middle East & Africa
  • Latin America
@mandarshewale
July 28, 2020, 13:10
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