Market summery -
The
global pacemaker market size is expected grow 4.2 billion to strike a CAGR of 3.6%
over the forecast period of 2023-2030, as per the
latest study report by Market Research Future (MRFR).
Pacemakers
regularize heart rhythm by sending electric pulses to the heart and help in
restoring cardiac activity. The surge in
the prevalence of cardiac diseases has generated high demand for pacemakers
which is driving the growth of the global pacemaker market. Atrial
fibrillation, in particular, has witnessed a higher incidence rate in recent
years which requires pacemakers for remediation. Increase in global geriatric
population is also creating a conducive environment for the growth of the
market. Atrial fibrillation and cardiac diseases
are more prevalent in old patients. As
per a 2018 study published in the Aging Medicine, there is 5 to 9%
chance of occurrence of atrial fibrillation in patients between the age of
60-80 years and nearly 10% in patients aged over 80 years.
Technological
advancements have resulted in the
development of advanced pacemakers which are smaller in size and have longer
battery life. Other factors aiding the growth of the market include an elevated level of awareness regarding
cardiovascular diseases, improvement in reimbursement scenario, and high
healthcare expenditure across the globe.
In
recent years, various new pacemakers have received clearance from regulatory
bodies which also has augmented the growth of the global pacemaker market.
However, the approval and marketing if pacemakers are regulated by the US FDA
which are stringent considering the degree of risk they pose to patients. Such
stringent regulatory requirements might impede the growth of the market. High
costs of pacemakers, risks involved in implantation procedures and risks of
malfunctioning are other possible bottlenecks.
Competitive Landscape
Global pacemaker market players are below
ZOLL Medical Corporation, MEDICO S.p.A, Cordis, Inc., St. Jude Medical
Inc., Biotronik GmbH & Co. KG, Boston Scientific Corporation, General
Electric Company, Pacetronix, Medtronic Plc, Sorin Group, Edwards Lifesciences,
Cook, and Vitatron are the key players in the global
pacemaker market.
Segmentation
The global pacemaker market has been segmented based on product type,
application, implant approach, and end-user.
By product type, the
global pacemaker market has been segmented into implantable and external. The
implantable segment has been further segmented into single chamber, dual chamber,
and biventricular.
By application, the
global pacemaker market has been segmented into
bradycardia, heart failure, hypertrophic cardiomyopathy, syncope, and others. The bradycardia segment has been further segmented
into sinus node dysfunction and AV block.
By implant approach, the
global pacemaker market has been segmented into endocardial approach and
epicardial approach.
By end-user, the global pacemaker market has been segmented into hospitals & clinics,
ambulatory surgical centers, research & academic institutes, and others.
Regional Analysis
By
region, the global pacemaker
market insight has been segmented into the Americas, Asia Pacific
(APAC), Europe, and the Middle East & Africa (MEA).
The
Americas account for the largest share of the global pacemaker market. Presence
of a robust healthcare sector and technological advancements accelerate the
growth of the market. The FDA has also been approving various novel pacemakers
in the region. Moreover, the presence of various medical device manufacturers
and surging cases of cardiovascular disorders support market growth in the
Americas.
Europe
follows the Americas closely and ranks second in the global pacemaker market.
Growing government support in the form of R&D grants and the growing presence of key players in the region
drive the market in Europe. The growing
incidence rate of cardiovascular diseases and high healthcare expenditure are
other factors substantiating the growth of the market.
APAC
pacemaker market is driven by the growing prevalence of atrial fibrillation in
the region. In addition, the region has
emerged as a medical tourism hub which is likely to propel the growth of the
market. Increasing healthcare expenditure and the presence of a large pool of cardiac patients also will have a
positive impact on market growth.
The
MEA market is likely to exhibit sluggish growth due to lack of healthcare
infrastructure, lack of technical knowledge and less awareness regarding
cardiac medical conditions.
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