Overview:
The global cardiac pacemaker
market size is projected to reach USD 5.8 billion by 2030
at a 3.20% CAGR during the forecast period 2022-2030. This certain growth can be attributed to several
factors from its functional features to its use in countering diverse
health-related issues. Cardiac pacemakers use
in maintaining regularity of the heart rhythm by sending electrical pulses to
the heart has gained traction in treating atrial fibrillation (AFib) which is
also the chief driver in taking the cardiac pacemaker market ahead.
Furthermore, the rising geriatric population, with a predicted number of
2.1billion by 2050, is expanding the cardiac pacemaker market horizon.
However, cardiac pacemakers incur high cost which can be a hurdle for the cardiac pacemaker market during the forecast period. At the same time, its implantation procedure requires surgery and risks of malfunctioning can add further woe.
Market
Insight:
The cardiac pacemaker
market has several global players who engage in strategic developments
to ace the field. These developments include merger,
acquisition, collaboration, new product launch, and
other methods. For instance, Medtronic is acquiring shares in Chinese company
LifeTech Scientific to gain hold of the Chinese market. Stryker, on the other
hand, is trying to buy Boston Scientific
Corporation in a bid to expand their portfolio.
Prominent names
in the global cardiac pacemaker market are Medtronic (U.S.), Abbott. (U.S.),
Boston Scientific Corporation (U.S.), BIOTRONIK (Germany), LEPU MEDICAL (U.K),
SORIN Group (Europe), MEDICO S.p.A. (Europe), OSCOR Inc. (U.S.), and others.
Industry
Trend:
Researchers at the
University of Ottawa Heart Institute
completed the first successful implant in
2018 of a Micra Leadless Transcatheter Pacing System, which is the latest model
of its category and the smallest leadless pacemaker in the world. The process
allows the machine to be implanted directly within the heart, unlike other pacemakers.
Practitioners at
Children's Hospital Los Angeles and the University of Southern California have
developed a micropacemaker system requiring
implantation in the pericardial sac which could be a breakthrough in cardiac
surgery options for children and adults.
Segmentation
Analysis:
The global
cardiac pacemaker market can be segmented
by type, technology, application, and end-users.
Based on type, the cardiac pacemaker market includes
implantable, external cardiac pacemaker, and others.
Technology-wise,
the cardiac pacemaker market comprises biventricular, single-chambered,
dual-chambered, and others.
Application-based
segmentation of the cardiac pacemaker market consists
arrhythmias, congestive heart failure, and others. Arrhythmias segment can be
sub-segmented into tachycardia, bradycardia, and others.
Based on the end-users,
the market cardiac pacemaker includes hospitals, cardiac care centers, medical
institutes, and others.
Regional
Analysis:
Geographical
analysis of cardiac pacemaker market includes regions namely the Americas,
Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas has
the lead in the global market, and they
can attribute this to a superior infrastructure, and better healthcare
policies. Furthermore, a considerable
patient pool is also playing in favor of
cardiac pacemaker market. Changing lifestyle and high healthcare expenditure
are proving essential for the regional market growth.
Europe is
following the lead and is experiencing considerable growth owing to regular
investment in research and development. Governments taking a keen interest in the sector has a positive
impact on the market.
The APAC is the
fastest growing region with India and China continually
improving their industrial landscape. In
addition, many countries of this region are emerging as a medical tourism hub and helping the regional
cardiac pacemaker market witness unprecedented growth. The MEA region’s growth
will be slow due to lack of infrastructure and poor economic regions.
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