Overview:
The
global cardiac pacemaker market share 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 research 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.
The
global cardiac pacemaker market players 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 outlook 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 trends 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:
Cardiac
pacemaker market insights 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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