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.
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 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:
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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