Market summery -
Global Pacemaker Market Share is
expected grow a CAGR of 3.60% over the forecast period of 2023-2032, 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
outlook 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 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.
Abut US:
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