Cardiac Pacemaker Market Research Report: By Type (Implantable, External) By Technology (Biventricular, Single-Chambered, Dual-Chambered) Application (Arrhythmias, Congestive Heart Failure) End Users (Hospitals, Ambulatory) – Global Forecast till 2023
The global Cardiac Pacemaker Market Share has been expanding with the rising burden of cardiac diseases and increasing need for cardiac rhythm management. Factors like atrial fibrillation and rising geriatric population is creating a robust growth scope for cardiac pacemaker market. By 2025 the global geriatric population is expected to surpass 2.1 billion. However, older people are more active now than they ever used to be and activities like swimming, jogging and riding bikes to stay fit are activities most people above the age of 50 indulge in and are recommended to pursue by doctors. However, disorders like cardiac arrhythmia can pose a significant hindrance to such activities and therefore more people are turning to cardiac implants like pacemakers to live a more active life. Assessments by Market Research Future affirms that cardiac pacemaker market is expecting a 7.9% CAGR over 2017-2023.
Cardiac pacemaker industry giants are also investing immensely in the development of enhanced pacemaker technologies to augment their position in the market. For instance, Medtronic created ripples in the cardiac pacemaker market when it launched the smallest pacemaker in the world. Micra, as the device is called was approved by the U.S. FDA in 2016 and is a part of Medtronic’s deep miniaturization program. It is a leadless pacemaker and is implanted directly into the patient’s heart and the minimally invasive surgery makes it possible to go back to daily activities within two days.
There are several significant players in the cardiac pacemaker market such as Medtronic, BIOTRONIK, Boston Scientific Corporation, Abbott, MEDICO S.p.A., SORIN Group, LEPU MEDICAL, OSCOR Inc. etc. Most of these companies are investing heavily in research and development activities that can lend an added competitive edge to them. On the other hand, they are also undertaking strategic moves and investing in merger, acquisition and collaborations to gain an expanded share in the cardiac pacemaker market.
Cardiac pacemaker market is segmented on the basis of type, application, technology and end-users.
On the basis of type cardiac pacemaker market is further subdivided as external cardiac pacemaker, implantable and others.
By technology cardiac pacemaker market is classified into dual-chambered, single-chambered, biventricular and others.
Application-wise segmentation of cardiac pacemaker market comprises congestive heart failure, arrhythmias and others. Arrhythmias segment is further subdivided bradycardia, tachycardia and others.
End user segmentation of cardiac pacemaker market includes cardiac care centers, hospitals, medical institutes and others
Geographically cardiac pacemaker market is subdivided into Americas, Europe, APAC and MEA. The Americas is expected to lead the cardiac pacemaker market due to the presence of better healthcare policies and superior infrastructure. Rising geriatric population has created a significant demand for cardiac pacemakers in the region. Lifestyle diseases that are leading to increased cardiac disorders and increased expenditure for better health are factors adding impetus to North America cardiac pacemaker market.
Europe cardiac pacemaker market is anticipated to account for the second largest revenue share due to increased government spending on enhancing the healthcare sector. Research and development activities seeking better and more efficient solution to cardiac disorders is expected to augment market growth in the region.
With emerging economies like China and India investing in healthcare infrastructure improvement, APAC region is slated to witness the fastest growing cardiac pacemaker market. Also, medical tourism in Asian countries has been on the rise which has led to increased infrastructure development for medical centers and in turn led to significant growth in the cardiac pacemaker market.
The MEA cardiac pacemaker market is expected to record slower growth due to lack of infrastructure and economic backwardness of the region.