Pacemaker Market Future Growth And Forecast With Significant Players 2019 - 2027
The global pacemaker market is likely to post a CAGR of 6.5%
over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in
an exclusive study. Surging prevalence of cardiovascular diseases across the
globe is the prime drive behind the growth of the global pacemaker market. A
pacemaker is used in the management of atrial fibrillation, to maintain
adequate heart rate. Increasing global geriatric remains a significant growth
driver.
The old age population is more prone to developing cardiac
disorders and subsequently boosting the growth of the global pacemaker market.
Technological advancements in the pacemaker arena have resulted in the
development of improved pacemakers with extended battery life, smaller size,
better performance, and reduced failure rate. Leadless pacemakers are the new
addition to the pacemaker space. They are typically the size of a pill and can
be implanted with a minimally invasive procedure. Other driving factors include
raising awareness regarding cardiovascular disorders and the general decline in
the prices of pacemakers and treatment procedures. The rise in a number of FDA
approval for new pacemakers can also be credited for the growth of the market.
On the contrary, the growth of the global pacemaker market might be hindered
due to the high costs associated with pacemakers which limit market growth in
price-sensitive markets. Post-implantation complications of pacemakers are also
possible bottlenecks to the growth of the global Pacemaker
Market. The market growth is also at a threat from alternative
treatment options.
Competitive Landscape
Global manufacturers
of pacemakers market include Biotronik GmbH & Co. KG
(Germany), Medtronic Plc (U.S.), Sorin Group, St. Jude Medical Inc. (U.S.),
Edwards Lifesciences (U.S.), ATS Medical (U.S.), Vitatron Holding B.V. (the
Netherlands), Zoll Medical Corporation (U.S.), and Boston Scientific
Corporation (U.S.).
Segmentation
The pacemaker market 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
segmented into single chamber, dual chamber, and biventricular.
By application, the global pacemaker market has been
segmented into syncope, hypertrophic cardiomyopathy, bradycardia, and heart
failure. 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
Geographically, the global pacemaker market has been
segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East
& Africa (MEA).
The Americas pacemaker market has been segmented into North
America and South America. The Americas is at the forefront of the global
pacemaker market due to the high prevalence of cardiovascular disorders in the
region which induces greater demand for pacemakers. The region tends to adopt
advanced technologies swiftly which coupled with higher affordability drives
the market in the Americas.
Europe is the second largest market for a pacemaker. The
Europe market is driven by government funding for R&D and the presence of
leading market participants in the regions. APAC is slated to be the fastest
growing market over the forecast period. The MEA market is likely to exhibit
the lowest growth due to limited development in the medical field, lack of
technical knowledge, and poor medical facilities.
Industry Updates
December 2018- Carondelet St. Joseph’s Hospital in Tucson,
the US is now offering a leadless pacemaker which can be implanted through a minimally
invasive surgical procedure. The pacemaker can be used to treat patients with
irregular or slower-than-normal heart rate. The new pacemaker is about the size
of a vitamin pill and does not require cardiac wires.
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