The Global Cardiac Pacemaker Market is expecting a 7.9% CAGR during the forecast period (2017-2023) to claim substantial market valuation by the end of 2023, asserts Market Research Future (MRFR). This certain growth can be attributed to several factors from its functional features to its use in countering diverse health-related issues. Cardiac pacemaker’s 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.
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Increasing prevalence of atrial fibrillation (AFib), growing geriatric population, and rising healthcare expenditures are the major drivers for the market growth during the forecast period. The Global Cardiac Pacemaker Market is expected to grow at an approximate CAGR of 7.9% during the forecast period.
Key Players:
Highly competitive, the cardiac pacemaker market appears fragmented due to the presence of many well-established players. These players incorporate strategic initiatives such as acquisition, collaboration, expansion, technology launch, and partnership.
To achieve their goals and to develop capable devices, these players invest substantially in R&D and clinical trials. Manufacturers try to design new pacemakers that can incorporate many additional features and capabilities meeting the demands of the competitive market.
To overcome the challenges posed by the device malfunctioning or mishandling of the device by untrained personnel, the Manufactures are striving to develop technically advanced and efficient devices that would need minimal administration and offer several benefits with safety and support in maintaining a steady heartbeat.
Key players leading the global cardiac pacemaker market include Abbott. (U.S.), Medtronic (U.S.), Boston Scientific Corporation (U.S.), LEPU Medical (U.K), BIOTRONIK (Germany), SORIN Group (Europe), OSCOR Inc. (U.S.), and MEDICO S.p.A. (Europe), among others.
Industry Update:
April 25, 2019 — A team of scientists from the Georgia Institute of Technology (the US) announced the development of a battery-free pacemaker. The new pacemaker does not require a battery and harvests its energy from the user’s beating heart. Successfully tested on pigs, the new pacemaker uses an “energy harvester”, wrapped around the heart that can generate electricity from the pulsating motion of the muscle.
Each beat of the heart produces sufficient electricity to be able to power the device. The tests demonstrated that the harvested energy was higher than that needed for a human pacemaker. However, it could be some years before symbiotic pacemakers are ready to be implanted safely into human patients.
Regional Analysis:
The North American region heading with the well-developed healthcare sector dominates the global cardiac pacemaker market. Moreover, the increasing number of patient population led by the changing lifestyle and growing geriatric population within the region are some of the factors boosting the growth in the regional market. Furthermore, increasing healthcare expenditure backed by the well-developed economy is a key driving force fueling the market growth in the region.
The cardiac pacemaker market in the European region accounts for the second largest market, globally. Factors such as the Increasing research activities led by the availability of funds from the public and private sectors drive the regional market. Also, huge patient population and well-developed healthcare sector alongside the increasing healthcare expenditures are some of the factors projected to be the growth propellant during the forecasted period.
The cardiac pacemaker market in the Asia Pacific region is emerging as a promising market, globally. Factors such as the large advancements in medical technology and the electronic medical devices drive the growth of the regional market. Well-developed and fully equipped healthcare infrastructure, especially in the rapidly emerging countries such as India and China, are acting as a major tailwind pushing the regional market up, meeting the growing demand from the increasing number of the patient population. Furthermore, increasing healthcare expenditures and favorable government policies like relaxation in customs and excise duty are some of the key factors that are fueling the growth of the market within the region.
Market Segmentation
For ease of understanding, the analysis has been segmented into five key dynamics:
By Type: Implantable and External.
By Technology: Biventricular, Single-Chambered, and Dual-Chambered among others.
By Application: Arrhythmias and Congestive Heart Failure among others.
By End-user: Hospitals, Cardiac Care Centers, Medical Institutes and Ambulatory among others.
By Region: North America, Asia Pacific, Europe, and the Rest-of-the-World.
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