Market Research Future publishes a market reports related to the healthcare sector among others, recently forecasted in its report on Global Cardiac Pacemakers Market Research Report- Forecast to 2023 that the market will demonstrate a steady CAGR of 7.9% while achieving million dollar growth readily in the forecast period.
Cardiac pacemakers are medical devices used to manage the heart rates in diseases like heart arrhythmia, congestive heart failure, and others. The market has implantable and external cardiac pacemakers along with biventricular, single-chambered, and dual-chambered cardiac pacemakers. The use of the implantable pacemakers is preferred over the external pacemaker.
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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 for Global Cardiac Pacemaker Market
The key players in the Global Cardiac Pacemaker Market 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.
Regional Analysis for Global Cardiac Pacemaker Market
The Americas dominate the Global Cardiac Pacemaker Market owing to the well-developed healthcare sector, huge patient population, changing lifestyle, increasing healthcare expenditure, and growing geriatric population.
Europe is the second largest Cardiac Pacemaker Market owing to the availability of funds for research, huge patient population, increasing healthcare expenditures, and well-developed healthcare sector.
Asia Pacific is the fastest growing region in the Global market. The presence of a huge patient population and continuously developing economies like India and China drive the market growth during the forecast period.
On the other hand, the Middle East & Africa holds the least share in the Global Cardiac Pacemaker Market. A majority of the market in the Middle East & Africa is held by the Middle East due to the well-developed healthcare sector and huge healthcare expenditure.
Cardiac Pacemaker Market Segmentation
The global cardiac pacemaker market is segmented based on type, technology, application, and end users.
By type, the market is segmented into implantable, external cardiac pacemaker, and others. Implantable cardiac pacemakers are small devices that are placed inside the chest or abdomen to control abnormal heart rhythms. This means the patient has more energy and less shortness of breath. Thus, the segment of implantable pacemaker is surging at a higher rate than other sub-segments.
By technology, the market is segmented into biventricular, single-chambered, dual-chambered, and others. Biventricular devices are expected to gain lucrative share over the review period. These devices consist of two or three leads and are used in patients that present a lack of synchronization between contractions of the left and right ventricles, a condition known as ventricular desynchrony.
By application, the market is segmented into arrhythmias, congestive heart failure, and others. The arrhythmias segment is sub-segmented into tachycardia, bradycardia, and others. with increasing incidences of arrhythmias across the globe, the application of cardiac pacemaker for arrhythmias cases is high in the global market. By end-user, the market is segmented into hospitals, cardiac care centers, medical institutes, and others.
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