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 for Global Cardiac Pacemaker Market
The cardiac pacemaker market has several global players who engage in strategic developments to ace the field. These developments include merger, acquisition, collaboration, new product launch, and other methods. For instance, Medtronic is acquiring shares in Chinese company LifeTech Scientific to gain hold of the Chinese market. Stryker, on the other hand, is trying to buy Boston Scientific Corporation in a bid to expand their portfolio.
Prominent names 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
The prominent players at the forefront of the market are LEPU MEDICAL (U.K), SORIN Group (Europe), MEDICO S.p.A. (Europe), Medtronic (U.S.), Abbott. (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK (Germany), OSCOR Inc. (U.S.), and others.
Researchers at the University of Ottawa Heart Institute completed the first successful implant in 2018 of a Micra Leadless Transcatheter Pacing System, which is the latest model of its category and the smallest leadless pacemaker in the world. The process allows the machine to be implanted directly within the heart, unlike other pacemakers.
Practitioners at Children’s Hospital Los Angeles and the University of Southern California have developed a micropacemaker system requiring implantation in the pericardial sac which could be a breakthrough in cardiac surgery options for children and adults.
The global cardiac pacemaker market can be segmented by type, technology, application, and end-users.
Based on type, the cardiac pacemaker market includes implantable, external cardiac pacemaker, and others.
Technology-wise, the cardiac pacemaker market comprises biventricular, single-chambered, dual-chambered, and others.
Application-based segmentation of the cardiac pacemaker market consists arrhythmias, congestive heart failure, and others. Arrhythmias segment can be sub-segmented into tachycardia, bradycardia, and others.
Based on the end-users, the market cardiac pacemaker includes hospitals, cardiac care centers, medical institutes, and others.
Regional Analysis for Global Cardiac Pacemaker Market
Geographical analysis of cardiac pacemaker market includes regions namely the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas has the lead in the global market, and they can attribute this to a superior infrastructure, and better healthcare policies. Furthermore, a considerable patient pool is also playing in favor of cardiac pacemaker market. Changing lifestyle and high healthcare expenditure are proving essential for the regional market growth.
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Europe is following the lead and is experiencing considerable growth owing to regular investment in research and development. Governments taking a keen interest in the sector has a positive impact on the market.
The APAC is the fastest growing region with India and China continually improving their industrial landscape. In addition, many countries of this region are emerging as a medical tourism hub and helping the regional cardiac pacemaker market witness unprecedented growth. The MEA region’s growth will be slow due to lack of infrastructure and poor economic regions.
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