The World Pacemaker Market report summarizes emerging key players in the market along with effective strategies followed by them. The report gives new and innovative ideas to provide more advance solutions to the professionals.
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.
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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.
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.
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.
Global Pacemaker Market – Competitive Analysis
July, 2016- BIOTRONIK had received CE approval for its Edora pacemakers and cardiac resynchronization therapy pacemakers. Biotronik is one of the global leader in cardio- and endovascular medical technology, and is headquartered in Berlin, Germany, and represented in over 100 countries. Many patients have used company implants with improved quality, or have been treated with company’s coronary and peripheral vascular intervention products. However, the company was first to develop pacemaker in 1963, moreover the company has engineered many innovations, which includes Magmaris, the first clinically proven bioresorbable magnesium scaffold, Home Monitoring, Pulsar 18- the world’s first 4 F compatible stent for treating long lesions, Orsiro, first hybrid drug-eluting stent; and the world’s first implantable cardioverter defibrillators and heart failure therapy devices with ProMRI technology
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December 2018- Carondelet St. Joseph’s Hospital in Tuscon, 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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