A new report on the global pacemaker market, published by Market Research Future (MRFR), assumes that this market can score profits at 6.5% CAGR with Major Drivers, Mega Trends, Regional Overview during the forecast period (2018-2023).
The most important market drivers for the global pacemaker market growth are a surge in the prevalence of cardiac disorders (especially atrial fibrillation) and subsequent high demand for pacemakers. Due to technological advancements, today pacemakers with small size and longer battery life are available. Other market drivers ensuring market growth include an increase in global geriatric population, an elevated level of awareness regarding cardiovascular diseases, government support towards research & development (R&D) in the medical sector, high healthcare expenditure, and improvement in reimbursement scenario. However, some factors that can impede the market growth include high costs of pacemakers, risks involved in implantation procedures, stringent regulatory requirements, and the bottlenecks regarding risks of malfunctions.
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Latest Industry News
According to a study, the use of a patient-specific approach to optimize self-expanding transcatheter aortic valve replacement (TAVR) positioning can reduce the requirement for permanent pacemaker (PPM) implants. 28 AUG 2019
Market Segmentation
The global pacemaker market segmentation encompasses application, end-user, implant approach, and product type. MRFR’s research on the market highlights many facets of the market in-depth.
The application-based segmentation of this market is covering bradycardia, heart failure, hypertrophic cardiomyopathy, syncope, and others. The bradycardia segment has been sub-segmented into atrioventricular (AV) block and sinus node dysfunction.
Regarding end-user, the market has been segmented into ambulatory surgical centers, hospitals & clinics, research & academic institutes, and others. In the context of implant approach, the market has been segmented into the endocardial approach and epicardial approach.
Byproduct type, the market includes external and implantable. The implantable segment has been sub-segmented as a single chamber, dual-chamber, and biventricular.
Regional Segmentation
A geographical outlining of the global pacemaker market covers the Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA).
In the Americas region, the presence of major medical device manufacturers, availability of advanced medical facilities, and technological advancement makes North America a bigger market than South America. In the USA and Canada, the revenue is maximum due to the presence of a robust healthcare sector, growing geriatric population, and surging cases of cardiovascular disorders. In the USA, the market is strong due to the US Food & Drug Administration (FDA) approving various novel pacemakers in the USA.
Europe holds the second-largest position in the global market due to government support towards R&D expenditure, and rising contribution of leading market players. Due to the reasons the same as in the Americas, Western Europe is a bigger regional market compared to Eastern Europe. Many important medical device manufacturers in this region are coming up with more advanced technology for medical treatment due to the rising cases of cardiovascular ailments. The biggest contributors to the market revenue in this region are France, Germany, Italy, Spain, and the UK. Research on the remaining countries in Europe featured in this report estimate the strong addition to market revenue from various other countries in this region.
Due to the rising prevalence of atrial fibrillation, the market is surging in the Asia Pacific region. The high density of population, increasing healthcare expenditure, improving healthcare sector, presence of a large pool of cardiac patients, and the emergence of India as a medical tourism hub is the other factors providing better traction to the regional market. Other countries that are important markets in this region are Australia, China, Japan, and South Korea. An examination of the remaining countries in the Asia Pacific region featured in this report sums up the additional market revenue from some other countries.
In the MEA region, the market is low due to lack of technical knowledge, lack of healthcare infrastructure, less awareness regarding cardiac medical conditions, low development, and poor medical facilities.
Key Players
Big players in the global pacemaker market are Biotronik GmbH & Co. KG (Germany), Boston Scientific Corporation (USA), Cook Medical Incorporated (USA), MEDICO S.p.A (Italy), Cordis Corporation (USA), Edwards Lifesciences (USA), General Electric Company (USA), Medtronic PLC (Ireland), Shree Pacetronix Ltd. (India), Sorin Group (Italy), St. Jude Medical Inc. (USA), Vitatron (The Netherlands), and ZOLL Medical Corporation (USA).
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Key Questions Answered
- What is the market size?
- What is the growth rate if the market in the next 5 years?
- Who are the major players in the market?
- Which Segments are growing faster?
- What factors are contributing to the positive growth of the market?
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