MRFR’s market study identifies the growing prevalence of cardiovascular disorders to be one of the main growth drivers for the cardiac pacemaker market. Cardiovascular disorder is one of the main causes of death in developed and developing nations. Factors such as high blood pressure, lack of physical exercise, obesity, hereditary, diabetes and growing geriatric population are mainly responsible for causing cardiovascular diseases in individuals.
The global cardiac pacemaker market has been expanding with the rising burden of cardiac diseases and the increasing need for cardiac rhythm management. Factors like atrial fibrillation and rising geriatric population is creating a robust growth scope for cardiac pacemaker market. By 2025 the global geriatric population is expected to surpass 2.1 billion.
However, disorders like cardiac arrhythmia can pose a significant hindrance to such activities and therefore more people are turning to cardiac implants like pacemakers to live a more active life. Assessments by Market Research Future affirms that cardiac pacemaker market is expecting a 7.9% CAGR over 2017-2023.
Regional Analysis:
Geographically cardiac pacemaker market is subdivided into Americas, Europe, APAC and MEA. The Americas is expected to lead the cardiac pacemaker market due to the presence of better healthcare policies and superior infrastructure. The rising geriatric population has created a significant demand for cardiac pacemakers in the region. Lifestyle diseases that are leading to increased cardiac disorders and increased expenditure for better health are factors adding impetus to the North America cardiac pacemaker market.
Europe’s cardiac pacemaker market is anticipated to account for the second-largest revenue share due to increased government spending on enhancing the healthcare sector. Research and development activities seeking a better and more efficient solution to cardiac disorders is expected to augment market growth in the region.
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With emerging economies like China and India investing in healthcare infrastructure improvement, APAC region is slated to witness the fastest growing cardiac pacemaker market. Also, medical tourism in Asian countries has been on the rise which has led to increased infrastructure development for medical centers and in turn led to significant growth in the cardiac pacemaker market.
Segmentation:
Cardiac pacemaker market is segmented on the basis of type, application, technology and end-users.
On the basis of type cardiac pacemaker market is further subdivided as external cardiac pacemaker, implantable and others.
By technology cardiac pacemaker market is classified into dual-chambered, single-chambered, biventricular and others.
Application-wise segmentation of cardiac pacemaker market comprises congestive heart failure, arrhythmias and others. Arrhythmias segment is further subdivided bradycardia, tachycardia and others.
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Competitive Insight:
There are several significant players in the cardiac pacemaker market such as Medtronic, BIOTRONIK, Boston Scientific Corporation, Abbott, MEDICO S.p.A., SORIN Group, LEPU MEDICAL, OSCOR Inc. etc. Most of these companies are investing heavily in research and development activities that can lend an added competitive edge to them. On the other hand, they are also undertaking strategic moves and investing in merger, acquisition and collaborations to gain an expanded share in the cardiac pacemaker market.
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