Cardiac Pacemaker Market to Attain a Value of US$ 12.8 Bn by 2023
Global Cardiac Pacemaker Market: Overview
The global market for cardiac pacemaker is a consolidated one wherein the top three players, namely St. Jude Medical, Medtronic, and Boston Scientific account for a large chunk of the market vis-à-vis sales and revenue. Some of their winning strategies have been new product development, expanding geographical outreach through astute deal-making and distribution channels, and sagacious pricing. The overall revenue in the global market for cardiac pacemakers is predicted to be worth US$12.8 bn by the end of 2023. Based on volume, the market is slated to have over 2.4 mn units by the end of 2023.
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The report by Transparency Market Research, presents a detailed overview of the market by segmenting it based on product type, technology, and regions. Depending upon the product type, most of the cardiac pacemakers used these days are implantable. This is because cases in which external cardiac pacemakers are required are rare. Going forward too, they are expected to witness strong demand due to more advanced ones being unveiled in the market. The overall revenue generated through implantable cardiac pacemakers is expected to reach US$12.5 bn by 2023 end. Depending upon the underpinning technologies, the global market for cardiac pacemaker can be segmented into single chamber, dual pacemaker, and bi-ventricular. Among them, the dual chamber technology used is predicted to outshine all other segments in terms of growth.
Global Cardiac Pacemaker Market: Trends and Opportunities
According to the World Health Organization (WHO), cardio vascular diseases (CVDs) claimed almost 17.5 million lives in 2012. The WHO also pegs it as the number one cause of death worldwide. Globally, this has been the single-most important driver of demand for the artificial heart rate management devices such as cardiac pacemakers. Another factor filliping the demand is the burgeoning geriatric population worldwide and the changing lifestyle and eating habits that has led to the rising prevalence of high stress and obesity which often cause heart ailments. Further, proper reimbursement schemes for implantation of pacemaker, especially in developed countries of the world, has also upped demand for it.
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A factor restraining the global market for cardiac pacemakers is the complicated and time consuming approval procedure for their sales on account of the high risk associated with their use. For example, the U.S. FDA labels cardiac pacemakers as Class III high-risk medical devices, thereby requiring all cardiac pacemakers be tested for safety thoroughly to be approved. Another deterrent is the implementation of policies such as the Affordable Healthcare Act in the U.S. that has brought down margins of major players.
Global Cardiac Pacemaker Market: Regional Outlook
Regionally, the global market for cardiac pacemakers can be segmented into Asia Pacific, North America, Europe, and the Rest of the World (RoW). Among them, North America is the market leader in terms of revenue because of the alarming instances of CVDs and robust healthcare infrastructure in the region. Going forward too, the market will lead on the back of a rising geriatric population. Europe in another major market for cardiac pacemakers due to a large pool of elderly population and rising instances of heart diseases. When it comes to growth rate, however, Asia Pacific is forecasted to outshine all other regions because of the rise in awareness about modern pacemakers and the burgeoning heart disease patients across the region.
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Companies Mentioned in Report
The prominent names operating in the global cardiac pacemaker industry that have been profiled in the report include Boston Scientific, Medtronic, St. Jude Medical, Sorin, and Biotronik.
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