Market Analysis
The global pacemaker market is predicted to grow at a 6.5% CAGR over the forecast period (2018-2023), states the latest Market Research Future (MRFR) report. A pacemaker, simply put, is a small device that is battery-operated. It senses when the heart beats too slowly or irregularly and sends a signal to the heart, which makes the heart beat at an accurate pace. This device can help to relieve some symptoms of arrhythmia, such as fainting and fatigue. It also assists people with abnormal heart rhythms in resuming an active lifestyle. Physicians generally suggest pacemakers for a couple of reasons of which the most common include heart block, bradycardia, people having heart transplants, and specific forms of congenital heart disease.
Various factors are propelling the pacemaker market growth. Some of these factors, according to the Market Research Future report, include rising incidences of cardiac diseases, rising geriatric population, growing awareness regarding cardiovascular disorders, various technological advancements, and rise in medical expenses. Additional factors pushing market growth include favorable and strong reimbursement policies, cost-effective steps undertaken by the government, advanced diagnostics, and increasing research and development investments for pacemakers.
On the contrary, the high price of pacemakers and complications related to the implant are factors that may restrict the pacemaker market growth over the forecast period.
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Market Segmentation
The MRFR report offers a wide segmental analysis of the pacemaker market on the basis of application, product type, implant approach, and end user.
Based on product type, the pacemaker market is segmented into external and implantable. Of these, the implantable segment will lead the market over the forecast period. This is owing to increasing preference for such pacemakers based on their advantages over the external counterparts and rising prevalence of CVDs.
Based on application, the pacemaker market is segmented into syncope, cardiomyopathy, hypertrophic, heart failure, bradycardia, and others. The bradycardia segment is again segmented into AV block and sinus node dysfunction.
Based on implant approach, the pacemaker market is segmented into the epicardial approach and endocardial approach.
Based on end user, the pacemaker market is segmented into research and academic institutes, ambulatory surgical centers, hospitals and clinics, and others. Of these, hospitals and clinics will have the largest share in the market over the forecast period.
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Regional Analysis
By region, the pacemaker market report covers the latest trends and growth opportunities across the Asia Pacific, Europe, the Americas, and the Middle East and Africa. Of these, the Americas will spearhead the market over the forecast period. This is owing to technological advancements and the presence of a robust healthcare sector in the region. Moreover, the presence of several medical device manufacturers, rising cases of cardiovascular disorders, and new pacemakers getting approval from the FDA are also pushing market growth.
The pacemaker market in Europe is predicted to have the second-largest share in the market over the forecast period. This is owing to growing support from the government in the form of research and development grants, increasing presence of key players, high healthcare expenditure, and rising incidences of cardiovascular diseases.
The pacemaker market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to increasing healthcare expenditure, rising incidences of atrial fibrillation, and the presence of a large pool of cardiac patients. Moreover, this region has emerged as a medical tourism hub that is also propelling market growth.
The pacemaker market in the Middle East and Africa is predicted to have a sluggish growth over the forecast period. This is owing to less awareness about cardiac medical conditions, lack of technical knowledge, and lack of healthcare infrastructure.
Key Players
Leading players profiled in the pacemaker market report include Vitatron, Cook, Edwards Lifesciences, Sorin Group, Medtronic Plc, Pacetronix, General Electric Company, Boston Scientific Corporation, Biotronik GmbH & Co. KG, St. Jude Medical Inc., MEDICO S.p.A, Cordis, Inc., and ZOLL Medical Corporation.
March 2019: Scientists in China have come up with a pacemaker by bonding piezoelectric layers with a flexible plastic frame that helps in harvesting energy from the beating heart.
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