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Current and Future Scope of Pacemaker Market | Its Projected to Grow at a CAGR Of 6.5% | Forecast to 2023
Global Pacemaker Market - Overview
A pacemaker is a small device that is used to regulate your heart rhythm. The global pacemaker market has been evaluated as steadily growing market and it is expected that the market will continue to grow similarly in the near future.
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Cardiac pacemaker are the artificial heart rhythm management devices which regularize the heartbeats by sending the electrical impulses to the heart. On the other hand, implantable pacemakers are placed inside the skin on the left side of the chest of the patient. The normal life of an implantable pacemaker device is said to be 10 years.
The average cost of the device is around $10000 in US. But due to the favorable reimbursement policies of the government, it becomes affordable for the people to undergo the implantation procedure leading to the growth of the market.
Global Pacemaker Market - Growth and Analysis
Among the two types implantable and external, implantable cardiac pacemakers are the most preferred pacemakers by the physicians. The market for implantable pacemaker is very large as compared to external pacemaker. After the certain age, heart starts to develop some irregularities in the rhythmic pattern.
Rise in the geriatric population, rise in the number of incidences of coronary diseases and number of deaths due to heart attacks are some of the factors which boost the demand of the cardiac rhythm management devices including the pacemakers.
According to the Centres for Disease Control and Prevention (2015), over 630,000 Americans died from heart disease each year, which accounted for 1 in every 4 deaths. According to findings from the World Health Organisation (WHO), in 2015, 82% of the total deaths were occurred in low- and middle-income countries.
According to survey conducted by Johnson and Johnson Pvt. Ltd. around 2.5 million cardiovascular surgeries are performed in America every year.According to the population reference bureau, the number of Americans ageing 65 and older is projected to more than double from 46 million in 2015 to over 98 million by 2060.According to the StastsCan, 2015, over 5.7 million Canadians have aged 65 and older, which was 16.1 % of Canadian population.
Global Pacemaker Market - Competitive Analysis
World Pacemaker Market -Key Players
Medtronic Plc
Biotronik GmbH & Co. KG
Boston Scientific Corporation
St. Jude Medical Inc.
ZOLL Medical Corporation
MEDICO S.p.A
Vitatron
Pacetronix
Cordis, Inc.
Sorin Group
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Global Pacemaker Market - Regional Analysis
Depending on geographic region, pacemaker market is segmented into four key regions: America commands the largest global pacemakers market due to increasing awareness among the people towards the use of innovative technologies is the key factor for the growth of the market.
North America is the major contributor of America pacemakers market owing to increasing financial capability of hospitals, increasing prevalence of chronic diseases, strategic collaboration with assurance companies in this region also contributed in the growth of the market. Europe is the second-largest market globally for cardiac pacemaker which is expected to continue its growth in the near future.
World Pacemaker Market -Major Points form Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
Chapter 3. Research Methodology
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
Chapter 6. Global Pacemaker Market, By Type
Chapter 7. Global Pacemaker Market, By Treatment
Chapter 8 Global Pacemaker Market, By End User
Chapter 9. Global Pacemaker Market, By Region
Chapter 10 Company Landscape
Chapter 11 Company Profiles
Chapter 12 MRFR Conclusion
Chapter 13 Appendix
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