Pacemaker Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023
This report gives readers a comprehensive overview of the Pacemaker Market:
The global pacemaker market has been segmented by types and application. Pacemaker types comprisesimplantable pacemakers and external pacemakers. Implantable pacemaker segment is further categorized into single chamber pacemaker and dual chamber pacemaker. Based on the applications global pacemaker market is segmented into unipolar, and bipolar. Unipolar pacemaker makes a single contact with heart whereas bipolar pacemaker contacts the heart twice to regulate the heart rhythm.Geographically, global pacemaker market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Rest of the World. North America dominates the global pacemaker market due to increasing prevalence of heart diseases, growing acceptance to the technology, and technological advancements. Asia Pacific is expected to grow at a faster rate during the forecast period. Major driving factors for emerging countries in the Asia Pacific such as India and China are large pool of patients coupled with rising government funding.
Presently, implantable pacemaker segment dominates the global pacemaker market. In implantable pacemaker,dual chamber pacemakersaccount for the largest share due to presence of two leads responsible for more resembles to the normal activity of the heart. Continuous follow up is necessary by the patient who have implantable pacemaker. However, externally programmable pacemaker is expected to grow at a highest CAGR due to its use in emergency condition, and more compliant to patient.
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Global pacemaker market is expected to grow at a faster rate due to increasing cardiovascular diseases, growing awareness about newer technologies, and government initiatives for enhancing reimbursement policies.Additionally, changing life style, increasing obesity, physical inactivity could fuel the market in near future. According to, Centers for Disease Control and Prevention (CDC) it is estimated that 2.7 million - 6.1 million people in the United Statesare diagnosed with atrial fibrillation (Type of arrhythmia) and the number is expected to grow during the forecast period.According to World Health Organization (WHO), cardiovascular diseases are number one cause of death and representing 31% of all global death. Thus, all the above mentioned factors are expected to drive the market. However, cardiac pacemaker malfunctioning is a major cause that might restrict the uptake of pacemakers to some extent. Failures such as ineffective sensing, and exhaustion of batteries impose the replacement of pacemaker hence manufacturers should have control over medical as well as electronics aspects of pacemaker. Additionally, high cost, and lack of skilled professional’s restraint the growth of the market.
Some of the major players in global pacemaker market are Medtronic plc, Biotronik GmbH & Co. KG, Boston Scientific Corporation, St. Jude Medical, Inc., Zoll Medical Corporation, Sorin Group, and Vitatron Holding B.V.
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