Press release
Cardiac Pacemaker Market to Account for US$ 3923.8 Mn by 2024
A key unmet need in global cardiac pacemaker market is the lack of a 100% safe and efficient pacemaker device to treat arrhythmias. There is an imperative need for development of cost-effective and rapid diagnostic methods for arrhythmias with a growing geriatric population and increasing patient pool with escalating global demand for treatment. This is anticipated to offer lucrative opportunities to new players in the global cardiac pacemaker market. Various key players in the cardiac pacemaker market are signing partnerships and licensing deals to share the research and development platform. In 2014, Medtronic has signed a deal with Lifetech Scientific to bring pacemaker into the Chinese market. According to the agreement, Lifetech Scientific shall manufacture pacemaker at their facility and Medtronic’s would provide with technology and required training.
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The market is segmented based on product type, end users, and regions. Based on product type, the market is segmented into implantable pacemaker and external pacemaker. Both the segments are expected to exhibit a negative CAGR for the forecast period, owing to increasing number of device recall related to device malfunctioning. The implantable pacemaker segment is expected to exhibit a declining CAGR of -0.5% and external pacemaker segment is expected to exhibit a declining CAGR of -1.0% during the forecast period.
Based on end users, the market is segmented into hospitals and ambulatory surgical centers. The hospitals segment is anticipated to account for the highest market share over the forecast period exhibiting a declining CAGR of -0.1% due to better reimbursement rates offered by government and non-government bodies.
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This report assesses trends, that drive growth of each segment on the global as well as regional levels, and offers potential takeaways, that could prove substantially useful to medical device manufacturing companies who wish to enter into the global cardiac pacemaker market. North America and Europe are expected to lose market share in terms of revenue generation. Latin America, APAC, and MEA are collectively expected to be more attractive in terms of revenue generation in the global cardiac pacemaker market in 2016 with growth in revenue for the forecast period. Latin America is expected to expand at a CAGR of 1.1% closely followed by Asia Pacific with a CAGR of 1.0% over the forecast period, due to increase in the diagnosis rate and improved healthcare infrastructure. The India cardiac pacemaker market is expected to increase over other markets and register a CAGR of 1.5% in the region due to increased government initiative, increase in health care expenditure, and increase in disease prevalence. The growth of cardiac pacemakers in this region is largely due to increased participation of local manufacturers and increasing healthcare expenditure.
Some key players in the global cardiac pacemaker market identified in this report are Medtronic’s, Lepu Medical Technology Co ltd., Osypka Medical GmbH. MEDICOWEB, Boston Scientific Corporation, Pacetronix ltd., BIOTRONIK SE & Co. KG, LivaNova Plc., and St.Jude Medical Inc. Persistence Market Research has discussed individual strategies of these companies in terms of increasing focus on rare diseases, initiatives to increase awareness, and enhancing distribution base. The report has been concluded with strategic recommendations for players already present in the market and new players planning to enter the market, which could help them in the long run.
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