Apr 29, 2020 9:00 PM ET
iCrowd Newswire – Apr 29, 2020
Transparency Market Research (TMR) has published a new report titled, ‘Cardiac Pacemakers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global cardiac pacemakers market was valued at US$ 9,514.0 Mn in 2018 and is projected to expand at a CAGR of 7.8% from 2019 to 2027.
- Cardiac pacemaker is a tool for the control of cardiac rhythm which controls heart rhythm by transmitting electrical impulses to the heart. It is composed of two components: generator and lead.
- The cardiac pacemaker market is witnessing substantial growth due to a steady rise in the geriatric population and an increase in cardiovascular disease incidence
- Growing awareness in countries in Asia is likely to boost demand for cardiac pacemakers in the region. However, rising cost of treatment and strict regulatory process could restrict market growth in the near future.
- On the other hand, large potential patient base in countries in Asia Pacific is likely to create an opportunity for cardiac pacemaker manufacturers to record high growth in revenue and market share during the forecast period.
- Increasing usage of MEMS-built pacemaker, due to its cheap and less-invasive features is the growing trend in future. Leadless pacemakers, tele-monitoring and MRI-compatible pacemakers are recently technologically advanced pacemaker which records higher patient safety.
- The cardiac pacemaker is mainly covered by top three manufacturers and their share in the market is expected to increase in future. Industry would be controlled by large-scale manufacturer who would be willing to invest more on Research and Development.
- North America dominated the global cardiac pacemakers market in 2018 and the trend is anticipated to continue during the forecast period. Extremely structured health care industry, increased prevalence of cardiovascular disorders are expected to drive the market in North America.
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Rising prevalence of disorders such as hypertension, diabetes and obesity to Drive Market
- Diabetes, hypertension, and obesity are the leading causes of cardiovascular disorders, especially stenosis, stroke, atresia and regurgitation. The risk of cardiovascular diseases increases when hypertension coexists with diabetes.
- The America Heart Association estimates that around 16.0 million Americans were diagnosed with diabetes in 2017, and 65% of this patient population is likely to suffer from cardiovascular diseases.
- Thus, the prevalence of these disorders is constantly rising due to socio-economic factors such as lifestyle-induced dietary and other habits. The WHO estimated that 35% of adults aged 20 years and above were overweight in 2016; globally, obesity has almost doubled since 2000. Furthermore, the prevalence of hypertension was valued at 1 billion in 2016.
- Moreover, the WHO indicates that, in 2017, the prevalence of hypertension-induced blood pressure in low and middle income countries was 40%, while it was 35% in high income countries. High and rising prevalence of these disorders would have a significant impact on the market throughout the forecast period.
Internal Segment to Dominate Market
- Based on product type, the global cardiac pacemakers market has been divided into internal pacemakers and external pacemakers. The internal pacemakers segment dominated the global cardiac pacemakers market in 2018 and the trend is projected to continue during the forecast period. Internal pacemakers are permanent pacemakers that provide electrical stimuli, causing cardiac contraction when myocardial electrical activity is extremely slow or absent
- Major indications for the usage of permanent pacemaker are sick sinus syndrome, symptomatic sinus bradycardia, and complete atrioventricular block (third-degree block). Sick sinus syndrome is the major cause of permanent implantation in Europe, while atrioventricular blockage is the major cause of cardiac pacemaker implantation in Asia-Pacific.
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Dual Chambered Cardiac Pacemakers Technology to be Highly Lucrative Segment
- In terms of technology, the global cardiac pacemakers market has been classified into dual chambered, single chambered, and biventricular.
- The dual-chamber pacemakers segment accounted for the largest share of the market in terms of both value and volume due to higher efficiency as compared to single-chamber pacemakers in reducing sick sinus syndrome, atrioventricular block, and the cases of heart failure and stroke.
- It is also the most recommended pacemaker by cardiologists. Furthermore, high sales and high cost of dual-chamber pacemakers have been attributed to largest market share of the segment.
North America to Dominate Global Market
- In terms of region, the global cardiac pacemakers market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global cardiac pacemakers market in 2018, followed by Europe.
- North America accounted for major share of the global cardiac pacemakers market in 2018, due high reimbursement scenario, high healthcare expenditure, and increasing price of the technologically advanced products. The hospital charges increased dramatically from 2010 to 2017, i.e., around 45.3% increase from $53,693 to $78,015.
- The cardiac pacemakers market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to rapid economic growth in developing economies such as India, China, Indonesia, Vietnam, South Korea, and the Philippines.
- Moreover, rising investments by government and development of new and innovative pacemakers. In case of implantable pacemakers, for the countries like India the shift is from VVIR to MRI pacemakers. Thus increasing of product price with the advancement of technology, along with the demand would impact on forecasted period
- The global cardiac pacemakers market is fragmented in terms of number of players. Key players in the global market include BIOTRONIK, Boston Scientific Corporation, Cook, MEDICO S.p.A., Medtronic, LivaNova PLC, Abbott, among others
The global cardiac pacemakers market has been segmented as follows:
- Global Cardiac Pacemakers Market, by TechnologyDual Chambered
- Single Chambered
- Global Cardiac Pacemakers Market, by Product TypesInternal
- Global Cardiac PacemakersMarket, by RegionNorth AmericaU.S.
- Rest of Europe
- Asia PacificChina
- Australia & New Zealand
- Rest of Asia Pacific
- Latin AmericaBrazil
- Rest of Latin America
- Middle East & AfricaGCC Countries
- South Africa
- Rest of Middle East & Africa
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Keywords: Cardiac Pacemakers Market