The Global Cardiac Pacemaker Market Size is expected to reach $8.0 billion by 2024, globally, rising at a market growth of 6.8% CAGR during the forecast period.
A Cardiac pacemaker is an electrical device and it is used to treat arrhythmias, which leads to irregular heartbeat. Arrhythmia is of two types, tachycardia and bradycardia. Heartbeat, when too fast, is tachycardia and when too slow, it is bradycardia. If the patient suffers from arrhythmia, the heart is weak to pump sufficient blood to the other parts of the body, leading to fatigue and fainting. As per the Disease Control and Prevention (CDC), deaths due to sudden cardiac are reported to be more than 600,000 per year, and almost 50% of patients die during first occurrence of cardiac arrest. The prevalence of atrial and ventricular arrhythmias grows with age and shows no sign of coronary heart disease.
A Cardiac pacemaker is used to help patients suffering from arrhythmias, to lead an active and healthy life style. Pacemaker devices are of two kinds, namely, implantable cardiac pacemaker and external cardiac pacemaker. The implantable pacemaker is placed on the left side of the chest, under the skin, which is guided through a blood vessel to the heart. The external cardiac pacemakers are used in temporary pacing.
Implantable cardiac pacemakers have been witnessing significant demand due to growing cases of slow heart rhythm and cardiac failures. Additionally, technological advancements such as development of MRI compatible pacemakers have further driven the growth of this segment.
Growing Prevalence Of Cardiovascular Disorders
Cardiovascular (CVD) and circulatory diseases have been the leading causes for deaths, globally. The majority of these CVD deaths due to ischemic heart disease (IHD) or cerebrovascular disease. Understanding for CVD and its distribution has become vital for countries to develop national strategies, to reduce the burden of noncommunicable disease (NCD). The focus on NCD prevention and control, globally, was highlighted by the United Nations High Level Meeting on NCDs, in 2011. The member states voluntarily agreed to work towards reducing the risk of premature (defined by the World Health Organization as occurring from ages 30 to 70 years) death from NCDs, including CVD, cancer, chronic lung disease, and diabetes mellitus, by 25% by 2025.
High Cost Of Cardiovascular Treatments
Cardiovascular disease (CVD) has been a major cause for deaths in the United States. Heart attacks or strokes led to deaths in the recent years. CVD is considered to be a costliest chronic disease. Expenses associated with CVD would rise in the coming years. Based on prevalence, death rates, disability and cost, CVD would continue to be the most burdensome disease across the world.
Lack of awareness cardiovascular disorders in the developing nations, expensive treatments and higher product recalls, due to device malfunctioning are the factors that would limit the market expansion during the forecast period. Launching of new devices and development of fast, reliable and cost-effective diagnostic methods would contribute to the market expansion during the forecast period.
The Implantable Cardiac Pacemakers market dominated the Global Cardiac Pacemaker Market by Product 2017, thereby, achieving a market value of $5,019.2 million by 2024, The External Cardiac Pacemaker market is expected to witness highest CAGR of 7.7% during (2018 - 2024).
The North America market would dominate the Global Single-Chamber Cardiac Pacemakers Market by Region 2024 growing at a CAGR of 5.5 % during the forecast period. The Europe market is expected to witness a CAGR of 5.8% during (2018 - 2024). Additionally, The Asia Pacific market is expected to witness a CAGR of 7.5% during (2018 - 2024).
The North America market dominated the Global Ambulatory Surgery Centers (ASCs) Cardiac Pacemaker Market by Region 2017, growing at a CAGR of 5.7 % during the forecast period. The Europe market is expected to witness a CAGR of 6.1% during (2018 - 2024). Additionally, The Asia Pacific market is expected to witness a CAGR of 7.7% during (2018 - 2024).
Asia Pacific is the fastest growing region, due to factors such as huge patient population, fast growing economies such as India and China, where the healthcare expenditures have been growing steadily, and rapid growth in the healthcare sector. Additionally, favorable government policies such as relaxation in customs and excise duty are other factors that drive the market growth in the region.
Based on Product, the market is segmented into Implantable Cardiac Pacemakers and External Cardiac Pacemaker. Based on the technology, the market is segmented into Single-Chamber Cardiac Pacemakers, Dual-Chamber Cardiac Pacemakers and Others. Based on End User, the market is segmented into Hospitals; Ambulatory Surgery Centers (ASCs) and Other End User. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The Cardiac Pacemakers market analysis report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories (U.S.), Boston Scientific Corporation, Biotronik SE & Co. KG, Lepu Medical Technology Co ltd, Cook Medical Group, Medico S.p.A, LivaNova PL, Osypka Medical GmbH, Shree Pacetronix Ltd. and Medline Industries, Inc.
Scope of the Cardiac Pacemakers Market Analysis Report
Market Segmentation:
Implantable Cardiac Pacemakers
External Cardiac Pacemaker
Single-Chamber Cardiac Pacemakers
Dual-Chamber Cardiac Pacemakers
Others
Hospitals
Ambulatory Surgery Centers (ASCs)
Other End User
North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
Abbott Laboratories (U.S.)
Boston Scientific Corporation
Biotronik SE & Co. KG
Lepu Medical Technology Co ltd
Cook Medical Group
Medico S.p.A
LivaNova PL
Osypka Medical GmbH
Shree Pacetronix Ltd.
Medline Industries, Inc.
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