Cardiac Pacemaker Market Insights, Research, Services, Opportunities and Challenges by 2027

Market Overview

Global Cardiac Pacemaker Market is likely to grow at a 7.9?GR over the forecast period 2017-2023.

A pacemaker is a small equipment that’s planted under the skin in the chest to help maintaining heartbeat. Pacemaker helps in maintaining consistency of the heart rhythm. The cardiac pacemakers can be external, biventricular, implantable, dual-chambered or single-chambered. Implantable pacemakers find wide application over the external pacemakers. Doctors generally recommend dual chamber or single chamber pacemaker keeping in mind the medical condition of the patient. Usually, pacemakers are implanted through a small incision made on the left side of chest. The pacemaker generator is then placed under the skin in that region. Pacemakers are also planted in the abdomen, but it is a less common instance.

Growing prevalence of atrial fibrillation (AFib), which is the most usual form of heart arrhythmia propels the market growth for cardiac pacemakers. Furthermore, the growing elderly population, with an estimated number of 2.1 billion by 2050, is developing the cardiac pacemaker market globally. However, cardiac pacemakers have complicated implantation procedures and are costly. These factors act as limitations for the growth of the global cardiac pacemaker market.

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Key Players

The global cardiac pacemaker market has been dominated by key players such as Abbott. (U.S.), Medtronic (U.S.), BIOTRONIK (Germany), Boston Scientific Corporation (U.S.), SORIN Group (Europe), LEPU MEDICAL (U.K), OSCOR Inc. (U.S.), MEDICO S.p.A. (Europe), and others.

Market Segmentation

The global cardiac pacemaker market has been segmented based on technology, type, end-users, and application.

Based on technology, the cardiac pacemaker market has been segmented into dual-chambered, single-chambered, biventricular, and others.

Based on type, the cardiac pacemaker market has been segmented into external cardiac pacemaker, implantable, and others.

Based on the end-users, the cardiac pacemaker market has been segmented into medical institutes, cardiac care centers, hospitals, and others.

Based on application, the cardiac pacemaker market has been segmented into congestive heart failure, arrhythmias, and others.

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Regional Analysis

The Americas lead the global cardiac pacemaker market owing to the huge patient population and the well-developed healthcare sector. Furthermore, increasing healthcare expenditure, growing geriatric population, and changing lifestyle drives the market growth in the Americas. The Population Reference Bureau reported in 2016 that the Americas elderly population has been estimated to develop more than double from 46 million to 98 million by 2060. Additionally, the prevalence of developed economies such as Canada and the U.S. propels the market growth to a great extent. Europe has been the second largest cardiac pacemaker market. Huge patient population, availability of funds for research, surging healthcare expenses, government aids for research & development and developed healthcare sector are likely to propel the market growth in Europe. In 2017, the Public Health England projected that 1.4 million people in England, which is 2.5% of the total population, have Atrial fibrillation. Asia Pacific has been a rapidly developing cardiac pacemaker market. The growth is owing to the presence of fast developing economies such as India and China which results in developing healthcare sector. Besides, increasing healthcare expenditures and huge patient population fuels the market growth to a large extent. Moreover, supportive government policies leading to reduction in customs and excise duty stimulates the growth within the market. The Middle East & Africa represents the least share in the cardiac pacemaker market globally. Presence of stringent government policies and poor economies in the African region restrict the market growth. Majority of the markets in the Middle East & Africa has been by the Middle East owing to the prosperous healthcare sector and increasing healthcare outlay by the economies such as Saudi Arabia, Kuwait, Qatar, and Dubai.

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