The global cardiac pacemaker devices market will grow at a CAGR of 3.3% from 2017 to 2022 to reach USD 4,629.3 million by 2022, according to the latest publication from Meticulous Research®. The global cardiac pacemaker devices market is majorly driven by increasing incidence & prevalence of chronic cardiovascular diseases and technological advancements in the area of implantable cardiac pacemakers. In addition, emerging markets and increasing awareness of healthcare further provides a great opportunity for various stakeholders in this market. However, increase in reported cases of cardiac pacemaker malfunctioning & related product recalls restricts the growth of the market to some extent.
Key Market Segments to Watch
The global cardiac pacemaker devices market is mainly segmented by product, end-user, and geography. On the basis of product, cardiac pacemaker devices market is segmented into cardiac pacemakers, pacing leads, and pacing analyzers. Cardiac pacemaker segment held the largest share of this market, primarily due to rising adoption of cardiac pacing systems for the prevention & better management of sudden cardiac arrest in high-risk patients with cardiovascular disease and the higher price of pacemakers in comparison with pacing leads & analyzers. In addition, increasing incidence of cardiovascular disorders with rising geriatric population, obesity, sedentary lifestyle, unhealthy food; and rising demand for innovative products with technological advancements will further drive the growth of cardiac pacemakers market.
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Cardiac pacemakers market is further sub-segmented into the implantable pacemaker and external pacemaker. Implantable pacemakers are largely used for the prevention of sudden cardiac arrest (SCA) and related deaths in patients at high risk for SCA with increasing incidence of hypertension and atrial fibrillation. In addition, increasing trend of acceptance of modern therapies with growing awareness towards healthcare will further support the growth of this market.
On the basis of end-user, cardiac pacemaker devices market is segmented into hospitals, ambulatory surgery centers, and others. Hospitals hold the largest share of this market, mainly due to a large pool of patients visiting hospitals and clinics across the globe for diagnosis & treatment of healthcare concerns including cardiovascular diseases.
Regional Market Growth Trends
By geography, the market is segmented into five major geographies namely: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America holds the major share of the global cardiac pacemaker devices market in 2016, followed by Europe, and Asia-Pacific. The large share of this region is primarily attributed to the increasing incidence of cardiovascular diseases with rising greying population and increasing burden of hypertension; well-established healthcare system & distribution channel; higher spending on healthcare; and presence of leading players in this market. However, Asia-Pacific market will outpace the other cardiac pacemaker markets during the forecast period, owing to rising incidence & prevalence of cardiovascular diseases with increasing greying population, increasing the burden of hypertension, growing obesity, and changing lifestyles. In addition, factors such as improving healthcare infrastructure, rising awareness about pacemaker therapy with various government initiatives, increasing healthcare spending, rising affordability of middle-class population, and increasing urbanization are further expected to boost the growth of cardiac pacemaker market in this region.
Top Companies in the Cardiac Pacemaker Devices Market
The leading players in the cardiac pacemaker devices market have employed various strategies to expand their product offerings, global footprint, and augment their market share. The key strategies followed by most companies in this market were regulatory approvals, partnerships/collaborations/agreements, new product developments, and expansions. The key players in the global cardiac pacemaker devices market are Medtronic PLC (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK SE & Co. KG (Germany), LivaNova PLC (U.K.), Lepu Medical Technology Co ltd (China), Medico, S.p.A (Italy), Osypka Medical GmbH (Germany), Shree Pacetronix Ltd (India), and Cook Medical Group (U.S.).
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