North America to Expand at Highest CAGR from 2015 to 2023, Driven by Increasing Geriatric Population
Cardiac pacemakers are popular cardiac rhythm management medical devices and are used to reset the cardiac rhythm by sending electric impulses to the heart.
A cardiac pacemaker is a small device placed inside the chest for controlling abnormal heart rhythms. These devices utilize electrical pulses to enable the heart to beat at the normal rate. A slow heartbeat is known as bradycardia, whereas a fast heartbeat is known as tachycardia. Pacemakers are also utilized for recording or monitoring the electrical activity of the heart in addition to improving the heart rhythm.
Pacemakers with advanced technology are even capable of monitoring breathing rates and blood temperatures. Pacemakers can be either permanent or temporary. Temporary pacemakers are utilized for the treatment of short-term heart problems and also in case of emergencies, until the doctor implants a permanent pacemaker. On the other hand, permanent pacemakers are utilized for controlling long-term heart rhythm problems.
The global cardiac pacemaker market is expected to progress from more than US$6 bn in 2014 to US$12.8 bn by 2023 at an 8.70% CAGR. Factors such as a rise in geriatric population, increasing incidence of cardiovascular diseases, and technical advancements are expected to boost the global cardiac pacemaker market in the years to come. However, implementation of the Patient Protection and Affordable Care Act, rising cost of various treatments, and strict regulatory approvals are some of the factors expected to restrict the growth of the global cardiac pacemaker market in the coming few years. The untapped market in the emerging economies is predicted to create growth opportunities for the leading players in the global cardiac pacemaker market during the forecast period.
As stated in the report, the increasing aging population and the rising occurrence of cardiovascular diseases globally are amongst the prime factors stimulating the market for cardiac pacemakers. In addition, a number of technological developments in the market have also augmented the growth of the market. Furthermore, developing economies will present sustainable development opportunities in the market, hence boosting the growth of the market. On the other hand, the stringent approval process and the soaring costs of treatment are amongst the key factors impeding the growth of the market. In addition, the introduction of the Affordable Healthcare Act has also had a negative impact on the market’s growth.
In terms of product type, the report segments the market into external cardiac pacemakers and implantable cardiac pacemakers. Amongst these, the segment of implantable cardiac pacemakers led the market in 2014 and is predicted to maintain its superiority all through the forecast horizon, expanding at the swiftest growth rate.
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On the basis of technology, the report segments the market for cardiac pacemakers into single-chamber pacemakers, dual-chamber pacemakers, and bi-ventricular pacemakers. Amongst these, in 2014, the segment of dual-chamber pacemakers constituted the largest share in the market and is predicted to lead the market throughout the forecast horizon.
In terms of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, the North America cardiac pacemakers market led in 2014 and was trailed by the regional market in Europe, which held the second largest share in the market. This is owing to the increasing occurrence of cardiovascular diseases and the high penetration of premium-priced pacemakers within North America. The region of Asia Pacific trailed Europe and stood as the third largest consumer of cardiac pacemakers. This region is poised to exhibit the swiftest CAGR from 2015 to 2023. This is owing to the increasing expansion of market players and enhancement of the healthcare infrastructure within this region.
As mentioned in the report, the prime players operating in the market are Abbott Laboratories, Inc., Boston Scientific Corporation, Cook Medical Inc., SORIN Group., Medtronic, and St. Jude Medical, Inc., among others.
The global Cardiac Pacemakers market is segmented as follows:
Global Cardiac Pacemakers Market, by Product Type
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