DUBLIN--(BUSINESS WIRE)--The "Cardiac Pacemaker Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The Global Cardiac Pacemaker Market is Expected to Grow at a CAGR of Over 2% During the Period 2019-2025.
Key Market Insights
- The analysis of the cardiac pacemaker market provides sizing and growth opportunities for the forecast period 2020-2025.
- Offers sizing and growth prospects of the market for the forecast period 2020-2025.
- Provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market.
- Includes a detailed analysis of growth drivers, challenges, and investment opportunities.
- Delivers a complete overview of segments and the regional outlook of the market.
- Offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain a competitive advantage.
The growing prevalence of abnormal cardiac rhythm disorders, coupled with the increasing elderly population, which is prone to cardiac arrhythmias, is expected to drive the global cardiac pacemaker market. Advancements in technology and engineering provide clinicians innovative ways to care for the aging population. Cardiac pacing, particularly, has witnessed a series of game-changing technologies in the past several years spurred by low-power electronics, high-density batteries, and innovative software designs. Such innovations are expected to drive the cardiac pacemaker market.
The global cardiac pacemaker market is witnessing rapid technological advancements and significantly affected by new product launches. All the companies that primarily derive revenue from cardiac pacemakers are expected to grow at a positive rate. Multiple product launches and diversified product portfolio is likely to fuel their growth in recent years.
The global cardiac pacemaker market is likely to post an incremental growth of over $500 million by 2025. North America dominates the global market with over 30% revenue share, is expected to continue its dominance position during the forecast period. APAC is expected to grow at a faster rate, with a CAGR of over 4% during the period 2019-2025.
The following factors are likely to contribute to the growth of the cardiac pacemaker market during the forecast period:
- Increasing Demand for MRI-conditional Cardiac Pacemakers
- Technological Advancements & Increasing Focus on Product Innovations
- Increase in Target Patient Population with Cardiac Arrhythmias
Increasing Demand for Wireless & Automated Pacemakers Integrated with Remote Monitoring
Cardiac Pacemaker Market: Segmentation
This research report includes detailed segmentation by products, technology, implantability, end-user, and geography.
The MRI-conditional segment accounted for over 50% of market revenue share in 2019 and is expected to grow at a faster rate in the near future as several pieces of research have confirmed that over 70% of patients implanted with pacemakers require MRI scan during their lifespan. Many public organizations recommend implanting MRI-conditional ones to minimize the risk associated with MRI scans.
Moreover, several public and private insurance companies offer reimbursement coverage for MRI scans for patients implanted with MRI-conditional devices, which increase affordability thereby driving the market. Advancements in technology are influencing the market positively as traditional pacemakers are expected to malfunction, thus leading to complications. Hence, the increased complications related to traditional devices are likely to decrease the share of this equipment.
Dual-chamber technology is accounted for the major share. This type of technology is likely to continue its dominance due to the increasing number of patients with abnormal heart rhythm defects. These models are highly efficient in treating cardiac arrhythmias. Besides, the number of vendors offering such pacemakers is growing as many patients prefer this type. Biventricular cardiac pacemakers/CRT-P is growing at a rapid pace as these devices minimize heart failure chances and efficiently treat rhythm disorders. All these advantages, along with increased public and private reimbursement coverage, are expected to boost the segment.
Implantable pacemakers are growing at a rapid pace due to the increase in the geriatric population and the rise in arrhythmia and abnormal cardiovascular disorder prevalence rates. Advancements in technology, including the introduction of leadless, MRI-compatible, and other remote monitoring pacemaker devices have fueled the demand for implantable ones, and the segment is expected to contribute significantly to the market. External pacemakers are expected to grow at a steady pace due to the increased number of patients opting for temporary cardiac devices.
Hospitals are the major end-user segment as a significant number of patients prefer to undergo surgeries in these settings due to better reimbursement policies. The growing aging population and the increasing prevalence of abnormal cardiovascular disorders are the other major factors contributing to the increase in implantation in hospitals.
North America accounts for a major share in the global cardiac pacemaker market. It is expected to grow at a steady rate on account of the growing volume of surgeries for treating several abnormal heart rhythms and the availability of advanced healthcare infrastructure and constant technological innovations. Europe is likely to grow at a healthy rate due to the accessibility of advanced healthcare services, especially for heart valve repair and replacement procedures.
Also, the increasing incidence of abnormal heart rhythm, the rapid adoption of advanced cardiac pacemakers, and high healthcare expenditures are projected to increase the European market. Factors responsible for the growth of APAC are vendors' initiatives in spreading awareness and the rise in abnormal rhythm incidences due to change in living patterns, stress, and old age.
Insights by Vendors
The global cardiac pacemaker market is highly competitive and characterized by the presence of vendors offering a wide range of advanced and innovative cardiac pacemakers. Going forward, R&D activities is expected to become crucial for companies to maintain revenue growth in the coming years. Global players with their huge infrastructure, marketing strategies, distribution network, and R&D support are likely to expanding their footprint in the market. Thus, small and emerging vendors find it increasingly difficult to compete with them in terms of innovation, brand image, technology, and price.
- Boston Scientific
- MicroPort Scientific
- Galix Biomedical Instrumentation
- Lepu Medical
- Osypka Medical
- Shree Pacetronix
For more information about this report visit https://www.researchandmarkets.com/r/1ylfxv