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The global cardiac pacemaker market size was valued at USD 4,046.9 Million in 2018 and is projected to reach USD 5,199.7 Million by 2026, exhibiting a CAGR of 3.0% in the forecast period (2019-2026).
A pacemaker is an implantable electronic device that is widely used to regularize and monitor patient heartbeat with the help of small electric stimulation. Depending upon the requirement of the heart, pacemakers are utilized for a short time or long time. Combined with this, pacemakers play a major role in monitoring in analyzing the patient's heartbeat, providing physiologic heart rate and to provide diagnostic information about a heart condition.
Increasing prevalence of arrhythmia and bradycardia are projected to boost the global cardiac pacemaker market growth by 2026. According to data published in the American Heart Association journal in 2015, an estimated 15.0% of global sudden cardiac deaths occur in China.
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"Cardiac Resynchronization Therapy Device Pacemaker (CRT-P) is expected to register significant growth over the forecast period"
Cardiac Resynchronization Therapy Device Pacemaker (CRT-P) is an advanced type of pacemaker that provides certain added benefits such as sensing of heart rate and delivering shock on accurate time. Moreover, one of the prime functions of CRT-P device is to reduce the future chances of heart failure. The adoption of CRT-P devices is growing extensively due to added benefits and proven efficiency to treat heart rhythm disorders.
Additionally, favorable reimbursement policies served by governments across the globe is projected to boost the adoption of CRT-P devices, resulting in the global cardiac pacemaker market growth. Other types of cardiac pacemakers in the global cardiac pacemaker market segmentation include single chamber pacemaker and dual chamber pacemaker. Dual-chamber pacemaker accounted for an estimated 71.2% in the global cardiac pacemaker market share.
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In terms of products, the global cardiac pacemakers market segments are categorized into single chamber pacemakers, dual chamber pacemakers, and CRT-Pacemakers. On the basis of end-users, the global cardiac pacemaker market segments include clinics & hospitals and ASCs (Ambulatory Surgery Centers) & others.
"Higher Adoption Pacemakers due to Advanced Healthcare Facilities and Awareness Amongst Patients"
Europe generated revenue of US$ 1,500.1 Mn in 2018 and is expected to dominate the global cardiac pacemaker market throughout the forecast period. Developed healthcare infrastructure and awareness amongst the general population are fueling the adoption of pacemakers to cope up with the rapidly increasing pacemaker market in Europe. Moreover, favorable regulatory in reimbursement policies are creating a lucrative opportunity for the pacemakers market growth in Europe and countries of North America by 2026.
Europe Cardiac Pacemakers Market, 2018
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The emerging countries of Asia Pacific hold a lower share in the global market, although the cardiac pacemaker market in Asia Pacific is anticipated to register a higher CAGR owing to increasing patient pool suffering from cardiac disorders. The rest of the world holds a smaller share in the global market owing to the lower awareness of the treatment and lack of trained healthcare professionals.
"Medtronic and Boston Scientific Corporation to Account for More Than Half of the Market Share in Terms of Revenue"
Medtronic holds a considerable share of the global cardiac pacemaker market. The company is anticipated to retain its leading position in the forecast duration owing to its wide range of product offerings, the introduction of advanced and innovative and strong brand presence. This company, together with Boston Scientific Corporation currently holds over half of the global cardiac pacemakers market share in terms of revenue. Other players operating in the global cardiac pacemaker market are Abbott, LivaNova PLC, MicroPort, BIOTRONIK, and others.
Cardiac pacemakers are widely used to treat the heart, which is beating irregularly or too slowly. Generally, pacemakers contain two parts, a lead, which transports electric impulses to regularize heartbeat and a generator to control pacemaker and store information. Exponentially increasing prevalence of cardiac conditions is anticipated to offer huge potential for the cardiac pacemakers market growth by 2026.
The report provides qualitative and quantitative insights on the cardiac pacemakers industry trends and detailed analysis of cardiac pacemaker market size and growth rate for all possible segments in the market. The market is segmented by product, by the end-user, and by region.
On the basis of the product, the market is segmented into single-chamber pacemakers, dual-chamber pacemakers, and cardiac resynchronization therapy pacemakers (CRT-P). Various end-users covered under the report are hospitals & clinics and ambulatory surgery centers and others. Geographically, the market is segmented into four major regions, which are North America, Europe, Asia Pacific, and the rest of the World. The regions are further categorized into countries.
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Along with this, the report analysis includes cardiac pacemaker market dynamics and competitive landscape. Various key insights provided in the report are the prevalence of sudden cardiac arrests in key countries, technological advancements in cardiac pacemakers, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, new product launches, reimbursement scenario, and key industry trends.
Fortune Business Insights says that the Cardiac Pacemakers Market was valued at US$ 4,046.9 Mn in 2018 and is projected to reach US$ 5,199.7 Mn by 2026.
In 2018, the Cardiac Pacemakers Market was valued at US$ 4,046.9 Mn.
Growing at a CAGR of 3.0%, the Cardiac Pacemakers Market will exhibit steady growth in the forecast period (2019-2026)
Dual Chamber Pacemakers segment is expected to be the leading segment in Cardiac Pacemakers Market during the forecast period.
Superior treatment outcomes for the treatment of cardiac sudden arrests is the key driving factor of the Cardiac Pacemakers Market.
Medtronic and Boston Scientific Corporation are the leading market players in Cardiac Pacemakers Market.
Europe is expected to hold the highest market share in the Cardiac Pacemakers Market.
Increasing demand for subcutaneous cardiac pacemakers is one of the key trends of Cardiac Pacemakers Market.
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