The growth in the region is driven by the key factors such as rapid growth of medical device industries, emergence of new local players with competitive scenario among the regional players with respect to developing novel solutions
The global pacemakers market accounted to US$ 5,485.4 Mn in 2018 and is expected to grow at a CAGR of 8.1% during the forecast period 2019 - 2027, to account to US$ 10,908.0 Mn by 2027.
Increasing Burden of Cardiovascular Diseases
The increasing technological advancements have opened more opportunities of developing new and innovative medical implantable pacemakers with advanced electrical properties that can improve diagnosis and treatment of previously intractable conditions such as, cardiovascular diseases that includes cardiac arrhythmia, atrial fibrillation and others. A pacemaker is an electronic device designed to produce electrical impulses to stimulate the heart when normal physiological stimulation fails. In 2017, according to the World health organization, the increasing prevalence of cardiovascular diseases is the major cause of death all over the world. Moreover, it was mentioned that 17.9 million people across the globe died due to cardiovascular diseases in 2016. Cardiovascular disease is one of the leading causes of morbidity and mortality and is responsible for 30% of worldwide mortality, according to the World Health Organization. Moreover, according to the Centers of Disease Control and Prevention, Coronary heart disease (CHD) is the most common type of heart disease, killing over 370,000 people annually. Furthermore, according to the American Heart Association, in 2016, Coronary Heart Disease was the leading cause (43.2%) of deaths attributable to cardiovascular disease in the US, followed by stroke (16.9%), High Blood Pressure (9.8%), Heart Failure (9.3%), diseases of the arteries (3.0%), and other cardiovascular diseases (17.7%). Thus, such high prevalence of cardiovascular diseases globally is anticipated to lead the market growth in the coming years.
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Growing Healthcare Market in the Developing Economies
The developed countries depend on a conventional medicine healthcare model in which healthcare professions treat medical conditions with the help of medications and surgeries. Major differences between developed and developing countries is resources like money, infrastructure, skilled workforce, education, and products. Most of the developing country have adopted naturopathic medical system instead of a conventional medical system. The healthcare infrastructure in large cities of developing countries may have all the necessary amenities but rural areas may not. Thus, these massive unexplored areas pose ample revenue generation opportunities for pacemaker market. The countries like China and India have large patient population base and the healthcare expenditure is increasing, thus illustrating immense healthcare market potential. According to the India Brand Equity Foundation in 2017, the hospital industry in India reached US$ 61.79 billion and is predicted to reach US$ 132.84 billion by 2023. Thus, with the growing healthcare industry and increasing government initiatives, the demand for pacemakers is expected to increase in the developing economies.
Product Type Insights
The global pacemakers market, based on product type is segmented into implantable pacemakers and external pacemakers. In 2018, the implantable pacemakers segment held the largest share of the market, by product type. Moreover, the same segment of pacemakers market is also expected to witness growth in its demand at a fastest CAGR of 8.4% during 2019 to 2027.
Exhibit: Pacemakers Market, by Product Type
Product launches and agreements were observed as the most adopted strategy in global pacemakers industry. For instance, in February 2017, Abbott announced US Food and Drug Administration (FDA) approval for its Assurity MRI pacemaker and Tendril MRI pacing lead. The Assurity MRI pacemaker also offers wireless remote monitoring, providing physicians secure access to their patients' diagnostic data and daily device measurements and reducing the need for in-office visits. Moroever, in April 2018, LivaNova Plc completed its sale of cardiac rhythm management business to microport scientific corporation.
PACEMAKERS – MARKET SEGMENTATION
Global Pacemakers Market – By Product Type
- Implantable Pacemakers
- External Pacemakers
Global Pacemakers Market – By Technology
- Dual Chambered
Global Pacemakers Market – By End User
- Ambulatory Surgical Centers
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- South America (SAM)
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