Market Research Report
Global Cardiac Pacemaker Market - 2019-2026
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|Global Cardiac Pacemaker Market - 2019-2026|
|Published: February 2, 2020||Content info:||
Global Cardiac Pacemaker Market
The global cardiac pacemaker market is expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026.
Cardiac pacemaker is a battery operated device which senses the heart beating rate. In case of any abnormalities, the device sends signals to the heart making it beat at the correct pace. Majorly pacemakers have two components, a generator, which contains the battery and the information to control the heartbeat, and leads. Leads are the wires connecting the heart and the generator to carry the electrical messages. The generator is implanted under the skin by making a cut on the left side of the chest and using X-rays, leads are put through the cut.
Global Cardiac Pacemaker Market - Market Dynamics
The global market for the cardiac pacemaker market is primarily driven by the rising prevalence of Cardiovascular Diseases (CVD), growing geriatric population, and technological advances in the cardiovascular field.
According to the World Health Organization (WHO), CVD was the major number one cause of death globally in 2017. In 2016, around 17.9 million people are estimated for death from CVDs which represents 31% of deaths worldwide. Moreover, 85% of the deaths from CVD are due to heart attack and stroke.
Individuals with high risk of CVD may show high blood pressure and obese conditions. According to WHO, in 2015, around 20.1% women and 24.1% men in adults (above 18 years) suffered from a high prevalence of raised blood worldwide. The number of adults with high blood pressure increased from 594 million in 1975 to 1.13 billion in 2015.
High costs of equipment and patient concerns post implantation are the a few major restraining factors for Cardiac Pacemaker market growth. While the new emerging market players are designing the modern implantable pacemakers, which can be an opportunity for Cardiac pacemakers market.
Global Cardiac Pacemaker Market - Segment Analysis
Based on product type, implantable pacemakers is expected to hold the largest market share in cardiac pacemakers market owing to its effectiveness due of multiple leads which allow for normal functioning of heart and ease of further advancements.
Implantable pacemakers are again categorized into a single chamber, dual chamber, and biventricular pacemakers. The U.S. Government has implemented reimbursement plans for certain implantable pacemakers. For instance, the cost for a single chamber pacemaker is 10,000 USD, and approximately 7,500 USD is reimbursed as a result of the Medicare plan in the U.S.
Hospital segment is expected to account for the largest share in the cardiac pacemakers market based on end-users primarily due to the higher number of patients undergoing treatments in hospitals than in clinics; implementation of government initiatives of reimbursements and increasing number of hospitals in emerging Asian countries.
The Ambulatory Surgical Centers (ASC) segment is expected to show high growth rate in the forecast period owing to the growing adoption of ASCs in developed countries, and economic constraints are expected to boost the segment growth over the coming years.
According to the U.S. Department of Health & Human Services, in 2017, around 19.3 million hospital visits are noted which included both inpatient and ambulatory services. More than half of these visits (54.9%) are noted at hospital owned ambulatory settings and rest 45.1 % were inpatient services.
According to National Health Service UK In 2018 stated that the number of emergency admissions in NHS increase by almost 42% in a decade with an average 3.2% per annum due to rise in sicker patients
Global Cardiac Pacemaker Market- Geographical Analysis
North America holds the highest market share in cardiac pacemaker market globally owing to the well-developed infrastructure, good reimbursement policies, high awareness among people, and high income of the region have augmented the market growth in this region.
The Asia Pacific is expected to show growth in the forecast period owing to the anticipated government policies to establish a free and open economy and the high deaths in the region.
According to WHO, over three-quarters of CVD deaths take place in low- and middle-income countries. Around 17.9 million people has died from CVDs in 2016, representing 31% of all global deaths. Of these deaths, 85% are due to heart attack and stroke.
The population in low- and middle-income countries don't usually have many benefits from integrated primary health care, and hence there are lesser chances for early detection when compared to people in high-income countries.
Global Cardiac Pacemaker Market- Competitive Analysis
Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches along with an increased focus on R&D are other ways the leading players improve their market presence. The key players in the market are Medtronic Plc., St. Jude Medical, Biotronik, Abbott Laboratories, Boston Scientific, Vivatron, Sorin Group, Lepu Medical, Shree Pacetronix, and Medico S.P.A
On 30th April 2019, Biotronik announced the launch of the Acticor device family which includes Acticor DX and CRT-DX devices. In USA, patients are being treated with the new implantable cardioverter defibrillators (ICDs) and cardiac resynchronisation therapy defibrillators (CRT-Ds).
On 1st January 2018, Medtronic Plc. Launched its MyCareLink Heart mobile application to support the portfolio of pacemakers by providing the comfort of communication directly with patients' smart devices.
On 8th May 2017, Biotronik launches its first FDA approved CRM (Cardiac rhythm management) Devices with MRI auto detect Technology. The MRI AutoDetect technology makes sure that patients with CRM devices can have safe MRI scans and thereby minimize programming burdens for hospitals.