Market Research Report
Global Cardiac Pacemakers Market - Segmented by Type (Implantable and External), and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||707361|
|Published||Content info||105 Pages
Delivery time: 1-2 business days
|Global Cardiac Pacemakers Market - Segmented by Type (Implantable and External), and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: August 1, 2018||Content info: 105 Pages||
The cardiac pacemakers market is expected to register a CAGR of 6.8% over the forecast period. Cardiac pacemakers are medical devices that are used to deliver electrical pulses to the heart, in order to maintain normal heart rate. Pacemakers are used for the treatment of patients who are suffering from heart conditions such as heart failure and arrhythmias.
According to Centers for Disease Control and Prevention (CDC) statistics, more than three million people in the United States suffer from atrial fibrillation, which is the most common type of abnormal heart rhythm, and the number is expected to quadruple by 2050. Arrhythmias affects all age groups, but the risk of developing atrial fibrillation (AF) increases significantly with age. As per the American Heart Association's statistics, the prevalence rate of AF in people younger than 65 years of age is approximately 2%, while the rate increases to about 9% in people aged more than 65 years. Furthermore, the use of alcohol, tobacco, a sedentary lifestyle and certain over-the-counter drugs could also increase the risk of arrhythmias.
Other factors that are driving the market growth include a favorable reimbursement scenario and technological advancements in the field of pacemakers and minimally invasive surgeries.
For the purpose of increasing connectivity between the patient and caregiver, the wireless communication capabilities of medical devices have been enhanced manifold. While these advances have enabled better record keeping, continuous diagnosis, and advanced healthcare methodologies such as predictive medicine, they have also made it possible to manipulate normal functioning of the medical device. In case of pacemakers that represent high-risk class medical devices, cyber security risks pose significant danger to patient safety. In the recent past, the US FDA had identified Abbott implantable products to be susceptible to cybersecurity risks, following which Abbott had initiated two voluntary recalls, in Aug 2017 and Apr 2018. These cybersecurity risks and recalls could unnecessarily alarm patients, and may have a long term negative effect on the growth of the market
In 2017, North America was the largest regional market, in terms of revenue. The high prevalence of cardiovascular disease, high obesity rates, and a favorable reimbursement environment are the primary factors behind the large market size. The Asia-Pacific market is expected to grow at a rapid rate, over the forecast period, owing to increasing healthcare expenditure and the rising prevalence of cardiovascular and lifestyle-associated disorders in the developing economies of the region.
Jul 2018: Medtronic received FDA's expanded indication for SelectSecure(TM) MRI SureScan(TM) pacing lead for His bundle site stimulation.
Major Players: Abbott Inc. (ST. Jude Medical), Medtronic PLC, Boston Scientific Corporation, Sorin Group, Lepu Medical Co. Ltd, Zoll Medical Corporation, Medico SpA, and Biotronik SE & Co. KG, among others.
Analysis of various perspectives of the global cardiac pacemakers market, with the help of Porter's five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identification of the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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