The increasing prevalence of cardiac diseases and growing geriatric population are propelling the growth of this market. The management of atrial fibrillation in the old age population is complex due to altered pharmacology, competing comorbidities, limited life expectancy, frailty, and varied treatment goals. According to a 2018 study published in the Aging Medicine, the prevalence of atrial fibrillation is estimated to be 0.3% in 40 years old patients, 5 to 9% in between 60-80 years old patients, and nearly 10% of patients more than 80 years old.
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The global pacemaker market is expected to gain prominence over the forecast period (2018–2023). It is estimated that the global pacemaker market is expected to grow at a CAGR ~6.5 % during the forecast period of 2018–2023.
A pacemaker is a small device that consists of a pulse generator which has a battery and a tiny computer circuit and pacing leads. This device is used to treat Atrial Fibrillation (AF).
Furthermore, raising awareness about awareness about cardiovascular disorders, and technological advancements in cardiac pacemakers boosts the growth of the global pacemaker market.
However, the complications associated with the implant and the high cost of pacemakers may hinder the growth of the market during the forecast period.
The global pacemaker market is segmented on the basis of the product type, application, implant approach, end-user, and region.
On the basis of the application, the market is segmented into bradycardia, heart failure, hypertrophic cardiomyopathy, syncope, and others. The bradycardia segment is further sub-segmented as sinus node dysfunction, and AV block.
On the basis of the product type, the market is classified as implantable, and external. The implantable segment is further sub-segmented as a single chamber, dual chamber, and biventricular.
On the basis of the implant approach, the market is segmented as endocardial approach and epicardial approach.
On the basis of end-user, the market is segmented as hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
Geographically, the global pacemaker market has been segmented into America, Europe, Asia Pacific, and the Middle East and Africa. The American pacemaker market is further segmented into North America and South America. North America is further classified as the U.S. and Canada.
The Europe pacemaker market is segmented into Western Europe and Eastern Europe. Western Europe is further classified as Germany, France, the U.K., Italy, Spain, and the Rest of Western Europe.
The Asia Pacific pacemaker market is segmented into Japan, China, India, Republic of Korea, Australia, and the Rest of Asia Pacific.
The Middle Eastern and African pacemaker market is segmented into the Middle East and Africa.
Regional Market Summary
The American region holds the major share of the global pacemaker market, owing to the existing well-established healthcare system, growing geriatric population, and technological advancements. For instance, in November 2017, Medtronic plc received FDA approval for Azure pacemakers with BlueSync technology. The Azure XT pacemaker features the Medtronic Reactive ATP algorithm to slow the progression of atrial fibrillation in patients with implanted cardiac devices.
Europe holds the second position in the global pacemaker market. It is expected that the government support towards research & development expenditure and rising contribution of leading market players is likely to drive the European pacemaker market. The rising cases of cardiovascular diseases are continuously motivating marketers to come up with more advanced technology. In June 2017, BIOTRONIK launched Edora SR-T globally. Edora SR-T is the smallest MR conditional pacemaker with an automated MRI detection capability.
The Asia Pacific pacemaker market consists of countries namely China, Japan, Republic of Korea, India, Australia and Rest of Asia Pacific. The rising prevalence of atrial fibrillation is propelling the growth of the market. In Asia, the prevalence of atrial fibrillation has been estimated to be 1%. It is also estimated that by 2050, 72 million individuals in Asia will be diagnosed with atrial fibrillation, i.e., more than double the combined numbers of patients in the U.S., and Europe.
The Middle East & Africa holds the lowest share of the global market due to low development, lack of technical knowledge, and poor medical facilities.
Medtronic Plc, Biotronik GmbH & Co. KG, Boston Scientific Corporation, St. Jude Medical Inc., ZOLL Medical Corporation, MEDICO S.p.A, Vitatron, Pacetronix, Cordis, Inc., Sorin Group, Edwards Lifesciences, General Electric Company, and Cook are some prominent players in this market.
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Detailed Table of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
5.1.4 Threat Of Substitutes
5.1.5 Intensity Of Rivalry
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