Industry Trend Analysis
Increasing cases of Cardiovascular Diseases (CVDs), technological advancement in healthcare sectors and increasing reimbursement initiatives by the Government will primarily drive the growth of the pacemakers market. The increasing mortality rates due to inadequate treatment of cardiac diseases will encourage people to use artificial heart rate management devices owing to which the market is expected to have a steady growth in the upcoming years. For instance, as per CDC, in US, more than half of the Americans suffer from heart diseases every year including both men and women. This statistics indicate that artificial heart management device is the most commonly used device in this region. In addition, availability of adequate reimbursement facilities for implantation of pacemaker aids in reducing financial burden on patients thereby enhances the usage rates of these devices. Technological advancements in cardiac pacemaker are another positive aspect driving the market growth. Transitional tissue welding, dynamic peacemaking technology and microprocessor controlled devices are some of the advanced features that has been incorporated in the devices. However, high pricing of the devices often becomes unaffordable by the people despite of reimbursement facilities. The limitations of cardiac resynchronization therapy (CRT) pacemaker in pediatrics and risk of potential complications will impede the growth of the market. Thus, considering these drivers and restrains the pacemakers market is expected to exhibit steady growth over the forecast period.
Pacemakers Market Outlook and Trend Analysis
A pacemaker is a small, low-voltage medical device implanted in the chest or abdomen to help manage irregular heartbeats. It monitors how slow or fast heart beats and the pattern in which the heart beats. When the heart beats too slowly, the pacing device provides electrical stimulation. This device helps to reduce symptoms of fatigue and dizziness due to slow heart rhythm. During pacemaker implantation, a thin insulated wire, lead, is placed through the veins and into the heart. The lead’s tip is connected to the heart tissue and the other end is attached to the pacing device. The lead provides electrical pulses from the pacing device to the heart and transmits information from the heart back to the device. Around 4 million people across the globe have pacing device implanted. Some pacemakers are designed to facilitate patients to safely undergo an MRI scan. These are known as MRI ready or MR-conditional pacemakers.
Regional Outlook and Trend Analysis
North America held a significant share of the pacemaker market in 2014 due to the increasing incidence of cardiac diseases and technological advancement in healthcare sectors. The Asia-Pacific market has not experienced any substantial growth due to lack of large scale adoption of artificial heart management devices but can experience favorable growth in coming years owing to increasing awareness related to cardiac diseases in the region.
Competitive Outlook and Trend Analysis
The key players operating in the global pacemakers market emphasize on product development in order to introduce improved artificial cardiac management devices and capture a larger share of the market. Some of the major players in this market are Medtronic plc, St. Jude Medical, Biotronik, LivaNova PLC, Vitatron Holding B.V, Boston Scientific Corporation, MEDICO S.p.A and Pacetronix.
The key opportunity for the players operating in pacemakers market lies in the development of various types of cost-effective pacemakers and increasing awareness towards cardiac diseases. Apart from that, emergence of various advanced features in artificial cardiac management devices will further broaden the opportunities of the key players to grow significantly over the forecast period. In addition, promotional activities related to product information and benefits in daily lives of individuals, will further increase demand of this market, creating a lucrative opportunities for growth, for the key players of this market.
Pacemakers Market Segmentation:
By Product Type
Dual Chamber Pacemakers
Single Chamber Pacemakers
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2013to 2025?
What will be the industry market growth from 2013to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?