Cardiac Pacemaker Market
A pacemaker is a small device that keeps the heart beats regular and at the right pace along with helping to reduce the symptoms of slow heartbeats. It is an artificial device implanted underneath the chest skin that produces electrical pulses with low-energy to control the abnormal heart rhythm. Pacemakers are used in several medical conditions related to the heart and its rhythms, such as heart block, long QT syndrome (LQTS), arrhythmia, and atrial fibrillation. Pacemakers are one of the most preferred choices of treatments for cardiovascular disorders due to their non-invasive nature.
The increasing prevalence of cardiovascular diseases across the globe is creating the demand for a solution that can deliver the services to improve the health of patients at a relatively lower and affordable cost. This is the primary factor that is likely to drive the global cardiac pacemaker market in the future. Other prominent factors that are anticipated to boost the market growth for global pacemaker devices over the estimated timeframe include increasing incidences of cardiovascular disorders worldwide, technological advancements, and rising R&D funds for pacemaker devices. However, the high cost of pacemakers may hinder the growth of the global pacemaker devices market in the future.
By product type, the cardiac pacemaker market is segmented into external pacemaker devices and implantable pacemaker devices. The implantable pacemaker devices are expected to register the highest growth rate over the forecast time period, due to the technological advancements related to the product coupled with its ease and convenience to the patients. The application segment includes arrhythmia, atrial fibrillation, bradycardia, tachycardia, and others. Arrhythmia is estimated to show the highest CAGR over the forecast time period, owing to the rising prevalence of arrhythmia globally. By technology, the market is segmented into a single chamber, dual chamber, and biventricular. Biventricular technology is anticipated to exhibit the highest CAGR over the forecast time period. By end-user, the market is segmented into hospitals, ambulatory surgical centers, and cardiology clinics.
By region, the global cardiac pacemaker market includes Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. North America is projected to lead the global cardiac pacemaker market over the forecast period, owing to the well-established healthcare reforms, continuous extensive research activities, rising adoption of pacemaker devices with the increasing prevalence of cardiac disorders, and rising product advancement techniques. Europe was the second largest market globally in 2018 followed by the Asia Pacific. The Asia Pacific cardiac pacemaker market is projected to register the highest growth rate over the forecast time period, owing to the increasing disease burden and rising disposable income coupled with growing government initiatives with favorable reimbursement scenario. The Middle Eastern and African cardiac pacemaker market is expected to experience moderate growth in the years to come.
Some key players of the global cardiac pacemaker market are Medtronic PLC, ZOLL Medical Corporation, Vitatron, BIOTRONIK, Inc., St. Jude Medical, Boston Scientific Corporation, MEDICO S.p.A., Cordis, Inc., Abbott Laboratories, and Pacetronix, among others.
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