Pacemaker market 2019 to Register Admirable Growth Due to Increase in Medical Expenses and forecast 2023
Market
Analysis
The
global pacemaker market is predicted to grow at a 6.5% CAGR over the forecast
period (2018-2023), states the latest Market Research Future (MRFR) report. A
pacemaker, simply put, is a small device that is battery-operated. It senses when
the heart beats too slowly or irregularly and sends a signal to the heart,
which makes the heart beat at an accurate pace. This device can help to relieve
some symptoms of arrhythmia, such as fainting and fatigue. It also assists
people with abnormal heart rhythms in resuming an active lifestyle. Physicians
generally suggest pacemakers for a couple of reasons of which the most common
include heart block, bradycardia, people having heart transplants, and specific
forms of congenital heart disease.
Various
factors are propelling the pacemaker market growth. Some of these factors,
according to the Market Research Future report, include rising incidences of
cardiac diseases, rising geriatric population, growing awareness regarding
cardiovascular disorders, various technological advancements, and rise in
medical expenses. Additional factors pushing market growth include favorable
and strong reimbursement policies, cost-effective steps undertaken by the
government, advanced diagnostics, and increasing research and development
investments for pacemakers.
On
the contrary, the high price of pacemakers and complications related to the
implant are factors that may restrict the pacemaker market growth over the
forecast period.
Market
Segmentation
The
MRFR report offers a wide segmental analysis of the pacemaker market on the
basis of application, product type, implant approach, and end user.
Based
on product type, the pacemaker market is segmented into external and
implantable. Of these, the implantable segment will lead the market over the
forecast period. This is owing to increasing preference for such pacemakers
based on their advantages over the external counterparts and rising prevalence
of CVDs.
Based
on application, the pacemaker market is segmented into syncope, cardiomyopathy,
hypertrophic, heart failure, bradycardia, and others. The bradycardia segment
is again segmented into AV block and sinus node dysfunction.
Based
on implant approach, the pacemaker market is segmented into the epicardial
approach and endocardial approach.
Based
on end user, the pacemaker market is segmented into research and academic
institutes, ambulatory surgical centers, hospitals and clinics, and others. Of
these, hospitals and clinics will have the largest share in the market over the
forecast period.
Regional
Analysis
By
region, the pacemaker market report covers the latest trends and growth
opportunities across the Asia Pacific, Europe, the Americas, and the Middle
East and Africa. Of these, the Americas will spearhead the market over the
forecast period. This is owing to technological advancements and the presence
of a robust healthcare sector in the region. Moreover, the presence of several
medical device manufacturers, rising cases of cardiovascular disorders, and new
pacemakers getting approval from the FDA are also pushing market growth.
The
pacemaker market in Europe is predicted to have the second-largest share in the
market over the forecast period. This is owing to growing support from the
government in the form of research and development grants, increasing presence
of key players, high healthcare expenditure, and rising incidences of cardiovascular
diseases.
The
pacemaker market in the APAC region is predicted to grow at the fastest pace
over the forecast period. This is owing to increasing healthcare expenditure,
rising incidences of atrial fibrillation, and the presence of a large pool of cardiac
patients. Moreover, this region has emerged as a medical tourism hub that is also
propelling market growth.
The
pacemaker market in the Middle East and Africa is predicted to have a sluggish
growth over the forecast period. This is owing to less awareness about cardiac
medical conditions, lack of technical knowledge, and lack of healthcare
infrastructure.
Key
Players
Leading
players profiled in the pacemaker market report include Vitatron, Cook, Edwards
Lifesciences, Sorin Group, Medtronic Plc, Pacetronix, General Electric Company,
Boston Scientific Corporation, Biotronik GmbH & Co. KG, St. Jude Medical
Inc., MEDICO S.p.A, Cordis, Inc., and ZOLL Medical Corporation.
March
2019: Scientists in China have come up with a pacemaker by bonding
piezoelectric layers with a flexible plastic frame that helps in harvesting
energy from the beating heart.
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