Pacemaker market Size 2020 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.
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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.
Access the full report @ https://www.marketresearchfuture.com/reports/pacemaker-market-1587
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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