The global pacemaker market to grow at a CAGR of 7.8% during the forecast period 2018–2024 to aggregate $12.1 billion by 2024
Increase in the aging population, increasing prevalence of cardiovascular diseases, and good reimbursement facilities are expected to drive the market growth during the forecast period. However, side effects of pacemakers, alternatives for pacemakers, lack of skilled healthcare professionals, and stringent regulatory approval process will hamper the market growth.
BANGALORE, India – May 08, 2018
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Pacemaker Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (May 2018).
According to Infoholic Research, growing aging population, increasing prevalence of cardiovascular diseases, and good reimbursement facilities are few of the factors driving the pacemaker market growth. Increase in healthcare spending, use of electronic health records for monitoring outcomes of pacemakers, and increase in the number of outpatient procedures are providing an opportunity for the growth of the market. However, side effects of pacemakers, alternatives for pacemakers, lack of skilled healthcare professionals, and stringent regulatory approval process will hamper the growth. The “Global Pacemakers” market is expected to grow at a CAGR of 7.8% during the forecast period 2018–2024 to touch an aggregate of $12.1 billion by 2024.
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A pacemaker is a device used for the regulation of uneven heartbeat. The average rate at which the heart beats is between 60 and 100 per minute. At rest, the heart beats as slow as 40 times a minute, and it beats as fast as 200 times while exercising. Nevertheless, an individual can experience weakness, dizziness, and fainting during slow heartbeats. Ancient cardiac pacemaker devices commonly comprise a hypodermal pulse generator that is placed on the walls of the chest, and transvenous pacing leads are fixed to the myocardial tissue. The primary difficulty associated with these devices is the lead placement as they are weak links in the pacemaker systems. Pneumothorax, trouble in gaining upper extreme venous admittance, and formation of hematoma are few other problems faced. In recent years, small leadless pacemakers have emerged with the capability to reduce these complications associated with the procedure.
The pacemaker market is analyzed based on products, technologies, end-users, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In the North American region, the US is set to be the leading country. Europe is set to be the second leading region and held more than 26.8% of the market share in 2017. In Asia Pacific, India, Japan, and China are among the most attractive countries for the players and hold enormous business opportunities. The ROW is set to be an emerging market in the next 5–6 years.
Pacemakers are of two types, namely external pacemakers and internal pacemakers. The usage of internal pacemakers is extensive when compared to external pacemakers. The cardiac pacemakers can also be segmented into single-chambered, dual-chambered, and biventricular pacemakers. Cardiologists generally recommend the use of single chamber or dual chamber pacemaker bestowing to the medicinal requirement of the patient. Hospitals, ambulatory surgical centers, and cardiac clinics are the major end-users in the market. The hospitals dominated the market in 2017 due to the good reimbursement facilities and availability of skilled professionals.
“New product development, geographical expansion, collaboration, mergers & acquisitions, and pricing strategies are vital for players in this space. The convenience of reimbursement for the pacemaker implantation treatment has lessened the monetary load on patients, thus prompting the procedure rate of such devices. Reimbursement settlement plans are available in most of the regions, particularly in developed nations such as the UK, the US, and Canada.” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report also aims to cover the below-mentioned points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals.
- Provides the complete details about the various types of pacemaker products and technologies overview.
- Provides the complete details about the analysis of top 10 players.
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.