According to a new market report published by Transparency Market Research “Cardiac Pacemaker Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”, the cardiac pacemaker market was valued at US$6.05 bn in 2014 and is projected to expand at a CAGR of 8.7% from 2015 to 2023 to reach US$12.85 bn in 2023.
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Cardiac pacemaker is a cardiac rhythm management device that sets heart rhythm by sending electrical impulses to heart. The pacemakers support heart rate, senses native heart rate, provides physiologic heart rate and diagnostics rate. Growth in the global base of population over 65 years of age would act as a high impact driver of the market. According to the U.S. Census Board, people older than 65 years represented around 13% of the total population; this percentage is expected to grow at an estimated 20% by 2030. According to the World Health Organization, the global geriatric population is anticipated to reach 1.5 billion by 2050. Other countries aging at a rapid pace are Japan, and Germany. The impact of this driver is expected to remain high during the forecast period as the global geriatric population is constantly rising. Moreover, growing incidence of cardiovascular diseases plays a vital role in the market growth. One in 600 cardiac patients older than 65 years have sick sinus syndrome. The median age of sick sinus syndrome is 74 years. Degenerative fibrosis, amyloidosis, connective tissue diseases, and ion channel dysfunction are the common causes of SSS. A study conducted by ARIC and CHS concluded that the number of cases of SSS will increase from 78,000 in 2012 to 172,000 in 2060.
Cardiac pacemakers such as implantable and external pacemakers are available in the market. Of these, implantable pacemakers held the majority share of the market in 2014, followed by external pacemaker. Implantable has been identified as the fastest growing segment during the forecast period due to product efficacy, advancement of technology, and increasing cases of bradycardia which is caused by sick sinus syndrome or atrio-ventricular block or both has led to steady rise in implantable cardiac pacemaker volume across the globe.
Based on technology, the dual-chamber pacemaker segment accounted for over 78.4% share of the global implantable cardiac pacemaker market in terms of revenue, and 71.2% in terms of volume unit sales in 2014. Moreover, the segment is expected to gain market share and emerge as the fastest growing segment during the forecast period. Biventricular pacing systems are commonly used in the treatment of refractory congestive heart failure (CHF) and ventricular dysynchrony, and is the fastest growing segment. High CAGR during the forecasted period is attributed due to high cases of ventricular dysynchrony.
North America and Europe were the largest regional markets for cardiac pacemaker in 2014, accounting for more than 87.9% share. The regions dominated the market due to steady increase in cardiac pacemaker procedural volume and rising cases of cardiac failures to bradycardia. In 2009, there were 235,567 new pacemakers implanted in the United States. Increasing number of new product approvals is another major factor that contributed to the growth of the cardiac pacemaker market in these regions. On the other hand, Asia Pacific is expected to gain market share during the forecast period and emerge as the fastest growing segment. Rapidly emerging medical tourism industry Asian countries due to low cost of surgical procedures is one of the major factors driving the cardiac pacemakers market in this region.
Medtronic, Boston Scientific Corporation, St. Jude Medical, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, Cook Medical, SORIN Group., Medico, S.p.A. are the major players operating in the global cardiac pacemakers market.
Full Research Report on Global Cardiac Pacemaker Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/cardiac-pacemakers-market.html