According to the report, global cardiac pacemaker market was valued at around USD 7.50 billion in 2015 and is expected to generate revenue of approximately USD 12.00 billion by end of 2021, growing at a CAGR of around 8.5% between 2016 and 2021. The cardiac pacemaker volume market stood at approximately 1.3 million units in 2015 and is expected to reach around 2.0 million units by 2021.
A small device which helps the patient heart to beat more regularly is known as the cardiac pacemaker. A natural pacemaker in the heart is called as the sinus node helps to; control the normal heartbeat. The electrical signal which is generated by the sinus node spreads throughout the heart causing it to beat. Usually, a pacemaker is implanted in order to correct the sinus node function which becomes slow with increasing age, heart disease, or heart medications. Almost all pacemakers are implanted to treat slow heart beating, which is called bradycardia. A pacemaker helps to artificially control the pulse rate of the heart of the patient. It does this with a small electric stimulation that helps control your heartbeat. The pacemaker system includes the pacemaker itself and wires that connect the pacemaker to the heart. The pacemaker is usually inserted under the skin on patient’s chest, just under the collarbone. It’s hooked up to heart with the help of tiny wires. Globally there are 3 million people implanted with pacemakers, and each year more than 600,000 pacemakers are implanted worldwide.
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Rising geriatric population coupled along with increasing prevalence of cardiovascular diseases are expected to be the major drivers for the global cardiac pacemaker market. In addition, a large number of technological advancement in cardiac pacemakers systems and entry of new players is expected to trigger the growth of cardiac pacemaker industry in the coming years. However, rising incidences of cardiac pacemaker malfunction may pose the challenge to cardiac pacemaker market. Growth in emerging economies is expected to act an opportunity for cardiac pacemaker market in near future.
Based on product, cardiac pacemaker market has been segmented into implantable cardiac pacemaker and external cardiac pacemaker. Cardiac pacemaker market was dominated by implantable cardiac pacemaker segment which accounted for largest volume and revenue share across the globe. Further, it is expected to continue its dominance over the forecast period. Implantable cardiac pacemaker segment is also expected to be the fastest growing segment during the forecast period.
The cardiac pacemaker market is segmented based on technology into biventricular, single chambered and dual chambered. In terms of demand, the dual chambered technology segment dominated the market in 2015. Single chambered technology was another major technology segment of cardiac pacemaker market. Dual chambered technology segment is expected to continue its dominance throughout the forecast period. Dual chambered technology segment is expected to grow at fastest growth rate during the forecast period.
North America is projected to be the largest revenue contributing region. North America is expected to remain the dominant region over the forecast period. North America held more than 30% share of global cardiac pacemaker market in 2015. Europe was the second largest market for the cardiac pacemaker in 2015. Demand in Europe was followed by Asia Pacific. Asia-Pacific is projected to be the fastest-growing region in the cardiac pacemaker market during the forecast period as a result of demand from developing economies such as China and India. As a result of increasing aging population and increasing health awareness in Brazil, Latin America is also expected to experience significant growth in the years to come.
Some of the key players operating in cardiac pacemaker market include St. Jude Medical Inc, Biotronik GmbH & Co. KG, Zoll Medical Corporation, Medtronic. Vitatron, Boston Scientific Corporation, MEDICO S.p.A, SORIN S.p.A., and Cook Medical Inc.
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