May 20, 2020
According to the research report titled ‘Global Cardiac Pacemakers Market Size study, by Product (Implantable Cardiac Pacemaker, External Cardiac Pacemaker), by End-User (Hospitals & Clinics, Ambulatory Surgical Centers, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global cardiac pacemakers market was worth USD 4167.4 million in the year 2019 and is assumed to expand with a CAGR of 3% during 2020-2026.
For the record, a cardiac pacemaker is medical device which transmits electrical impulses to the heart and helps in controlling the cardiac rhythm. The product is widely used to maintain an adequate heart rate during blockage of electrical conduction system of the heart.
Increased pervasiveness of cardiovascular diseases owing to rising elderly population is a major factor driving the growth of the cardiac pacemakers market. Surging investments by public and private entities in cardiac pacemakers will further enhance the revenue scope of this business vertical. The America Heart Association states that the number of deaths caused by cardiovascular diseases was around 17.6 million in 2016, which is expected to increase to 23.6 million by the year 2030. However, high treatment costs and rising prevalence of product recalls owing to device malfunctioning may act as growth restraining factors.
As per the product type, the market is split into external cardiac pacemaker and implantable cardiac pacemaker. In terms of end-user landscape, the industry is divided into ambulatory surgical centers, hospitals & clinics and others.
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Considering the geographical landscape, the North America cardiac pacemakers industry is predicted to grow considerably during the forecast period. Availability of advanced healthcare infrastructure along with high occurrence of cardiovascular diseases are promoting the business scenario in the region. Meanwhile, the cardiac pacemakers market in Asia-Pacific is poised to acquire appreciable returns in the forthcoming years, primarily due to surging investments towards development of innovative pacemakers and improving economic conditions of India and China.
The prominent companies operating in global cardiac pacemakers market are MEDICO S.p.A., Pacetronix, Osypka Medical Inc., Lepu Medical Technology Co. Ltd., LivaNova PLC., St. Jude Medical Inc., Abbott Laboratories, Medtronic PLC, Boston Scientific Corp., and BIOTRONIK SE & Co. KG among others.