The global cardiac pacemaker market is consolidated in nature with top three leading companies collectively dominating the market. Top three companies, Medtronic, BostonScientific, and St.JudeMedical collectively held 76.4% of the global market in 2014. Medtronic held the largest share of 46.2% in 2014 and the company is expected to maintain its dominance owing to a broad product portfolio and its wide geographic presence. Some other companies performing steadily in the global cardiac pacemakers market are BIOTRONIK SE & Co. KG and Boston Scientific Corporation. A new report from Transparency Market Research (TMR) states that in the U.S., 20% of the total population will be geriatric. The rising geriatric population is predicted to be one of the primary factors driving the demand for cardiac pacemakers.
By revenue, the global cardiac pacemakers market is expected to reach US$12.8 bn by 2023. By region, North America is predicted to dominate the global cardiac pacemakers market in the next few years. The North America cardiac pacemakers market is expected to reach US$6.7 mn by 2023. “The threat of the startup companies is likely to remain moderate,” states a TMR analyst. The global sale of cardiac pacemakers is predicted to surpass 2.4 mn units by 2023.
Implantable Cardiac Pacemakers Segment to Maintain its Dominance
Based on product type, the global cardiac pacemakers market is led by the implantable cardiac pacemaker segment. Since 2014, the implantable cardiac pacemakers segment has been experiencing a steady growth in the global market. The implantable cardiac pacemakers segment was the most promising product segment in 2014 and going forward it is expected to exhibit an 8.90% CAGR between 2015 and 2023. By technology, the dual chamber cardiac pacemakers segment is expected to reach US$10.2 bn by 2023.
Rising Elderly Population to Generate Demand for Cardiac Pacemakers
The rising geriatric population can be credited to be the most effective factor to drive the global demand for cardiac pacemakers. The number of elderly people is growing consistently in many regions. The incidence of cardiovascular diseases is also increasing at a considerable pace, which is another factor expected to drive the demand for cardiac pacemakers. Technological advancements have assisted key companies operating in this market to introduce new products, which again has created growth opportunities.
Strict Regulatory Approvals to Restrict Entry of New Companies
The global cardiac pacemakers market is expected to offer many growth opportunities for the startups and the existing players. However, strict government regulations are expected to restrict the entry of new companies in the global market. The rising cost of medical treatments is another factor expected to challenge the companies operating in the global cardiac pacemakers market. Additionally, the implementation of Affordable Healthcare Act is expected to affect the growth of the global market.
Emerging Economies to Offer Growth Opportunities
The adoption of cardiac pacemakers is increasing in the developing nations, which is expected to create new growth opportunities in the years to come. Rising population base, rising healthcare services, and high unmet healthcare needs of the people residing in Latin America and Asia Pacific are some of the factors predicted to boost the demand for cardiac pacemakers. Rising disposable income and rising per capita income are also expected to play an important role in fuelling the sales of cardiac prosthetic devices.
This information is based on the findings of a report published by Transparency Market Research titled “Cardiac Pacemakers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
The global welding products market is segmented as follows:
Global Cardiac Pacemakers Market, by Product Type
- Implantable Cardiac Pacemaker
- External Cardiac Pacemaker
Global Implantable Cardiac Pacemakers Market, by Technology
Global Cardiac Pacemakers Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World (RoW)
- Latin America
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