The global pacemaker devices market is likely to exhibit rapid growth in the coming years on the back of the rapid progress of the medical devices industry in recent years and the increasing attention being paid by regulatory authorities to the development of effective cardiac treatment devices. The rising prevalence of cardiovascular conditions, particularly in prosperous Western economies, is likely to provide the global pacemaker devices market with steady momentum in the coming years. The growing utility and convenience of modern pacemaker devices could be a major factor for the global market in the coming years, as smartphone integration and other such technological innovations could improve the prospects of the pacemaker devices market rapidly in the near future.
In the 2017-2022 forecast period, the global pacemaker devices market is expected to exhibit a sturdy 8.1% CAGR. The market valuation of the global performance coatings market is thus likely to rise from US$5.5 bn to US$8.1 bn over the forecast period.
Implantable Pacemaker Devices to Dominate Global Market
External and implantable pacemakers are the key product types in the global pacemaker devices market. Of these, implantable pacemakers accounted for more than 65% of the market in 2017 and are likely to remain the dominant segment through the 2017-2022 forecast period. The demand for implantable pacemaker devices has been driven by the steady development of the medical devices sector, which has led to consistent product innovation. The convenience of implantable pacemaker devices over external devices in terms of the accuracy of the readings and comfort to the patient is likely to enable steady dominance of implantable pacemaker devices in the global market in the coming years.
Hospitals to Remain Leading End Users of Pacemaker Devices
The global pacemaker devices market is segmented into hospitals, ambulatory surgical centers, and cardiac clinics in terms of end use. The high volume of patients in hospitals is likely to make them the dominant consumers of pacemaker devices, in addition to the requirement for comprehensive physical assessment and surgical procedures before implantation.
North America to Dominate Global Pacemaker Devices Market
Geographically, North America is the dominant contributor to the global pacemaker devices market. The North America market was valued at US$1,921.6 mn in 2017 and is likely to rise to US$2,917.9 mn by 2022. The dominance of the North America pacemaker devices market is further highlighted by its robust 8.7% CAGR over the 2017-2022 forecast period. The robust healthcare research scenario in North America is conducive for strong growth of the pacemaker devices market in the region, in addition to the proliferation of numerous medical institutions and global leaders in the field of cardiac medical device innovation. The dominance of North America in the field of medical device research is likely to remain steady in the coming years.
Europe is also a key contributor to the global pacemaker devices market and is likely to account for around 25% of the market in the coming years. Asia Pacific except Japan is also likely to become a leading regional market for pacemaker devices over the coming years due to the rising prevalence of cardiac conditions in the region. The APEJ market for pacemaker devices is expected to rise to a valuation of US$1,692.2 mn by 2022, exhibiting a strong 8.3% CAGR over the 2017-2022 forecast period.
Leading companies in the global pacemaker devices market include Abbott Laboratories, Medtronic Plc., Oscor Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, Lepu Medical Technology, OSYPKA AG, Zoll Medical Corporation, and Pacetronix Limited.
Global Pacemaker Devices Market: Overview
Today, the healthcare industry is moving toward a client situated condition to offer quick, dependable, and savvy symptomatic services to the patients. Additionally, with the developing concerns relating to the accessibility of quality medicinal services governments all over the globe are executing activities to offer positive treatment choices. In the medical industry, pacemakers assume a vital part in tending to concerns relating to treating perilous cardiovascular infections. To viably counter cardiovascular conditions and go on keeping pace with the rising requirement for cardiovascular equipment, key producers in the medicinal gadgets arena are confronting the surging demand from the consumers. With the assistance of client division services, organizations in the cardiovascular pacemaker space can profile the potential clients and concentrate their showcasing endeavors on a wide scope of clients. Also, in the cardiovascular pacemaker devices market, organizations can comprehend clients' spending habits and devise a demographically strategic business plan.
The report offers a distinctive evaluation of the global pacemaker devices market, taking into account its growth factors, restraints, and potential business prospects.
Global Pacemaker Devices Market: Trends and Opportunities
According to the insights of the World Health Organization, number of deaths due to CVDs were roughly 31.0%, of the 17.5 million deaths occurred in the years 2012. Among the 17.5 million, around 40.0% and 38.0% deaths occurred on account of coronary illness and stroke, individually. The high frequency and death rates related with cardiovascular conditions are driving the demand of the simulated heart rate management gadgets.
Surging population and emerging economies in the Asian countries like India and China are expected to make offer bountiful opportunity for the worldwide pacemakers market. Additionally, advancement of new agreeable products would create significant open doors for the worldwide market for pacemaker. A part of the current patterns in the worldwide pacemakers’ market incorporate organizations engaged with innovative research and development work for more innovative products.
Global Pacemaker Devices Market: Geographical Analysis
Geographically, North America is expected to continue holding dominance in the regional market bifurcation, followed closely by Europe. Developed healthcare infrastructure, presence of planned reimbursement structure, greater per capita healthcare spending, and higher awareness among the population about advanced technologies supported the significant growth of this regional segment.
Moreover, Asia Pacific is anticipated to exhibit healthy growth over the coming years. Several economic government initiatives are anticipated to create a free and open economy. For instance, implementation of Goods and Services Tax (GST) in India to avoid the tax cascading effect is anticipated to bring down the tax rate, thus improving the ease of doing business in the country. Also, recently introduced economic reforms in China, promoting a well-balanced and open economy, has had a significant impact in shaping the global economy in 2016, thus presenting more investment opportunities for multinational players in this region.
Global Pacemaker Devices Market: Companies Mentioned
With a moderately fragmented vendor landscape, the global pacemaker devices market is anticipated to become highly competitive in the coming years and is expected to witness new entrants as well.
Key player operating in the market are Zoll Medical Corporation, Biotronik SE & Co. KG, Medtronic Plc., Boston Scientific Corporation, Abbott Laboratories, Lepu Medical Technology, Oscor Inc., Pacetronix Limited and OSYPKA AG.
- Global Pacemaker Devices Market: Product Type
- Global Pacemaker Devices Market: End User
- Cardiology Clinics
- Global Pacemaker Devices Market: Technology
- Single Chamber
- Dual Chamber
- Global Pacemaker Devices Market: Application
- Atrial Fibrillation
- Global Pacemaker Devices Market: Geography
- North America
- Latin America
- Asia Pacific except Japan
- Middle East and Africa