The global cardiac pacemaker market is dominated by a handful of international players, including St. Jude Medical, Medtronic, and Boston Scientific. The dominance of these players can be attributed to their diversified product portfolio and strong brand visibility, finds Transparency Market Research (TMR) in a new study. Key players are also focusing towards expanding their marketing and distribution channels in emerging countries.
“The highly lucrative nature of the global market for cardiac pacemaker will attract new players to foray into the arena; however, the requirement of high initial investment and advanced research and development facilities will keep the threat of new entrants moderate over the coming years,” says the author of the report. The global sales of cardiac pacemakers are estimated to cross 2.4 mn units by 2023.
Implantable Cardiac Pacemakers to Remain Leading Product Segment through 2023
On the basis of product, implantable cardiac pacemakers will register greater demand as compared to its counterpart throughout the forecast horizon. The convenience offered by them coupled with continuous technological advancements in the field is driving the growth of the segment. The segment will also exhibit a higher CAGR of 8.9% during the same period.
Geographically, Europe will continue to be at the forefront of growth until 2023, accounting for over half of the overall market volume. A wide pool of aged population and patients suffering from cardiac disorders are stimulating the sales of cardiac pacemakers in the region. Asia Pacific will hold immense potential, thanks to the rising adoption of technologically advanced pacemakers and therefore, rise at a promising pace during the forecast period.
Rising Geriatric Population Boosts Uptake of Cardiac Pacemakers
Since aged people are susceptible to heart-related complications, the expanding base of geriatric population is one of the primary factors augmenting the global cardiac pacemaker market. The rate of growth in geriatric population in developed regions is higher as compared to developing countries. The U.S. Census Board estimates that aged people will make nearly 20% of the total U.S. population.
Other than aged people, a spike in cardiac disorders has also been registered in youth over the past few years. “The increasing cases of obesity and high stress in the wake of lifestyles shifting to sedentary routines are making young population potential consumers of cardiac pacemakers,” says a TMR analyst. Therefore, the widening pool of patients suffering from heart diseases is providing a fillip to the market.
Government Regulations to take its Toll on Global Market
The Affordable Care Act, which was implemented in the U.S. in 2010, allowed patients to get more affordable health care. The act also includes 2.5% excise duty imposed on all medical devices, including cardiac pacemakers. Additionally, the U.S. Food and Drug Administration (FDA) categorizes cardiac pacemakers as Class III high-risk medical devices. All the medical devices under this class should be tested for safety even before being approved. These stringent regulations increase the cost and time taken to make a cardiac pacemaker available to consumers, which in turn is hindering the growth of the market.
However, in order to keep up with the spiraling demand for cardiac pacemakers, manufacturers are compelled to compromise on their profit margins and reduce the overall cost of their products, thereby adversely affecting the overall revenue generation of the market.
The information presented in this review is based on a TMR report, titled, “Cardiac Pacemaker Market (Product - Implantable and External; Technology - Single Chambered, Dual Chambered, and Biventricular) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key Segments of the Global Cardiac Pacemaker Market:
Global Cardiac Pacemakers Market, by Product Type
- Implantable cardiac pacemaker
- External cardiac pacemaker
Global Cardiac Pacemakers Market, by Technology
- Single chambered
- Dual chambered
Global Cardiac Pacemakers Market, by Geography
- North America
- Asia Pacific
- Rest of the World
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