Global Pacemaker Market - Drivers' Restraints' Opportunities' Trends' and Forecasts: 2018-2024
Overview: A pacemaker is a device used for the regulation of uneven heartbeat. The average rate at which the heart beats is between 60 and 100 per minute. At rest' the heart beats as slow as 40 times a minute' and it beats as fast as 200 times while exercising. Nevertheless' an individual can experience weakness' dizziness' and fainting during slow heartbeats. Ancient cardiac pacemaker devices commonly comprise a hypodermal pulse generator that is placed on the walls of the chest' and transvenous pacing leads are fixed to the myocardial tissue. The primary difficulty associated with these devices is the lead placement as they are weak links in the pacemaker systems. Pneumothorax' trouble in gaining upper extreme venous admittance' and formation of hematoma are few other problems faced. In recent years' small leadless pacemakers have emerged with the capability to reduce these complications associated with the procedure.
Growing aging population' increasing prevalence of cardiovascular diseases' and good reimbursement facilities are few of the factors driving the pacemaker market growth. Increase in healthcare spending' use of electronic health records for monitoring outcomes of pacemakers' and increase in the number of outpatient procedures are providing an opportunity for the growth of the market. However' side effects of pacemakers' alternatives for pacemakers' lack of skilled healthcare professionals' and stringent regulatory approval process will hamper the growth.
Market Analysis: The "Global Pacemaker" market is estimated to witness a CAGR of 7.8% during the forecast period 2018-2024. The pacemaker market is analyzed based on four segments - products' technologies' end-users' and regions.
Regional Analysis: The regions covered in the report are North America' Europe' Asia Pacific' and Rest of the World (ROW). North America accounts for the largest share of the pacemaker market' followed by Europe' Asia Pacific' and Rest of the World. More than 60% of the market is occupied by North America' with the US being the major contributor to the market growth.
Product Analysis: Based on products' the market is segmented into internal pacemakers and external pacemakers. The usage of internal pacemakers is extensive when compared to the external pacemakers' which makes it the largest segment in the global pacemaker market.
Technology Analysis: Based on the technology' the market is segmented into single-chambered' dual-chambered' and biventricular pacemakers. Cardiologists generally recommend the use of single chamber or dual chamber pacemakers bestowing to the medicinal requirement of the patient.
End-user Analysis: Based on end-users' the market is segmented into hospitals' ambulatory surgical centers' and cardiac clinics. The hospitals dominated the market in 2017 due to the good reimbursement facilities and availability of skilled professionals.
Key Players: Abbott Laboratories' Inc. (St. Jude Medical' Inc.)' BIOTRONIK SE & Co. KG' Medtronic' Boston Scientific Corporation' and MicroPort are the key players of the market. Lepu Medical Technology Co. Ltd.' Medico' S.p.A' Osypka Medical GmbH' Sree Pacetronix Ltd.' and SORIN Group are the other predominate players in the market.
Competitive Analysis: New product development' geographical expansion' collaboration' mergers & acquisitions' and pricing strategies are vital for players in this space. For instance' in May 2018' MicroPort' a Chinese company acquired the cardiac rhythm management segment of the LivaNova company' which has made MicroPort a prominent player in the market. In January 2017' one of the major players in the market' St. Jude Medical was acquired by Abbott Laboratories for a total of $25 billion. This acquisition has strengthened the Abbott's position in the cardiovascular segment and increased its market share. The convenience of reimbursement for the pacemaker implantation treatment has lessened the monetary load on patients' thus prompting the procedure rate of such devices. For example' a single chamber pacemaker device costs nearly $10'000' and almost $7'500 is compensated under the US Medicare plan. Reimbursement settlement plans are available in most of the regions' particularly in developed nations such as the UK' the US' and Canada.
Benefits: The report provides complete details about the usage and adoption rate of pacemakers in various regions. With that' key stakeholders can know about the major trends' drivers' investments' and vertical player's initiatives. Moreover' the report provides details about the major challenges that are going to impact the market growth. Additionally' the report gives the complete information about the key business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals before investing in this market.
Key Stakeholders:
Region/Country Cover in the Report
North America' Europe' Asia Pacific' and Rest of the World (ROW)
Key Players Covered in the Report
Abbott Laboratories' Inc. (St. Jude Medical' Inc.)' BIOTRONIK SE & Co. KG' Medtronic' Boston Scientific Corporation' and MicroPort are the key players of the market. Lepu Medical Technology Co. Ltd.' Medico' S.p.A' Osypka Medical GmbH' Sree Pacetronix Ltd.' and SORIN Group
