A pacemaker is a small electrical device used for treatment of arrhythmias in patients suffering from irregular heartbeat. Arrhythmias is of two types, tachycardia and bradycardia. When the heart beat is too fast it is termed as tachycardia and when it is too slow it is known as bradycardia. During arrhythmia the heart is not able to pump enough blood to the other parts of the body, which causes fatigue and fainting. According to Center for Disease Control and Prevention (CDC) sudden cardiac death rates are more than 600,000 per year, and it has been observed that 50% of patients die during first occurrence of cardiac disease. The prevalence of atrial and ventricular arrhythmias increases with age with no sign of coronary heart disease. A pacemaker helps the patients suffering from arrhythmias to lead an active and healthy life style. There are two types of pacemaker devices, implantable cardiac pacemaker and external cardiac pacemaker. The implantable pacemaker device is placed under the skin on left side of the chest, and is connected through leads guided through a blood vessel to the heart. The external cardiac pacemaker are used for temporary pacing and require a fully furbished clinical facility. The global cardiac pacemaker market has been segmented on the basis of product type, end users, and regions.
The global cardiac pacemaker market is projected to exhibit a declining CAGR of -0.5% during the forecast period in terms of value. Global cardiac pacemaker market value is expected to reach to US$ 3,923.8 Mn by the end of 2024.
Factors influencing the global cardiac pacemaker market
The global cardiac pacemaker market is mainly driven by growing prevalence of cardiovascular disorders in developed nations, high disease occurrence in underdeveloped nations, various supportive government initiatives, and non-government organizations funding. Other factors driving cardiac pacemaker market are advanced diagnostics, favorable reimbursement scenario for treatment and cost effective steps taken by various governments. However, Lack of awareness regarding cardiovascular disorders among the population in developing countries, high cost of treatment and high rate of product recalls due to device malfunctioning are expected to restrain growth of the market over the forecast period. Focus on new device launches approaches and development of fast, reliable and cost-effective diagnostic methods will define the future landscape of cardiac pacemaker market.
Global cardiac pacemaker market segment analysis
Based on product type, the market has been segmented into implantable pacemakers and external pacemakers. Implantable pacemaker segment is expected lose market share by 2024 and reach US$ 3,116.2 Mn. The loss in revenue is due to preference given to cardiac defibrillators over pacemakers for treating arrhythmias. A cardiac defibrillators is similar in shape and size to a pacemaker and is able to perform defibrillation and pacing of the heart thus able to treat life threatening arrhythmias. Implantable cardiac pacemaker will remain the most attractive segment in terms of revenue generation when compared to external pacemaker segment due to its modality and effectiveness over external pacemaker which allows for temporary pacing and technological advancements.
Based on major end users, the cardiac pacemaker market is segmented into hospitals and ambulatory surgical centers. Hospitals segment are expected to account for the highest share for cardiac pacemaker market over the forecast period due to higher rate of implants that take place in the hospitals segment as the reimbursement rates offered are better as compared to ambulatory surgical centers.
Global cardiac pacemaker market regional analysis
The global cardiac pacemaker market has been segmented into five major regions: North America, Latin America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). In terms of value, North America is estimated to be the dominant market for global cardiac pacemaker market in 2016 owing to robust healthcare infrastructure and high prevalence of cardiovascular diseases. The Latin America cardiac pacemaker market is expected to expand at a CAGR of 1.1% over the forecast period. Asia Pacific and Middle East & Africa cardiac pacemaker market is estimated to exhibit a CAGR of 1.0% for the forecast period. North America cardiac pacemaker market is expected to exhibit a declining CAGR of – 1.4% over the forecast period the decrease in market share is due to product recalls of major players in the region which resulted in loss of revenue. Implantable cardiac pacemaker segment in the North America market is expected to exhibit a negative CAGR over the forecast period. The Europe region is expected to exhibit a declining CAGR of -1.1% for the forecast period. The decline in revenue share in these two regions has affected the overall global cardiac pacemaker market as the two regions have the maximum share in terms of market share.
Global cardiac pacemaker market key market players
Some key players in the global cardiac pacemaker market identified in this report are Medtronic’s, St.Jude Medical Inc., Boston Scientific Corporation, BIOTRONIK SE & Co. KG, Lepu Medical Technology Co ltd., MEDICOWEB, Pacetronix ltd., LivaNova Plc., and Osypka Medical GmbH. The report also identifies company-specific strategies related to product development; market consolidation initiatives and analysis of their specific strengths, weaknesses, opportunities, and threats.
The global cardiac pacemaker market is dominated by few key players such as Medtronic’s, St.Jude Medical Inc., Boston Scientific Corporation and BIOTRONIK SE & Co. KG and together, these companies constitute around 80%-85% of the overall market share.
This report by Persistence Market Research (PMR) examines the global cardiac pacemaker market for the period 2016–2024. The primary objective of the report is to offer updates and information related to market opportunities in the Global Cardiac Pacemaker Market.
The global cardiac pacemaker market report begins with an exhaustive executive summary giving the report data overview and the market taxonomy or segments covered in the report. It is followed by an overview of market dynamics of the global cardiac pacemaker market, which includes Persistence Market Research analysis of key trends, drivers, restraints and opportunities, and reimbursement scenario that is influencing the growth of the global cardiac pacemaker market. It also includes an insight into pricing of the products. Impact analysis of key growth drivers and restraints based on a weighted average model have been included in the global cardiac pacemaker market report after detailed analysis of individual regions to better equip readers with meaningful insights on ongoing developments in the market.
Based on product type, the market has been segmented into implantable pacemaker and external pacemaker. Implantable pacemaker are further sub segmented into single chamber, dual chamber and biventricular pacemaker, all the three sub segment have exhibited a negative CAGR due to device malfunctioning. Further, based on end-user segmentation, hospitals segments are the most attractive segment for cardiac pacemaker market compared to ambulatory surgical centers as most of the pacemaker implants are performed in registered hospitals.
The next section of the report analyses cardiac pacemaker market by region and provides market outlook for 2016–2024. The report also analyses the impact of drivers and restraints in each region. Key regions assessed in this report include North America, Latin America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
The above sections—by product type, end users, and region—evaluate the present scenario and growth prospects of the global cardiac pacemaker market for 2016–2024. We have considered 2015 as the base year and provided data for the forecast period, i.e., 2016–2024.
In the final section of the report on the global cardiac pacemaker market, ‘Competitive Landscape’ is included to provide report audiences with a dashboard view, based on categories of providers in the cardiac pacemaker market product portfolio and key differentiators. Key categories of providers covered in the report are pacemaker devices. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the cardiac pacemaker market value chain and the potential players for the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on in-depth assessment of capabilities and successes in cardiac pacemaker market.
Detailed profiles of the providers are also included in the scope of the report to evaluate their long- and short-term strategies, key offerings, SWOT analysis, and recent developments in the global cardiac pacemaker market.
Key competitors covered in terms of manufacturers include Medtronic’s, St.Jude Medical Inc., Boston Scientific Corporation, BIOTRONIK SE & Co. KG, Lepu Medical Technology Co ltd., MEDICOWEB, Pacetronix ltd., LivaNova Plc., and Osypka Medical GmbH.
To ascertain cardiac pacemaker market size, we have also considered revenue generated by device manufacturers. The forecast presented here assesses the total revenue by value across the cardiac pacemaker market. In order to offer an accurate forecast, we started by sizing up the current market, which forms the basis of how the cardiac pacemaker market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome of three different types of analysis based on supply side, downstream industry demand, and the economic envelope.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyze it based on key parameters such as year-on-year (Y-o-Y) growth rates to understand the predictability of the market, and to identify the right opportunities across the cardiac pacemaker market.
The cardiac pacemaker market segments in terms of product type, end users, and regions are analyzed in terms of Basis Point Share (BPS) to understand individual segment’s relative contributions to market growth. This detailed level of information is important for identifying various key trends in the cardiac pacemaker market.
To understand key growth segments in terms of growth and adoption for pacemaker implant globally, Persistence Market Research has developed the cardiac pacemaker market ‘Attractiveness Index’. The resulting index is expected to help providers identify real market opportunities.