Cardiac Pacemakers Market Opportunity Assessment 2019-2028
Cardiac pacemaker is a device that sends electrical pulses to the heart in order to control heartbeats. Cardiac pacemaker is used in medical conditions such as atrial fibrillation, cardio-inhibitory syncope, arrhythmia, sick sinus syndrome, and heart block. Cardiac pacemaker contains a pulse generator (the pacemaker box) and one, two or three electrode leads. These leads are thin pieces of insulated wire that deliver electrical impulses to the heart.
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Major factor driving growth of the global cardiac pacemakers market is increasing incidence of cardiovascular diseases (CVD) globally. Additionally, favourable reimbursement policies especially, in developed economies, and technological advancement in cardiac pacemakers are other factors expected to fuel growth of the target market over the forecast period.
High costs associated with procurement and use of cardiac pacemakers is a key factor restraining growth of the global market. In addition, lack of awareness about cardiac pacemakers especially, in developing economies is another factor expected to impede growth of the global cardiac pacemakers market over the forecast period.
The global cardiac pacemakers market is segmented on the basis of product, technology, end user, and region. On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America market accounted for highest share in terms of revenue in the global market, as compared to that of markets in other regions. This can be attributed to presence of proper healthcare facilities and increasing incidence of cardiovascular disease in countries in the region. The market in Europe accounted for second-highest revenue share in the target market over the forecast period, owing to presence of prominent players and high prevalence of CDV in countries in the region. The market in Asia Pacific is expected to witness considerable growth and is expected to register highest CAGR over the forecast period. Moreover, the market in Middle East is expected to register moderate growth in the global market, owing to presence of well-developed healthcare sectors in countries in the region.
Prominent players in the global cardiac pacemakers market include Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, Lepu Medical Technology (Beijing) Co., Ltd., LivaNova PLC, Medica S.p.A., Oscor, Inc., Osypka Medical GmbH, and Uscom Limited.
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