Cardiac Pacemaker Market Expected to Behold a CAGR of 8.7% through 2015 – 2023
The global cardiac pacemaker market is likely to demonstrate healthy growth during the course of forecast period from 2015 till 2023. Transparency Market Research finds that the top three players account for 76% in the overall global cardiac pacemaker market in the coming years. These players are St. Jude Medical, Boston Scientific, and Medtronic. The intense competition among the key players likely to demonstrate fragmented structure due to presence of large and small players in the global cardiac pacemaker market in the year to come. The company is majorly investing in marketing its products in the growing economies where the medical need are unmet and the company is getting profit from this key strategy.
The revenue generated from the global cardiac pacemaker market stood at US$12.8 bn, on the account of revenue growth. The market is anticipated to touch valuation of 2.4 mn during the course of forecast period from 2015 and 2023.
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Implantable Cardiac Pacemakers of Product Type to Drive Market Growth
On the basis of product type, the implantable cardiac pacemakers is likely to hold maximum share in the global cardiac pacemaker market. The product segment of implantable pacemaker is likely to account for US$12.5 bn revenue by the end of 2023. Geographically, the Asia Pacific is likely to lead the global cardiac pacemaker market owing to increasing trend for demand and supply chain of cardiac pacemaker in the coming years. The major factor responsible for the sale of the cardiac pacemaker in this region is the rising number of patients with cardiac disease.
Increase in Geriatric Population to Propel Global Cardiac Pacemaker Market
According to the Centre for Disease Control and Prevention (CDC), every year the sudden death rate due to cardiac arrest is likely to exceed by 600,000 due to the increasing number of patients with cardiac disease. Advancement in technology in the cardiac pacemakers such as dynamic pacemakers and traditional pacemakers is another factor majorly contributing towards the growth of this market in the near future. These technology stride is stimulating the growth of this market in the year to come.
Other factors such as the availability of reimbursement for implantation procedure helps in reducing the financial pressure on the patients are significantly boosting growth of this market in the coming years. Furthermore, an increase in number of cases with cardiac disease are another trend propelling demand for the artificial heart rate management device in the year to come. Further, increasing number of elderly population are another prospect influencing growth of this market in the near future.
High cost associated with Cardiac Drugs May Limit Market Growth
In contrast, lack of awareness among the population regarding cardiac disorders in the emerging economies is likely to impact growth of the global cardiac pacemaker market. Additionally, the high cost involves with the treatment and drug may expect to limit growth of the global cardiac pacemaker market during the course of the forecast period. However, the manufacturers are mostly focused toward developing a new diagnostic method in order to boost growth of the cardiac pacemaker market in the foreseeable future.