Cardiac pacemakers are popular cardiac rhythm management medical devices and are used to reset the cardiac rhythm by sending electric impulses to the heart. The heart rate is directly controlled by the pacemaker cells and comprises of two parts, namely the lead and the generator. Cardiac pacemaker devices, when placed inside the abdomen or the chest, helps in controlling arrhythmia.
The global cardiac pacemaker market is anticipated to grow rapidly due to the changing lifestyles of people around the world and growing reliance on an unhealthy diet. As per a study conducted by the American College of Cardiology Foundation, 78,000 people suffered from sick sinus syndrome in 2012 and the number is expected to reach 172,000 by 2060.
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The global cardiac pacemaker market is expected to progress from more than US$6 bn in 2014 to US$12.8 bn by 2023 at an 8.70% CAGR. Factors such as a rise in geriatric population, increasing incidence of cardiovascular diseases, and technical advancements are expected to boost the global cardiac pacemaker market in the years to come. However, implementation of the Patient Protection and Affordable Care Act, rising cost of various treatments, and strict regulatory approvals are some of the factors expected to restrict the growth of the global cardiac pacemaker market in the coming few years. The untapped market in the emerging economies is predicted to create growth opportunities for the leading players in the global cardiac pacemaker market during the forecast period.
The global cardiac pacemaker market is highly competitive, with new players introducing effective treatments for cardiovascular diseases. With plenty of acquisitions expected to happen, the leading players are anticipated to maintain their dominant positions in the global cardiac pacemaker market. Some of the leading players in the global cardiac pacemaker market are Abbott Laboratories, Inc., Boston Scientific Corporation, MEDICO S.p.A., SORIN Group, BIOTRONIK SE & CO. KG, Cook Medical Inc., and St. Jude Medical, Inc.
North America to Expand at Highest CAGR from 2015 to 2023, Driven by Increasing Geriatric Population
The global cardiac pacemaker market is segmented on the basis of product, geography, and technology. Based on geography, the global cardiac pacemaker market is divided into Asia Pacific, Europe, North America, and Rest of the World. In 2014, North America held the largest share in the total market, followed by Europe. However, Asia Pacific is predicted to expand at the highest CAGR during the period between 2015 and 2023. The growing demand for atrioventricular blockage is observed in Asia Pacific, and it is higher in people with coronary heart diseases.
Growing Dual-chamber Segment to Drive Global Cardiac Pacemaker Market
By product type, the global cardiac pacemaker market is classified into external pacemakers and implantable pacemakers. In 2014, in terms of revenue, the global cardiac pacemaker market was dominated by the implantable segment. By technology, the global cardiac pacemaker market is classified into the single-chamber, dual-chamber, and bi-ventricular segments. In 2014, the dual-chamber segment led the global cardiac pacemaker market and is predicted to maintain its dominant position in the years to come. The dual-chamber segment is also expected to register the highest CAGR during the forecast period.
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