The global cardiac Pacemakers market for the historical period 2017–2018 and forecast period 2019–2027, increase in incidence of cardiovascular diseases, and rise in geriatric population are projected to drive the global cardiac Pacemakers market during the forecast period
According to the report, the global cardiac Pacemakers market was valued at US$ 9,514.0 Mn in 2018 and is anticipated to expand at a CAGR of 7.8% from 2019 to 2027
Increasing demand for minimally-invasive procedures to Promote Usage of Cardiac Pacemakers: Key Drivers
Minimally invasive procedures include reduced stay in the hospital, limited incision, fewer pain following surgery and faster healing period. Such advantages draw doctors and thereby increase the number of doctors who opt for minimally invasive surgery. Both procedures ensure the patient experiences minimum pain and distress.
Globally, minimally-invasive cardiac procedures were around 15 million in 2017, and are estimated to reach 30 million by 2030. These statistics provide an understanding of the rising trend in the number of minimally-invasive surgeries performed globally.
Rapid changes in technology are expected to further accelerate the number of minimally-invasive surgeries. Thus, a rise in the number of minimally-invasive surgeries is likely to drive the overall cardiac pacemakers market. Hence, this driver would have a high impact on the growth of the cardiac pacemakers market throughout the forecast period.
Rise in Geriatric Population Boost Market Growth
Rise in the geriatric population directly affects the growth and development of cardiac pacemaker products. This is primarily due to aged people are highly susceptible to cardiovascular diseases such as sick sinus syndrome and atrio-ventricular blockage.
Growth in the global base of population over 65 years of age would act as a high impact driver of the market. According to the U.S. Census Board, people older than 65 years represented around 13% of the total population; this percentage is expected to grow at an estimated 20% by 2030. According to the World Health Organization, the global geriatric population is anticipated to reach 1.5 billion by 2050. Other countries aging at a rapid pace are the U.S., Japan, and Germany. The impact of this driver is expected to remain high during the forecast period as the global geriatric population is constantly rising.
Furthermore, the United Nations Population Division published in 2013 that the global geriatric population is expected to more than double, from 841 million in 2013 to 2 billion by 2050. It also revealed that people aged 80 years and above accounted for 14% of the global geriatric population in 2013 and the percentage is projected to reach 19% in 2050.
The average age of patients receiving pacemaker implantation is 72 in case of men and 76 in case of woman in Europe; 68 in case of men and 72 in case of women in US; 66 in case of men and 67 in case of women in Asia-Pacific; 59 in both men and women in Middle East & Africa, and 66 in case of men and 67 in case of women in Latin America.
Therefore, consistent increase in the geriatric population across the world has been identified as a major factor fueling the growth of the cardiac pacemaker market
Strict Regulatory Approval to Hamper Market
Pacemakers are regarded as class III high-risk medical devices by the U.S. FDA. Therefore, these devices undergo rigorous safety and efficacy tests prior to receiving approval. Burden of excise duty of 2.5% on all medical devices is one of the clauses that would restrain the growth of the market.
Moreover, these devices need to obtain a premarket approval, which is an expensive and lengthy process. The restraint would have a low impact due to the fact that safety and efficacy are the two most imperative objectives of a manufacturer.
Profit margins associated with successful commercialization of a product significantly outweigh the cost factor entailed by manufacturers during the clinical trial process.
Global Cardiac Pacemakers Market: Competitive Landscape
This report profiles major players in the global cardiac pacemakers market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global cardiac pacemakers market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global cardiac pacemakers market are
Global Cardiac Pacemakers Market: Key Developments
Key players in the global cardiac Pacemakers market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global cardiac Pacemakers market. A few expansion strategies adopted by players operating in the global cardiac Pacemakers market are:
In January 2020, Medtronic received the U.S. FDA approval for Micra™ AV, the world’s smallest pacemaker with atrioventricular (AV) synchrony.
January 15, 2019, Medtronic launched MyCareLink Heart(TM) mobile app to support the world's first and only portfolio of pacemakers that can communicate directly with patients' smartphones and tablets.
The report on the global cardiac pacemakers market discussed individual strategies, followed by company profiles of manufacturers of cardiac pacemakers. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global cardiac Pacemakers market.
Key Questions Answered in Global Cardiac Pacemakers Market Report
Global Cardiac Pacemakers Market - Segmentation