Europe Cardiac Pacemakers Market, By Type (Magnetic Resonance Imaging Compatible Pacemaker, Conventional Pacemaker, Implantable Pacemaker, External Pacemaker), Technology (Single-chamber Pacemaker, Dual-chamber Pacemaker, Biventricular/ Cardiac Resynchronization Therapy Pacemaker), Application (Arrhythmia, Atrial Fibrillation, Bradycardia, Tachycardia, Others), End User (Hospitals and Cardiac Centers, Ambulatory Surgical Centers) – Industry Trends and Forecast to 2029
Market Analysis and Size: Europe Cardiac Pacemakers Market?
This past decade has been revolutionary for medical products and devices. Therefore, the cardiac pacemakers have been integrated with improved and advanced technologies such as implantable pacemakers. There is an increase in the popularity of cardiac pacemakers especially in the developing economies owing to the improving healthcare infrastructure.
Data Bridge Market Research analyses that the cardiac pacemakers market is expected to undergo a CAGR of 5.50% during the forecast period. “Implantable Pacemaker” accounts for the largest type segment in the cardiac pacemakers market owing to the rising adoption of these devices in the developing economies, reduced post-surgical complications, presence of multiple leads to assure normal physiology of the heart and increasing prevalence of cardiovascular disorders all around the world.
Market Definition
Cardiac pacemakers are the medical devices that are implanted on the upper chest that help to monitor the fast and slow cardiac rhythm of an individual by using electrical pulses. Cardiac pacemakers are connected to the heart resulting in monitoring and regulating the rhythm. These devices are used to treat the heart conditions by causing the heart muscle chambers to effectively pump the blood in the body.
Cardiac Pacemakers Market Dynamics
Drivers
- The rise in the prevalence of disorders
Surging prevalence of chronic cardiovascular disorders all around the globe is one of the major factors responsible for fostering growth in the demand for cardiac pacemakers. According to a report published by the World Health Organization, roughly 17.9 million people die of cardiovascular diseases every year. In other words, growing incidence rate of asthma, heart arrests, heart failure, and cardiac arrhythmias is creating lucrative growth opportunities for the cardiac pacemakers market.
- Rising old age population base
Geriatric population base is highly vulnerable and most susceptible population base to developing cardiovascular diseases and disorders. The Indian geriatric population accounts for 10.1% of the total population. According to the data from World Population Prospects, by 2050, one in six people in the world will be over the age of 65 years. This indicate to the fact that with the rising ageing population, the demand for cardiac pacemakers is bound to rise.
- Government investments on healthcare infrastructure
The increase in the funding by the federal government is set to drive the demand for cardiac pacemakers. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative cardiac pacemakers market growth opportunities.
Additionally, surge in the personal disposable income level, rising awareness about the several advantages of cardiac rhythm management devices, poor dietary habits, sedentary lifestyles and increasing investment for the development of advanced and innovative technology, positively affect the market growth rate.
Opportunities
Furthermore, upsurge in the public-private funding for target research activities and rising prevalence of obesity all around the world will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, rise in the use of ambulatory and home services for cardiac monitoring, favourable government policies and increasing per capita expenditure on health care will further expand the market's growth rate in the future.
Restraints/Challenges
- On the other hand, high cost associated with the research and development proficiencies, lack of awareness about sudden cardiac arrest (SCA) in the underdeveloped economies, limited infrastructural facilities, high cost of these devices with limited insurance coverage and dearth of skilled medical professionals and researchers are expected to obstruct market growth. Also, lack of favourable reimbursement scenario in the developing economies and availability of low cost treatment alternatives are projected to challenge the market in the forecast period of 2022-2029.
This cardiac pacemakers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cardiac pacemakers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Cardiac Pacemakers Market
COVID-19 resulted in the downtrend of the cardiac pacemakers market. Lack of enough treatment facilities and disruptions in the supply chain created hindrances in the way of transportation and distribution created a negative demand and supply. The pandemic led to the decline in market capitalizations of major companies. COVID-19 is projected to have a long term effect on the health of individuals, thereby creating a bright future for the cardiac pacemakers market.
Recent Development
- Abbott received CE Mark approval for its Gallant ICD and CRT-D devices and launched its new ICD and CRT-D in India with an aim to expand in this territory, in October 2020.
- Abbott Laboratories received US FDA approval for its Gallant line, in July 2020, which comprises an implantable cardioverter-defibrillator and a cardiac resynchronization therapy defibrillator with Bluetooth technology
Europe Cardiac Pacemakers Market Scope
The cardiac pacemakers market is segmented on the basis of type, technology, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Magnetic Resonance Imaging Compatible Pacemaker
- Conventional Pacemaker
- Implantable Pacemaker
- External Pacemaker
On the basis of type, the cardiac pacemakers market is segmented into magnetic resonance imaging compatible pacemaker, conventional pacemaker, implantable pacemaker, and external pacemaker.
Technology
- Single-chamber Pacemaker
- Dual-chamber Pacemaker
- Biventricular/ Cardiac Resynchronization Therapy Pacemaker
On the basis of technology, the cardiac pacemakers market is segmented into single-chamber pacemaker, dual-chamber pacemaker, and biventricular/ cardiac resynchronization therapy pacemaker.
Application
- Arrhythmia
- Atrial Fibrillation
- Bradycardia
- Tachycardia
- Others
On the basis of application, the cardiac pacemakers market is segmented into arrhythmia, atrial fibrillation, bradycardia, tachycardia and others.
End user
- Hospitals and Cardiac Centers
- Ambulatory Surgical Centers
On the basis of end user, the cardiac pacemakers market is segmented into hospitals and cardiac centers, and ambulatory surgical centers.
Cardiac Pacemakers Market Regional Analysis/Insights
The cardiac pacemakers market is analysed and market size insights and trends are provided by country, type, technology, application and end user as referenced above.
The countries covered in the cardiac pacemakers market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey and Rest of Europe.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The cardiac pacemakers market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for cardiac pacemakers market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the cardiac pacemakers market. The data is available for historic period 2010-2020.
Competitive Landscape and Cardiac Pacemakers Market Share Analysis
The cardiac pacemakers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cardiac pacemakers market.
Some of the major players operating in the cardiac pacemakers market are Medtronic, Abbott, Boston Scientific Corporation, General Electric, Koninklijke Philips N.V., BIOTRONIK SE & Co KG, ZOLL Medical Corporation, Cardiac Science Corporation, LivaNova PLC, Hill-Rom Services Inc., SCHILLER Americas, ACS Diagnostics., Welch Allyn, Cook, Röchling SE & Co. KG, Stryker, Neovasc Inc., Integer Holdings Corporation, 3M and Mentice among others.
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