According to the latest study conducted by Persistence Market Research (PMR), the global cardiac pacemakers market is expected to decline at -0.5% CAGR in terms of revenue during the forecast period (2016–2024). In 2015, the market was valued at US$ 4,100 Million, which is anticipated to shrink to nearly US$ 3923 Million by 2024 end.
Failing to develop fully safe and efficient pacemaker devices is one of the major reasons leading up to the current downfall of the global market for pacemaker devices. Irrespective of this, the patient pool for arrhythmias is consistently expanding along with the global geriatric population. However, lack of low-cost and rapid diagnostic technology for arrhythmias is expected to further hamper the market growth in the near future. On the other hand, new players in the global market are anticipated to gain lucrative opportunities from the situation by introducing advanced pacemaker technologies. Moreover, various prominent pacemaker manufacturing companies are heavily investing in R&D activities in order to further improve their product functioning. Medtronic has signed an agreement with Lifetech Scientific to introduce pacemaker in china in 2014. The agreement stated that using Medtronic’s advanced technology and assistance Lifetech Scientific shall manufacture pacemaker at their manufacturing facility.
On the basis of product type, the market for pacemaker devices has been bifurcated into external pacemakers and implantable pacemakers. Due to growth instances of device recall, both the segments are anticipated to witness a considerable drop in growth during the forecast period. In addition, the implantable pacemaker segment is anticipated to reflect a negative CAGR of nearly 0.5%. Likewise, the external pacemaker segment is projected to shrink at -1.0% CAGR over the forecast period.
By end users, the market has been bifurcated into ambulatory surgical centers and hospitals. Hospitals are expected to be the largest segment of the market, however, the segment is set to decline at -0.1% CAGR during the forecast period.
On the basis of region, the global market for cardiac pacemaker has been segmented North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East & Africa (MEA). In terms of revenue, both Europe and North America are anticipated lose a significant share of the market. APAC, MEA, and Latin America are collectively anticipated to present better market opportunities for manufacturers. In addition, Latin America is anticipated to reflect a CAGR of over 1% followed by APAC witnessing 1% CAGR during the forecast period, owing to higher diagnosis rate and development of advanced healthcare facilities in the both the regions. The market specifically in India is anticipated to expand at 1.5% CAGR, which is relatively higher than other countries in APAC. This is primarily due to rise in healthcare expenditure, increasing government initiatives and higher prevalence of the disease.
Key participant operating in the global market for cardiac pacemaker include Lepu Medical Technology Co ltd., Medtronic’s, MEDICOWEB, Pacetronix ltd., LivaNova Plc, Osypka Medical GmbH., St.Jude Medical Inc.Boston Scientific Corporation, and BIOTRONIK SE & Co. KG.
Most of the players are focusing on developing advanced pacemaker technology for treating rare arrhythmias condition and undertaking initiatives to spread awareness and strengthen distribution network.