Albany, NY -- (SBWIRE) -- 05/17/2018 -- The global cardiac pacemakers market is predicted to witness a substantial growth in the forthcoming years, according to Transparency Market Research (TMR). The market is featured by the presence of three leading companies, namely Boston Scientific, Medtronic and St. Jude Medical, who cumulatively hold over 76% of the total market share. The industry is marked with high competition between the leading players. Medtronic, a leading player, has gained a high market shares due to its diverse product range in cardiac pacemakers. The company is well established and enjoys prominent presence in the market. St. Jude Medical has gained market shares on account of its consistent efforts to market and distribute products in developing nations. The company is investing in marketing its products in developing nations where the medical needs are unmet and is benefitting from this strategy.
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According to the report, the global cardiac pacemakers market is expected to attain a value of US$12.8 bn, and in terms of volume, is predicted to exceed 2.4 mn between 2015 and 2023, the period of forecast.
Based on product type, the segment of implantable cardiac pacemakers is expected to demonstrate a high growth rate over the forecast period. This could be accounted to the high demand for the product among patients, as external pacemakers are not a preferable choice. The product segment of implantable pacemakers is anticipated to generate a revenue of US$12.5 bn by 2023.
High Incidence Rate of Cardiac Diseases to Propel Market
As indicated by Center for Disease Control and Prevention (CDC) sudden cardiac death rates are surpass 600,000 every year, and it has been witness that half of patients bite the dust amid first event of cardiac sickness. The predominance of atrial and ventricular arrhythmias increments with age with no indication of coronary illness. A pacemaker helps the patients experiencing arrhythmias to lead a dynamic and sound way of life, which is expected to provide and impetus to the growth of the global cardiac pacemaker market.
The global cardiac pacemaker market is essentially influenced by rising pervasiveness of cardiovascular issue in developed countries, high incidence rate in growing economies, supportive government activities, and non-government associations subsidizing. Different forces driving cardiac pacemaker market are the technologically advanced diagnostics, robust insurance for treatment and practical advances taken by different governments.
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Technological Advances in Medical Devices to Promote Growth Opportunity
Cardiac pacemaker producers are progressively coordinating new and imaginative innovations to enhance the effectiveness and yield of the pacemakers. For example, Medtronic has introduced new products such as a leadless pacemaker and rate-responsive pacemaker with enhanced features, effectivity, and usefulness. Also, researchers are increasingly shifting their focus to creating a piezoelectric framework that can change the vibrational power of heart into power and further supplant the necessity of battery in pacemakers in the forthcoming years. Advances in magnetic resonance imaging (MRI) is expected to enhance the working of remote pacemakers, empower the doctors to screen the patients remotely.
The radical changes in the utilization for dual chamber technology likely reflects upgrades in lead and pacemaker outline, which prompt aftereffects of clinical trials that feature the advantages of atrial-based pacing. Dual chamber pacing is in like manner utilization. As of now, the programming of rate-versatile AV delay (RAAVD) has been prescribed for the streamlining of the AVD in atrioventricular block pacing. These are some of the key innovations that are expected to positively impact the global cardiac pacemaker market in the coming years.
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