Albany, NY -- (SBWIRE) -- 09/21/2012 -- The global market for cardiac pacemakers is forecasted to reach the market value of $5.1 billion at the compounded annual growth rate of 11% during the forecasted period. North America is the largest market for cardiac pace-makers accounting for nearly 40% of the total market share followed by Europe accounting for about 30% of the total market. Asia Pacific, although not largest, but is the fastest growing region with compounded annual growth rate of 13.3%.
Read More: Cardiac Pacemakers Market
As the population continues to grow, there is an increase in the number of elderly population. There are increasing incidences of cardiac disorders among elderly population, thus generating the need of cardiac pacemakers to maintain proper functioning of heart. Development in design & technology and increased competition due to emergence of small players in cardiac pace-makers manufacturing is further fuelling the market growth.
Global cardiac pace-makers market is witnessing rapid and healthy growth rate, particularly in the developed economies, due to technological improvements and emergence of new market players. Development of cardiac devices has opened new opportunities in the health care industry. This market exhibited positive growth rate even during the recession years which signifies tremendous growth potential of this market in upcoming years.
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