Transparency Market Research has announced the addition of the “ Cardiac Pacemaker Market Global Industry Analysis and Opportunity Assessment, 2015 - 2023"report to their offering.
Valley Cottage, NY -- (SBWIRE) -- 12/06/2017 -- The global cardiac pacemaker market is characterized by the presence of leading companies: Medtronic, St. Jude Medical, and Boston Scientific. These three companies accounted for a whopping 76.4% of the market in 2014, states a report by Transparency Market Research (TMR). The competition is high between these top players in the market. The shares accounted for, by regional players in the global cardiac pacemaker market is small. Leading player Medtronic has gained highest market shares on account of its diverse product range in cardiac pacemakers. The company is well established and enjoys a very prominence in the market. St. Jude Medical on the other hand, 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 TMR, the global cardiac pacemakers market will be worth US$12.8 bn by 2023 and on the basis of volume the count is expected to exceed 2.4 mn by 2023. On the basis of product type, the implantable cardiac pacemakers have been popular and are slated to continue to remain so through 2023. In fact it is the segment which will witness the fastest growth during the forecast period. On the basis of technology, the dual chamber technology not only led in the past but will also lead in the years to come. The dual chamber technology segment will expand at the fastest CAGR in the forecast period. cardiac-pacemaker-market" Europe to Consume Highest Number of Cardiac Pacemakers
On the basis of geography, Europe led in the past and shall continue to do so for the rest of the forecast period, in terms of being the region consuming the most cardiac pacemakers. Europe is slated to account for 51.1% of the market by 2023, driven by growing number of patients suffering from heart diseases. North America however leads on the basis of revenue in the cardiac pacemaker market. Asia Pacific on the other hand will witness remarkable growth and emerge as the region displaying fastest growth rate. The region is anticipated to hold a 20.3% share of the cardiac pacemaker market by 2023. The market is driven by growing awareness about advanced pacemakers among the people in this region.
Increasing Prevalence of Heart Diseases to Remain Key Factor Spurring Demand for Cardiac Pacemakers
According to an expert TMR analyst, the growing demand for cardiac pacemakers is because of the increasing geriatric population and a large number of people suffering from various heart issues. There has been a steady rise in the number of people who are genetically prone to heart diseases. In addition to this, detrimental lifestyle is also increasing the number of people suffering from heart diseases, boosting the demand for cardiac pacemakers. The developed nations such as the U.S. and those in the European region have an increasing number of patient suffering heart failure. These nations also have a high geriatric population base and thus, both these regions are fueling the growth of the global cardiac pacemakers market.
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Players Cutting Down on Profits due to The Affordable Healthcare Act
In order to make healthcare affordable, The Affordable Healthcare Act was implemented in the U.S. This led to a 2.5% excise duty being imposed on all medical devices, including cardiac pacemakers. Since the U.S. is one of the key consumers of cardiac pacemakers, players in the market in the region have had to reduce their profit so as to cut down the overall cost of cardiac pacemakers. This cut down on profit has become essential for keeping up with the hugh demand for cardiac pacemakers. Another factor challenging the growth of this market is the classification of cardiac pacemakers as Class III high-risk medical devices, by the U.S. FDA. This requires all cardiac pacemakers to be tested for safety even before getting an approval. This in turn leads to further increase in cost as well as delays the arrival of cardiac pacemaker in the market.