The cardiac pacemaker market was valued at US$6.05 bn in 2014 and is projected to expand at a CAGR of 8.7% from 2015 to 2023 to reach US $12.85 bn in 2023.

Albany, NY -- (SBWire) -- 08/04/2016 --A majority of the cardiac pacemaker sales and revenue is taken up by the top three companies in the market. Medtronic, St. Jude Medical, and Boston Scientific collectively held 76.4% of the cardiac pacemaker revenue in 2014.

Medtronic has by far been the leading provider of cardiac pacemakers till now, owing to a wide array of offerings in cardiac pacemakers, along with a globally prominent and established presence. Similar traits can be seen with St. Jude Medical, which has consistently funded its marketing and distribution drives in developing economies.Asia Pacific is currently a highly sought-after region for cardiac pacemaker players due to its rapidly increasing demand for the same.According to Transparency Market Research, the threat of new entrants is expected to remain moderate for the time being, due to the high capital that a company needs to set up manufacturing and R&D facilities that can compete with the top players.

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Growing Geriatric and Heart Disease Patient Population Spurs Sales of Cardiac Pacemakers Globally

"Two high impact drivers are currently generating a significant spike in the demand for cardiac pacemakers across the world. The first is the growth of the geriatric demographic and the second is the growth in patients with heart issues," states a TMR analyst. "Both factors are interlinked to quite an extent, seeing as how older people are prone to health and heart complications. But the latter also include those who are less than 65 and in need of cardiac pacemakers. These include people with detrimental lifestyle options or people who are genetically prone to incur heart disease."

The number of elderly and the number of heart patients is high especially in the developed nations such as the U.S. and many European countries. This can help explain why both regions have dominated the revenue stream of cardiac pacemakers so far.

Cardiac Pacemaker Manufacturers will Have to Contend with Regulatory Approvals and Reducing Margins

The Affordable Healthcare Act that was implemented in the U.S. – the leading regional consumer of cardiac pacemakers – has allowed patients to get more affordable health care since the act's inception. This also includes the 2.5% excise duty imposed on all medical devices, including cardiac pacemakers.

In order to keep up with the currently high demand for cardiac pacemakers, manufacturers are compelled to reduce their margins of profit in order to cut down on overall cost of the cardiac pacemakers.

Additionally, the U.S. FDA classifies cardiac pacemakers as Class III high-risk medical devices, which states all cardiac pacemakers be tested for safety even before being approved. This further increases the cost and time taken to put a cardiac pacemaker into the market.

Implantable Cardiac Pacemakers Lead the Way in Consumer Preference

The global revenue from cardiac pacemakers is expected to reach US$12.8 bn by the end of 2023. In terms of volume, the global cardiac pacemakers market is expected to cross 2.4 mn units by the end of 2023.

Implantable cardiac pacemakers have been the most fruitful product segment in this market for players, as it was the leading product used in 2014 and is expected to be the leading still in 2023. It is also expected to be the fastest growing product segment, displaying a CAGR of 8.9% from 2015 to 2023.

A similar story can be told of the dual chamber technology used in cardiac pacemakers. This segment is not only expected to be the leading segment till 2023, but is also the fastest growing one, predicted to progress at a CAGR of 9.6% from 2015 to 2023.

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