Market Trends of Global Cardiac Pacemakers Industry
This section covers the major market trends shaping the Cardiac Pacemakers Market according to our research experts:
Implantable Cardiac Pacemakers Segment Captures the Largest Market Share and is Expected to Grow with a Lucrative Rate
The implanted cardiac pacemakers hold taken the largest market share. They are expected to register the most profitable growth rate during the forecast period. Installed pacemakers are of three main types, namely single chamber, dual-chamber, and biventricular pacemakers.
Reduced postoperative complications can cause partial growth. Biventricular pacemakers are expected to gain momentum due to the presence of multiple tracks. These devices can be installed in multiple locations as they consist of three tracks installed in the left and right atrium and the ventricle. These biventricular pacemakers are very useful due to their many benefits in helping with conditions such as ventricular dyssynchrony.
Additionally, growing technological advances and product approvals drive the segment's growth. For example, in July 2020, Abbott Laboratories received approval from the US Food and Drug Administration for its Gallant line, which includes an implanted cardioverter-defibrillator and a cardiac resynchronization therapy defibrillator with Bluetooth technology. Advanced features in pacemaker technology, such as remote data tracking devices, secure magnetic resonance imaging (MRI) devices, and data recording functionality, boost the segment's growth.
Therefore, implanted cardiac pacemakers are expected to show significant growth during the prognosis and boost the market.
North America Captured the Largest Market Share, and May Continue to Retain its Dominance During the Forecast Period
North America emerged as the largest regional market in terms of revenue. The high prevalence of cardiovascular disease, high obesity, and favorable revenues are key factors contributing to its huge market size.
According to the report titled "The number of older people will hit the US economy 'like a' brick '- US trade secretary", published in April 2021, about 16.5% of the US population, or 54 million, were over the age of 65 by 2020. By 2030, this number will rise to 74 million. The number of people over the age of 85 who are at risk of developing heart disease is expected to increase significantly. In addition, according to the American Heart Association's figures published in January 2019, nearly half of the American population has some form of heart disease, including high blood pressure. The spread of heart diseases creates a need for cardiovascular equipment, monitoring, and diagnostic equipment. Therefore, there is a great need for better treatment with advanced medical devices, which may drive the studied market.
In addition, the United States has become home to many key players, such as Abbott Laboratories and Boston Scientific Corporation, which play a key role in the development, construction, and marketing of cardiac suppliers. For example, in September 2019, EBR Systems Inc. acquired the US FDA Breakthrough Device Designation for WiSE (Wireless Stimulation Endocardially) CRT System to treat heart failure. Therefore, the increasing rate of heart diseases in the United States and the introduction of new products by key players are expected to boost the market during the forecast period.
Arrhythmia affects all age groups, but the risk of developing atrial fibrillation (AF) increases with age. As per Heart Disease and Stroke Statistics 2019, the risk of long-term atrial fibrillation is estimated to be 1 in 3 white people in the United States. In addition, the use of alcohol, tobacco, sedentary lifestyles, and certain over-the-counter drugs may increase the risk of arrhythmia.
Therefore, the North American cardiovascular market is expected to witness significant growth during the forecast period due to such factors.
