Pacemakers are medical devices used to deliver electrical pulses to the heart, in order to maintain a normal heart rate. These devices are used for the treat heart medical complications/conditions such as arrhythmias and heart failure.
The Pacemakers Market growth is driven by several factors such as, rising prevalence of heart diseases, favorable reimbursement scenario, growing geriatric population, and technological advancements in the devices.
However, high cost of pacemaker devices is a major restraint hindering the growth of the market. Implanted heart devices like pacemakers and stents costs two to six times more in the U.S. than in Germany, where costs are among the lowest in Europe. A commonly used pacemaker cost $4,200 in the U.S. and $1,400 in Germany.
Market Segmentation:
On the basis of technology, the pacemaker market is segmented into single chamber pacemaker, dual-chamber pacemaker, and biventricular/CRT pacemaker. Single-chamber pacemaker has one lead that connects the pulse generator to one chamber of the heart. Dual-chamber pacemaker is a device with two leads which regulates the pace of contractions of both chambers. The dual-chamber pacemakers held significant market share in 2018, owing to some factors such as reduced post-surgical complications and presence of two leads in order to assure normal physiology of the heart.
On the basis of application, the pacemakers market is segmented into Atrial Fibrillation, Bradycardia, Arrhythmia, and Tachycardia.
Geographically, the market is divided into North America, Europe, South America, Asia-Pacific, and the Middle East and Africa.
North America is dominating the pacemakers market in 2018 and estimated to hold largest market size over the forecast period (2019-2026), owing to the rising prevalence of cardiovascular disease, high obesity rates, and a favorable reimbursement environment.
Some of the major players in the Pacemakers market are: Abbott Inc. (ST. Jude Medical), Medtronic PLC, Boston Scientific Corporation, Biotronik, and Lepu Medical Co. Ltd, Livanova, Osypka Medical, Shree Pacetronix, Oscar, and Medico Spa.
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