According to a study conducted by Persistence Market Research (PMR), the global market for cardiac pacemaker stood at US$ 4,100 Million in 2015 and the market is expected to shrink to US$ 3923.8 Million by the end of 2024. In addition, the market is projected to witness a decline of -0.5% CAGR in revenues during the forecast period.
Low patient satisfaction and frequent malfunctioning of pacemaker device during arrhythmias support are two major impediments limiting the growth of global market for cardiac pacemaker. However, the ever growing need for developing low-cost and efficient diagnostic process for arrhythmias diagnosis amongst expanding geriatric population across the globe and the growing patient pool with a demand for better treatment modules are some of the factors expected to create lucrative market opportunities for new players in the market.
Most of the leading players in the global market are collaborating and licensing contracts to jointly work on research and development programs. For instance, Medtronic has signed an agreement with Lifetech Scientific to introduce pacemaker into the market of China in 2014. As per the agreement, Medtronic’s will provide their technology to Lifetech Scientific for manufacturing pacemaker at their facility.
By product type, the global market for cardiac pacemaker has been bifurcated into external pacemaker and implantable pacemaker. Both the segments are projected to witness negative CAGRs during 2016 to 2024, due to growing instances of device recall and increasing complaints of device malfunctioning. The segment of external pacemaker is projected to witness a negative CAGR of -1% over the forecast period. Whereas, the implantable pacemaker segment is set to decline -0.5% CAGR over 2024.
By end users, the market has been bifurcated into ambulatory surgical centers and hospitals. Hospitals is expected to be the leading segment, accounting for minimum negative CAGR of -0.1% owing to improved reimbursement policies by both non-government and government organizations.
In terms of revenue, the markets in Europe and North America are anticipated to lose market share. Whereas, APAC, MEA and Latin America are collectively projected present potential market opportunities for leading players operating in the global market for cardiac pacemaker during the forecast period. The market in Latin America is anticipated to increase at over 1% CAGR followed by Asia Pacific, which is expected to witness 1% CAGR during the forecast period. The market in Asia Pacific is growing due to the development of healthcare infrastructure and higher diagnosis rate. Moreover, the cardiac pacemaker market in India is anticipated to grow faster as compared to markets in other countries in the region, registering a CAGR of over 1% owing to encouraging government initiatives, rising per capita healthcare expenditure and increasing cases of cardiac disorders. Expansion of the cardiac pacemakers in the region is also due to higher participation of domestic vendors.
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