The global pacemaker market size is expected to reach USD 10.3 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 7.2% CAGR during the forecast period. Heightening prevalence of cardiac conditions, coupled with rising availability of medical coverage, is a key driving factor governing the growth of the pacemaker market globally. In addition, technological enhancements in these devices are supporting market expansion.
Increasing prevalence of cardiovascular diseases (CVDs) is a high-impact growth-rendering factor. The World Health Organization reported an estimated 17.5 million deaths stemming from CVDs in 2012. Currently, high occurrence of CVDs is a key concern and in order to address this, government organizations and market participants are channelizing funds and efforts to offer the best possible cure. This is anticipated to foster R&D initiatives and increase the influx of advanced products in this marketspace.
Additionally, increasing awareness about cardiovascular disorders and their long-term impact is raising the preference of patients for advanced treatment options. This is expected to bolster the usage rate of these products. On the other hand, these devices are cost prohibitive, with the price of a pacemaker ranging from USD 10,000 to USD 30,000. This is likely to restrain the growth of the market.
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Further key findings from the study suggest:
Implantable pacemakers held a lucrative share in 2016 and are likely to grow at a profitable rate over the forecast period
North America, owing to its planned healthcare network, greater per capita income, and increasing awareness levels about adverse effects of a prolonged cardiac condition, has retained a large share in the global pacemaker market
Economic development in countries such as India and China, unmet needs of a massive population, and supportive initiatives undertaken by governments to improve healthcare access are projected to present avenues for investment in the Asia Pacific market
Some of the key players operating in this space are Medtronic; BIOTRONIK, Inc.; Boston Scientific Corporation; St. Jude Medical; ZOLL Medical Corporation; MEDICO S.p.A.; Vitatron; Pacetronix; and Cordis, Inc.
Grand View Research has segmented the global pacemaker market on the basis of product and region:
Pacemaker Product Outlook (Revenue, USD Million, 2014 - 2025)
Pacemaker Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East and Africa (MEA)
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