Albany, New York, May 23, 2019 (GLOBE NEWSWIRE) -- Globally, importance given to healthcare services has increased vastly. Introduction of advanced technology has played a huge role in expanding the healthcare services. Taking in consideration the rate at which heart diseases are affecting human life, various advanced devices such as cardiac pacemakers will change this scenario. According to recent estimates, the global cardiac pacemaker market is expected to reach at US$12.8 bn worth revenue by 2023. With rising geriatric population, heart related risks also increase, subsequently expected to drive the demand in this market.
Dominance of three major players including Boston Scientific, St. Jude Medical, and Medtronic has consolidated the global cardiac pacemaker market. These players are engaged in enhancing the products to provide better services to their customers. However, in recent times India’s Central Drug Standards Control Organization raised a few concerns. These concerns address the use of pacemaker models – Serena, Astra, and Solara. These devices were affected by arming signals sent by the U.S. Food and Drug Administration. Following this, the pacemakers developed by Medtronic are being questioned due to battery depletion issues. The devices in question are the implantable cardiac resynchronization therapy pacemakers (CRT-Ps).
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New Battery Free Pacemaker Acting as a Market Changer
To battle these concerns, new research on fixing the battery problems is being extensively carried out. Thus, issues related with battery-enabled pacemakers has encouraged the development of the gadgets without batteries. Chinese and American scientists from the Georgia Institute of Technology have developed this technology. Developments like these are expected to surely benefiting the growth in the global cardiac pacemaker market. These developments will open new growth avenues in the global cardiac pacemaker market.
More than 600,000 patients suffering from cardiac diseases every year (data provided by the Canter for Disease Control and Prevention). These patients also have higher chances of mortality, consequently demanding use of next-gen cardiac solutions such as battery-less pacemakers. From an overall perspective, a new dawn of progress awaits the global cardiac pacemaker market, aimed at freeing this sector from erstwhile stagnancy.
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Asia Pacific Shows High Growth Scope in Cardiac Pacemaker Demand
Based on the current trends in cardiac pacemaker supply and demand chains, Asia Pacific is expected to show the fastest growth rate, ending up with a share in volume of 20.3% by the end of 2023. The key factors responsible for the growth in cardiac pacemaker sales in this region include the growth in awareness of modern pacemakers and the increasing number of heart disease patients across the region.
Europe, however, is expected to retain its leading position for the number of cardiac pacemakers consumed. This region is expected to hold a volume share of 51.1% in 2023 due to a high percentage of the elderly and other heart disease patients. In terms of revenue, North America leads the global market for cardiac pacemakers.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Cardiac Pacemaker Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”
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