The global cardiac pacemakers market is predicted to witness a substantial growth in the forthcoming years, according to Transparency Market Research (TMR). The market is featured by the presence of three leading companies, namely Boston Scientific, Medtronic and St. Jude Medical, who cumulatively hold over 76% of the total market share. The industry is marked with high competition between the leading players. Medtronic, a leading player, has gained a high market shares due to its diverse product range in cardiac pacemakers. The company is well established and enjoys prominent presence in the market. St. Jude Medical has gained market shares on account of its consistent efforts to market and distribute products in developing nations. The company is investing in marketing its products in developing nations where the medical needs are unmet and is benefitting from this strategy.
According to the report, the global cardiac pacemakers market is expected to attain a value of US$12.8 bn, and in terms of volume, is predicted to exceed 2.4 mn between 2015 and 2023, the period of forecast.Based on product type, the segment of implantable cardiac pacemakers is expected to demonstrate a high growth rate over the forecast period. This could be accounted to the high demand for the product among patients, as external pacemakers are not a preferable choice. The product segment of implantable pacemakers is anticipated to generate a revenue of US$12.5 bn by 2023.
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High Incidence Rate of Cardiac Diseases to Propel Market
As indicated by Center for Disease Control and Prevention (CDC) sudden cardiac death rates are surpass 600,000 every year, and it has been witness that half of patients bite the dust amid first event of cardiac sickness. The predominance of atrial and ventricular arrhythmias increments with age with no indication of coronary illness. A pacemaker helps the patients experiencing arrhythmias to lead a dynamic and sound way of life, which is expected to provide and impetus to the growth of the global cardiac pacemaker market.