MARKET SIZE OF CARDIAC PACEMAKERS
Are you looking to acquire a Cardiac Pacemaker device for your healthcare organization? Searching for a suitable market information for Cardiac Pacemaker? Information related to demand and supply of Cardiac Pacemaker. In this article, Hospaccx Healthcare Consultancy has mapped all the information related to Cardiac Pacemakers devices.
INTRODUCTION
A cardiac pacemaker is a device that can manage the heart rhythm artificially. The device sends an electric pulse to the heart to keep the rhythm normal. Technological progress and curbed costs are a major driving factor for the global cardiac pacemaker market. The burden of CVD (cardiovascular Diseases) is increasing in India and deaths due to these diseases are on the rise. National Institute of Health has stated that the age-standardized prevalence of CVD in India per 100,000 people was around 5,681 during the year 2016-2017.
It has been observed that the prevalence of heart diseases and stroke in India has increased by 50% from 1990 to 2016. This indicates the rising burden of the diseases in India. Total deaths in India among which, heart disease caused 17·8% whereas stroke contributed 7·1% of total deaths. Approximately 300,000 angioplasties are done in the country.
Therefore, it is indicated that the market for CVD in India is growing rapidly due to the rising burden of cardiovascular diseases along with the modern facilities that are available in the country.
FACTORS FOR GROWTH IN CARDIAC PACEMAKER MARKET
- Increasing prevalence of cardiovascular diseases (CVDs)
- Recent technological advancements
- Availability of reimbursement for implantation of pacemakers reduces the financial burden on patients, thus spurring the usage rate of these devices.
GLOBAL CARDIAC PACEMAKER MARKET
Assessments by Market Research Future affirms that the cardiac pacemaker market is expecting a 7.9% CAGR over 2018-2023.
- Americas is enjoying the dominance it has over the global market and is expected to continue in the coming years as well by providing substantial backups for the sector.
- Europe holds the second spot and is enjoying similar features like that of the Americas, especially, North America.
- Americas, Europe, Asia Pacific (APAC) has several regions like India, China, Australia, Japan, Korea, Thailand, Singapore, and others who are spending substantial money on taking the regional market ahead.
- Cardiac Pacemaker Market in India is expected to grow at a healthy rate as it has become more user friendly and affordable helping the market to grow even further.
The majority of the players operating in the market are foreign companies with only a handful of Indian companies managing to make an impression in the market. Stiff competition exists among these players. The technological advancements and added benefits being offered by the various companies will be the key differentiator between them and the determinant of who will be most successful in this market.
CHALLENGES FACED IN INDIAN CARDIAC PACEMAKER MARKET
- Challenges include per capita spend for medical devices in India is low compared to Western countries.
- The government lacks proper regulatory structure for medical devices and there are hardly any government initiatives.
- High capital expenditure acts as a deterrent for newer players to enter the market.
CARDIAC PACEMAKER MARKET SEGMENTATION
On the basis of type, the pacemaker market is segmented as follows:
- MRI Compatible Pacemaker
- Conventional Pacemaker
On the basis of technology, the pacemakers market is segmented as follows:
- Single-chamber Pacemaker
- Dual-chamber Pacemaker
- Biventricular/CRT Pacemaker
On the basis of implantability, the pacemaker market is segmented as follows:
- Implantable Pacemaker
- External Pacemaker
On the basis of end user, the pacemaker market is segmented as follows:
- Hospitals & Cardiac Centers
- Ambulatory Surgical Centers
On the basis of region, the pacemaker market is segmented as follows:
- North America
- Europe
- Asia Pacific
- Rest of world
Based on the type of product type, the implantable cardiac pacemaker dominated the market with a share of around 70.0% and the segment is anticipated to witness lucrative growth during the forecast period.
KEY PLAYERS – CARDIAC PACEMAKER MARKET
- Abbott. (U.S.),
- Medtronic (U.S.)
- Boston Scientific Corporation (U.S.)
- LEPU Medical (U.K)
- BIOTRONIK (Germany)
- SORIN Group (Europe)
- OSCOR Inc. (U.S.)
- MEDICO S.p.A. (Europe)
DRIVERS OF INDIAN CARDIAC PACEMAKER MARKET
- Changing demographics i.e. as more people reach close to sixty years of age, are likely to develop some heart complications thus increasing the demand for cardiac pacemakers.
- India high rate of cardiovascular disease causes the market to grow even more.
- Improvement in technology has helped the market to grow as users find it more helpful than ever before.
- Growing awareness about the utility of pacemakers among general masses also increases the demand for pacemakers.
- Insurance companies have started to cover patients for the cost of operation in the case of a cardiac pacemaker implant which boosts the demand.
CONCLUSION
India is a country having 1.3 billion people with different cultures and lifestyles. High systolic blood pressure, air pollution, cholesterol, fasting plasma glucose, high BMI, and smoking population are some of the major factors for the increasing prevalence of cardiovascular diseases. Increasing number of cardiac surgeries in the country.
Compared to other countries penetration of cardiac pacemaker is less in India-hence, providing ample opportunities for growth for the manufacturer.
If you need any support regarding procurement, purchasing, investing in Cardiac Pacemaker devices for your healthcare organization, you can contact us: Hospaccx healthcare business consulting Pvt. Ltd you can visit our website hospaccxconsulting.com
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