External Pacemaker Market Trends
Growth Drivers
- Growing Cases of Cardiovascular Diseases Globally: Globally, cardiovascular diseases are the leading cause of death. According to World Heart Federation, over 18 million people suffered from cardiovascular disease across the world in the year 2019. Almost 4 out of 5 CVD death occurred due to strokes and heart attack, and 1 out of 3 deaths occur prematurely in people under the age of 70. Unhealthy diet, physical inactivity, alcohol & tobacco consumption, high blood cholesterol, and diabetes are most common cause of cardiovascular disease. According to World Health Organization, Asia Pacific accounted for the highest number of deaths per 100,000 in the year 2019 with China being the country with most CVD deaths. Also, it was noted that higher incidence of heart attacks was reported from men in comparison to women. According to the Centers for Disease Control and prevention, an estimated 6 in 10 adults in the United States suffer from chronic diseases. Moreover, prevalence of self-reported inactivity among adults decreased from 40.1% to 26.9% and obesity has nearly tripled since 1975. Sedentary lifestyle, eating habits and various eternal factors have contributed to the declining health and with an evident rise in CVDs across the world, resulting in a rise in demand for efficient medical devices, such as external pacemakers, to minimize the progression of the disorder.
Challenges
- High Cost of Product and Unfavorable Reimbursement Policies: Various manufacturers rely on outside suppliers to provide many of the component parts. The production of an external pacemaker is not a linear process but an integrated one. Component parts such as the battery, leads, and the circuitry are constructed individually, then pieced together to form the final product. Moreover, the cost of microprocessors is also high due to the complexity involved in manufacturing of small motherboards. The high cost of the product and the unfavorable reimbursement policies are therefore anticipated to act as a barrier towards the growth of the global market.
External Pacemaker Market: Key Insights
The global external pacemaker market is segmented by regions into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Among these regions, the market of North America held the largest market share of 38.56% in the year 2019 and is expected to register a CAGR of 7.41% during the forecast period. Moreover, the market in the region is also anticipated to reach a value of USD 708.78 million by the end of 2028. On the other hand, the market in the region is also anticipated to gain an incremental $ opportunity of USD 27.82 million in the year 2020 as compared to the previous year.
Apparently, the market in Europe is anticipated to gain a significant market share and further grow by a CAGR of 6.78% during the forecast period on the back of the increasing prevalence of cardiovascular diseases in the region.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
3.5% |
|
Base Year Market Size (2024) |
USD 1.78 billion |
|
Forecast Year Market Size (2037) |
USD 2.78 billion |
|
Regional Scope |
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