Pacemakers are defined as small electrical devices that are fitted in the chest or abdomen under the supervision of a local anesthetic. The main function of a pacemaker is to assist the heart to beat regularly. Whenever the device encounters irregular heartbeats, it transmits an electronic signal to the heart to beat at a correct pace.
A regular pacemaker can last for four to eight years depending on the type. The pacemaker needs to be replaced once it runs of out charge. Constant developments have led to increased charge time and to minimize the side effects associated with pacemakers market. These devices are used in the treatment of heart failures and arrhythmias. The equipment helps promote health expectancy amongst a demographic population. The overall growth in the penetration rate of this technology within the healthcare module can be estimated through Global Market Database. The market intelligence platform studies the upcoming technologies and their impact on market trends.
Different types of Pacemarkers Market:
Market Database states that magnetic resonance imaging (MRI) compatible pacemakers have experienced a larger share in the market. These types of pacemakers are expected to grow further in terms of technological advancements and rate of adoption. This is due to the rise in the geriatric population which are equipped with pacemakers and more prone to undergo MRI procedures. Global Market Database can be used to recognize other drivers associated with the medical equipment market.
According to the market database procured via Mayo Foundation for Medical Education and Research in 2018, approximately 75% of patients who possessed pacemakers are expected to undergo MRI scans at least once in their lifetime. This has allowed more innovations and investments in MRI-compatible pacemakers. The increased investment in this market and its impact on the changing trends can be studied through market analysis tools.
A further type of pacemaker market includes conventional or basic pacemakers which are generally low in cost and can serve the basic purposes for a patient. Such type of pacemakers has experienced a low share in the market and according to the procured market database, they are expected to witness muted investment opportunities.
Based on the technology used, the pacemaker market is divided into three types which include a single-chamber pacemaker, dual-chamber pacemaker, and biventricular pacemaker. The dual-chamber pacemaker type has witnessed a greater share in the market. The development of a dual-chamber pacemaker was to monitor electric impulse activity in the atrium. It has allowed us to anticipate whether pacing needs to synchronize the electrical activity with the heart’s intrinsic impulse activity. The acceptance rate of this technology amongst the demographics can be studied through a segment-wise analysis. This study can be obtained through custom reports provided by Global Market Database. The cloud-based market research tool studies the shift in line with changing market trends.
A pacemaker is available in the implantable form or an external form. The implantable pacemaker type has experienced a greater share in the market. Market Database states that greater opportunities can be tapped in the external pacemaker type as it acts as a platform for further innovation and growth. According to market analysis tools, the external type pacemaker provides the advantages of enhanced user-interface, easy configuration, and improved low battery indicator. These are non-invasive and offer a low risk of post-surgical complications. The restraints and limitations associated with the Pacemakers market can also be studied through Global Market Database. The market intelligence tool provides business recovery solutions that can potentially change the business outlook.
The pacemaker market is also divided based on the end-user. The value chain for this market can be studied through Global Market Database. The market research tool provides free market data across 600+ markets. This includes hospitals, dedicated cardiac centers, and ambulatory surgical centers. Hospitals have dominated the use cases for pacemakers as they provide improved services along with skilled professionals. Hospitals also allow easy reimbursement processes and easy access to post-surgery processes. Ambulatory surgical centers are widely used in rural and semi-urban locations. This allows more opportunities in under-penetrated geographies.
Applications and Treatment:
Large-scale use of pacemakers has been witnessed in the treatment of heart failures and arrhythmias. According to the procured market database, the treatment of arrhythmias constituted a large share in the market. This is further sub-divided into atrial fibrillation, heart block, and long QT syndrome. Factors such as lifestyle disorders, excessive alcohol consumption, smoking, and obesity have contributed to cardiac arrhythmia.
According to the market database, published by the Centers for Disease Control and Prevention (CDC) in 2017, Atrial fibrillation was the most common form of arrhythmia. Congestive heart failures are another type of cardiovascular disease (CVD) that has witnessed increased prevalence.
In terms of treatment approaches, they are divided into two broad categories which include the Endocardial approach and Epicardial approach. The Endocardial approach is a traditional procedure in which an incision is made in the chest for the leads and pacemaker to be inserted. The leads are placed carefully into the veins then guided to the heart. The Epicardial approach is more commonly used with children. The surgeon attaches the tip of the lead to the heart muscle. The other is placed in the pocket made underneath the skin.
COVID-19 and Other Restraints in Healthcare Market:
The COVID-19 induced pandemic has severely impacted affected patients suffering from cardiovascular disease. According to the American Heart Association, Circulation Journal, 2020, COVID-19 had affected 185 countries and more than 30,00,000 heart patients globally. This has led the pacemaker manufacturers and clinical establishments to provide remote monitoring and treatment offerings. A scenario analysis owing to the growth rate of this pandemic can be studied using Global Market Database. The market research tool provides free market data for the first five GMD logins.
The pandemic also caused major supply-chain gaps for the manufacturing and distribution vertical. This led to delays in replacement appointments, surgeries, and delivery of new devices. The heart patients avoided trips towards clinics and hospitals due to the COVID-19 induced fear and lockdowns. The reduced footfall in hospitals and healthcare centers due to social distancing can also be studied using the Healthcare module within Global Market Database.
Further restraints are observed in the sensitive nature of these devices. This leads to increased time in getting approvals from the regulatory bodies which add to the overall costs. The initial costs for developing such devices are also high and can act as a barrier. The treatment of side-effects and recall procedures can be cumbersome as it requires reverse surgery for specific treatments. The limitations associated with this market can be analyzed using market research tools.
The South Korean Pacemarker Market:
In general, the APAC region has contributed significantly towards this market and attracted the attention of major global players. This is due to the greater number of aging populations in this area. Also, the majority of patients are diagnosed with tachycardia, bradycardia, and heart blockages. Greater adoption in the new breed of pacemakers such as a dynamic pacemaker, microprocessor-controlled devices, and transitional tissue welding has led to increased opportunities in this region. The regional competitive mapping for the medical equipment market can be assessed using Global Market Database. The prominent segments across 12 modules can be studied using this market research tool.
In South Korea, greater government interventions and investments to develop the healthcare infrastructure have captured the attention of local and global manufacturers. A large number of hospitals and cardiac clinics along with research & development facilities have been inaugurated in the past few years. According to market research reports, the country is also a key exporter of medical ceramics and related devices.
Seoul, South Korea has multiple medical establishments that are recognized as outstanding facilities by WHO & UNICEF. Asia Medical Center is the largest hospital in this region and houses state-of-the-art facilities. This has even attracted international patients who face different heart diseases.
Active participation by the regulatory bodies to aid the trial process has also contributed towards the growth in this market. The South Korean Ministry of Food and Drug Safety (MFDS) is the key regulator that approves the grants of new devices. They have established dedicated 166 trial clinics to provide a holistic testing environment and maintain the efficacy of the procedure. Regulatory Affairs and their impacts on the market trends can also be studied through Global Market Database. The market research platform studies the expanding growth segments of the industries.
Greater innovations have also been witnessed in remote monitoring services. For instance, key South Korean electrophysiology physician groups have started to work with national regulators to launch remote monitoring facilities. These services can be accessed by the patients with their respective smart devices such as smartphones and smartwatches. The pacemakers are expected to be equipped with Bluetooth capabilities to provide real-time access to data and monitor performance.
The National Health Insurance Service (NHIS) has maintained an open-source database of the patients undergone heart surgeries and treatment of related cardiovascular diseases. This information has fueled the research capabilities in this region and also ease the reimbursement process related to the patients.