By 2030, nearly 20% of the total U.S. population is expected to be made up of geriatrics, according to the U.S. Census Board. This is a huge growth in the number of elderly citizens in this country, and similar cases are being witnessed in most developed economies and a few developing ones as well. This rise in the geriatric population is expected to be the greatest driver for a lot of healthcare industry segments, including the market of cardiac pacemakers.
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At the same time, the number of patients with heart complications is increasing significantly due to inculcation of modern lifestyles that can lead to obesity and high stress. Both factors are primarily responsible for the increasing demand for cardiac pacemakers among those younger than 65 years.
However, manufacturers of cardiac pacemakers also have to face problems such as the complex and time consuming approval procedure for sales of cardiac pacemakers due to their high risk nature of use. Additionally, players also have to significantly reduce their profit margins due to the implementation of policies such as the Affordable Healthcare Act in the U.S.
Europe to Consume Highest Number of Cardiac Pacemakers
On the basis of geography, Europe led in the past and shall continue to do so for the rest of the forecast period, in terms of being the region consuming the most cardiac pacemakers. Europe is slated to account for 51.1% of the market by 2023, driven by growing number of patients suffering from heart diseases. North America however leads on the basis of revenue in the cardiac pacemaker market. Asia Pacific on the other hand will witness remarkable growth and emerge as the region displaying fastest growth rate. The region is anticipated to hold a 20.3% share of the cardiac pacemaker market by 2023. The market is driven by growing awareness about advanced pacemakers among the people in this region.
Increasing Prevalence of Heart Diseases to Remain Key Factor Spurring Demand for Cardiac Pacemakers
According to an expert TMR analyst, the growing demand for cardiac pacemakers is because of the increasing geriatric population and a large number of people suffering from various heart issues. There has been a steady rise in the number of people who are genetically prone to heart diseases. In addition to this, detrimental lifestyle is also increasing the number of people suffering from heart diseases, boosting the demand for cardiac pacemakers. The developed nations such as the U.S. and those in the European region have an increasing number of patient suffering heart failure. These nations also have a high geriatric population base and thus, both these regions are fueling the growth of the global cardiac pacemakers market.
Players Cutting Down on Profits due to The Affordable Healthcare Act
In order to make healthcare affordable, The Affordable Healthcare Act was implemented in the U.S. This led to a 2.5% excise duty being imposed on all medical devices, including cardiac pacemakers. Since the U.S. is one of the key consumers of cardiac pacemakers, players in the market in the region have had to reduce their profit so as to cut down the overall cost of cardiac pacemakers. This cut down on profit has become essential for keeping up with the hugh demand for cardiac pacemakers. Another factor challenging the growth of this market is the classification of cardiac pacemakers as Class III high-risk medical devices, by the U.S. FDA. This requires all cardiac pacemakers to be tested for safety even before getting an approval. This in turn leads to further increase in cost as well as delays the arrival of cardiac pacemaker in the market.