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 research tools.
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 research 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 market 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.
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.
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.
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.
