India Pacemaker Market to Grow at an Impressive Rate through 2028
Increasing cardiovascular
disease prevalence and rising geriatric population are driving the growth of India
Pacemaker Market in the forecast period, 2024-2028.
According to TechSci Research report, “India
Pacemaker Market - By Region, Competition Forecast &
Opportunities, 2018-2028”, India Pacemaker Market is growing at a good pace and
is anticipated witness impressive growth through 2028. This can be attributed
to the growing demand for pacemakers in the hospital & cardiac care
centers.
A pacemaker is a small
electric device designed to regulate the patient’s heartbeat whenever observed
an abnormality or slower pace.
In India, cardiovascular
diseases are among the most prevalent disease in the country accounting for
more than 4.77 million deaths annually. In 2020, the anticipated disease
prevalence rates for rural and urban populations respectively ranged from 1.6
to 7.4 and 1 to 13.2 percent, respectively. Among them, ischemic heart disease,
hypertensive heart disease, and cerebrovascular illness were the most prevalent
forms of cardiovascular disease. In India, chronic conditions like
cardiovascular disease, are more prevalent in the elderly and there the leading
increasing demand for pacemakers can be seen and predicted to be rising
substantially.
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Dual chamber technology accounts for the major share in the India Pacemaker Market.
With an increase in number of patients suffering from chronic heart abnormalities,
this segment is likely to dominate the pacemaker market in the country. These
models are highly effective in treatment of cardiac arrythmias. The
Biventricular pacemaker segment is predicted to expand quickly as they are
efficiently capable of reducing the risk of heart failures and effective
treatment of heart rhythm problems.
The market for
pacemakers that are MRI compatible has dominated in recent years and is
anticipated to grow at a quicker rate going forward. As research has shown that
approximately 70% of patients who have pacemakers installed need MRIs at some
point in their lives for distinct reasons. This segment is thus more widely
accepted by users and demand is anticipated to have significant growth in the
next years in order to reduce risks and eliminate difficulties due to the use
of the conventional devices.
Another key trend attracting the pacemaker
market in India is the technological advancement in the pacemaker and its
technology giving more assurance and comfort to the patients using them, lowering
the patient or user dependency on the caregiver to the most.
In India, During the
Covid period there was an observed
shortage and scarcity of treatment facilities in the hospitals and healthcare
centers due to the occupancy by the Covid affected patients therein,
restricting and interfering the visits with the cardiologists and physicians .For
patients this led to the delayed demand of pacemakers as only emergency cases
were handled during the pandemic times and all the other non-emergent surgeries
were postponed and thus indirectly the pacemaker market demand was hindered. Also,
the heavy costs of the pacemakers that provide the necessary monitoring and
treatments for the cardiovascular disease and symptoms regulating the patient’s
heartbeat are few of the factors that hinder the growth of the pacemaker market
in India.
India Pacemaker Market is
segmented into type, technology, product type, application, region, end user and
by company. Based on type, the market is segmented into Implantable and
external. Implantable pacemakers held the largest market share in 2022. This
can be attributed to their widespread use in hospitals & cardiac care
centers for the patients suffering from various cardiovascular disease and
symptoms.. Additionally, the Implantable pacemakers are easy to handle.
Based on the application,
the market is divided into arrythmias,
congestive heart failure and others. The arrythmias
segment
dominated the market in 2022 and is anticipated to maintain its dominance
during the forecast period as there are increasing cases of bradycardia, i.e.,
abnormally slow heart rate. The rise in demand for pacemakers in cardiac care centers
& ambulatory care services is due to rising cases of accidental
hospitalization and medical emergencies & treatments requiring pacemakers
for pre-monitoring the vitals and heart rate before undergoing any minor surgery
or operation and even monitoring post-operation.
Further, the increasing number of geriatric
patients having cardiovascular health issues is another factor driving the demand
for pacemakers in healthcare facilities like hospitals, nursing homes, and
clinics.
Based on regional
analysis, South India accounted for the largest market share in the India
Pacemaker Market due to the high incidence of cardiovascular ailments. There is
a major demand for pacemakers in the south Indian states like Kerala, due to people’s
poor eating habits (including high fat and carbs percentage) and sedentary lifestyle.
The
leading companies operating in the India Pacemaker Market are:
- India Medtronic Pvt Ltd
- BIOTRONIK Medical Devices India
Private Ltd.
- Abbott India Limited
- Boston Scientific India Private
Limited
- Shree Pacetronix Ltd.
India Pacemaker Market is a highly fragmented market with few established companies
holding significant share in the industry followed by several domestic players.
However, the market is highly dependent on imports, especially from China.
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“India Pacemaker Market is likely to
attain an absolute growth in the coming years. Rising prevalence of
cardiovascular diseases and ischemic heart diseases are creating a major demand
for the pacemaker market in India. Also, the increasing cases of arrythmias is a growing issue that has significantly
led to an increase in the demand d for pacemakers in the country. Additionally,
the growing advancement & upgradation in the technology and functionality in
the Indian pacemaker market is driving the pacemaker market forward in the near
future.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“India Pacemaker Market
By Type (Implantable v/s External), By Technology (Dual Chamber, Single
Chamber, Biventricular Chamber), By Product Type (MRI Compatible v/s
Conventional), By Application (Arrythmias, Congestive Heart Failure, Others),
By End
User (Hospitals, Cardiac Care Centers, Ambulatory Surgical Centers), By Region,
Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth
potential of India Pacemaker Market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in India
Pacemaker Market.
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