A cardiac pacing lead is a small catheter with two electrodes. It is placed in the right ventricle of the heart through the vein in the groin or neck. Leads emit electrical stimulus to heart for producing depolarization of cardiac cells. There are two components in leads such as conductive leads and electrode wire. According to the World Health Organization (WHO), in 2016, 17.5 Mn people died globally due to cardiovascular diseases. Cardiac arrests, ventricle function failure, and slow depolarization rate of ventricle are the main causes of cardiovascular diseases.
Global Cardiac Pacing Leads Market – Drivers and Restraints
The increasing rate of cardiovascular diseases is the primary factor for driving the global cardiac pacing lead market. According to American Heart Association, in 2016, nearly half i.e. 48%, 121.5 million of the adults in the U.S. have cardiovascular diseases. Changing lifestyle of people, increased consumption of fats and sugar, unhealthy work practices and on desk work culture are the factors driving the market globally.
Furthermore, rising number of geriatric population and their chances of cardiac related diseases is the factor driving the market globally. Approvals for the devices associated with the programming of the pacing systems from the regulatory bodies help to drive the market growth. For instance, on May 2, 2019, Medtronic plc received the U.S. FDA approval for careLink SmartSynk device manager, which is used for programming pacing system for cardiac.
The company are developing and launching novel devices to meet the demands of physicians and patients. Moreover, on April 29, 2019, Biotronik launched its Plexa ProMRIs DX lead with DF4/IS-1 connector in Europe. Furthermore, the U.S. Biotronik offers DF4 based DX systems for tachycardia therapy with new lead and recently launched leads Acticor ID and CRT- D devices.
The lack of skilled professionals and less awareness about cardiac disease in public are the factors restraining the market globally.
Global Cardiac Pacing Leads Market - Regional Insights
North America holds dominant position in the global cardiac pacing leads market, owing to the adoption of new technologies advancement. According to the United Nations, the number of people aged 60 years or above is expected to more than double by 2050 and to more than triple by 2100, increasing from 962 million globally in 2017 to 2.1 billion in 2050.
North America is expected to gain significant rise in the global cardiac pacing leads market over the forecast period, owing to increasing lifestyle-related disorders, technological advancements, and increased investment on healthcare infrastructure. The key players operating in the cardiac pacing leads market are focused on innovating efficient cardiac lead devices, and further launching them in emerging markets to meet the demand of consumers of various types of cardiac pacing leads. For instance, on April 9, 2019, Oscor, Inc. announced strategic alliance with Micro Interventional Devices Inc. to strengthen the capabilities to develop and commercialize new heart disease device.
Furthermore, Europe is the second largest growing market in global cardiac pacing leads market, owing to high incidence of cardiac disease.
Global Cardiac Pacing Lead Market - Competitive Landscape
Some of the key players operating in the global cardiac pacing leads market include Medtronic, Oscor Inc., B Braun Melsungen AG, Biotronik, Sorin Group, Vitatron, Biosensors, Estech, Greatbatch Medical, Edwards Lifesciences, BioTrace Medical, and Teleflex Incorporated.
Cardiac Pacing Leads Market - Market Taxonomy
On the basis of product type, the global cardiac pacing leads market is segmented into:
On the basis of technology, the global cardiac pacing leads market is segmented into:
On the basis of end user, the global cardiac pacing leads market is segmented into:
On the basis of region, the global cardiac pacing leads market is segmented into: