The Asia Pacific pacemaker market is expected to reach US$ 2,242.7 Mn in 2027 from US$ 1,030.5 Mn in 2018. The market is projected to grow with a CAGR of 9.2% from 2019-2027.
The high growth of the market is attributed to the rising geriatric population across the globe. In both males as well as females, the risk of cardiovascular diseases increases with increase in age. Increasing age makes the blood vessels less flexible and reduction in blood flow. Thus, the risk of heart disease is high in the elderly population. Also, according to the Heart Disease and Stroke Statistics 2018, the average age at the first heart attack is 65.6 years for males and 72.0 years for females.
According to a report of the United Nation (2017), in Asia, approximately 549.2 million people were 60 years old or more and is estimated to reach 1273.2 million by 2050. Furthermore, the United Nations Population Fund also reported that the number of aging people in the Asia-Pacific region is growing at an unprecedented rate. It also predicted that by 2050, one in four people in the Asia Pacific region would be over 60 years old.
In 2018, Asia Pacific pacemaker market held a market share of 18.7% of the global pacemaker market. The implantable pacemakers segment expected to dominate its market share and was valued at US$ 705.6 Mn in 2018 and is anticipated to reach US$ 1,572.6 Mn by 2027. On the other hand, implantable pacemakers segment is also expected to witness the fastest growth rate of 9.5% during the forecast period, 2019 to 2027.
Similarly, in 2018 single-chambered pacemaker segment by technology was valued at US$ 734.5 Mn in 2018 and is anticipated to reach US$ 1,617.7 Mn by 2027 and is also expected to grow at the fastest growth rate of 9.3% during the forecast period.
Furthermore, the hospitals & clinics segment held the largest market share of 58.5% of the pacemaker market in 2018. This segment is also expected to dominate the market in 2027 as it is the primary care center for most of the population.
Some of the major primary and secondary sources for endodontic devices included in the report are, United Nations Population Fund, United Nations International Children's Emergency Fund, World Health Organization, Department of Cardiology, Kyorin University Hospital, China Food and Drug Administration among others.