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Temporary Cardiac Pacing Wires Leads Market is Anticipated to Account for Over US$ 411.5 Million in Terms of Value by 2026 End - PMR
NEW YORK, July 2, 2019 /PRNewswire/ -- The prevalence of arrhythmia and cardiovascular diseases is rising and expected to continue growing throughout the forecast period. According to the latest research by the company, the global temporary cardiac pacing wires & leads market is anticipated to account for over US$ 411.5 Mn in terms of value by 2026 end. The report on the temporary cardiac pacing wires & leads market indicates that the market is projected to have significant growth potential through 2022.
The minimally-invasive procedure for transvenous pacing, by techniques type, is projected to account for the largest revenue share throughout the forecast period. The increasing adoption of the minimally-invasive technique for temporary pacing during emergencies such as acute myocardial infarction and heart block is expected to drive the market for temporary cardiac pacing wires & leads in the near future.
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The favorable reimbursement scenario for the treatment of cardiovascular diseases, as the burden for cardiovascular diseases continues to increase in developing and under-developed economies, contributes to the growth of the temporary cardiac pacing wires & leads market. Significant growth in the number of cardiac surgeries is also spurring the market of temporary cardiac pacing wires & leads. According to the Centers for Disease Control and Prevention (CDC), in the United States, every year, about 735,000 Americans experience heart attacks. An estimated 2.7–6.1 Million people in the United States have atrial fibrillation, which is expected to further increase with the aging of the U.S. population, and more than 750,000 hospitalizations occur each year due to atrial fibrillation.
The increasing number of cardiac surgeries, primarily among the geriatric population, along with the anticipated increase in the number of people undergoing cardiothoracic surgeries are expected to drive the temporary cardiac pacing wires & leads market during the forecast period.
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The rapidly aging population also contributes to significant growth in the demand for temporary cardiac pacing wires & leads, leading to the growth of the temporary cardiac pacing wires & leads market. According to the Population Reference Bureau, (2016), the number of Americans aged 65 and above is projected to grow to more than double – from 46 Million to over 98 Million – by 2060 and the 65-and-older age group's share of the total population will rise to nearly to 24% from 15%.
Technological advancements in cardiac devices are also driving the growth of the temporary cardiac pacing wires & leads market. The increasing demand for pacemakers, owing to the growing prevalence of heart diseases, primarily due to rising obesity, unhealthy lifestyles, smoking, drug abuse and excessive consumption of alcohol among the young population, is leading to various heart disorders such as bradycardia and heart block. This is expected to further surge the demand for temporary cardiac pacing wire and leads during the forecast period.
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Manufacturing companies in the temporary cardiac pacing wires & leads market are focusing on the development of high-end technology devices and further aiming towards launching devices used in minimally-invasive techniques. The launch of new products integrated with advanced technologies that ease treatment procedures and provide improved results to patients also contributes to the growth of the temporary cardiac pacing wire and leads market. For instance, in October 2016, BioTrace Medical, Inc. received the U.S. Food and Drug Administration 510(k) clearance to market a new Tempo Lead, an innovative temporary pacing lead designed for use in procedures in which temporary pacing is indicated, including transcatheter aortic valve replacement (TAVR) and electrophysiology (EP) procedures.
The increasing demand for cardiovascular surgeries is expected to contribute to the sales of leads and wires and in turn, contribute to the growth of the temporary cardiac pacing wires & leads market.
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The global temporary cardiac pacing wires & leads market has been segmented on the basis of product type, application, technique, age group and end user. In terms of revenue, the cardiac pacing leads/catheter segment by product type in the temporary cardiac pacing wires & leads market is expected to hold a significant share over the forecast period.
The report tracks some of the key companies operating in the temporary cardiac pacing wires & leads market such as Medtronic Plc., Becton, Dickinson and Company (C.R. Bard), B. Braun Melsungen AG, Abbott Laboratories (St. Jude Medical), Edwards Lifesciences Corporation, Teleflex Incorporated, Oscor Inc., Vance Street Capital LLC (A&E Medical Corporation), Osypka AG and BioTrace Medical Inc., among others.
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