Cardiac pacemakers are medical devices that are implanted in patients with bradycardia or other cardiac rhythm problems to manage abnormal heart rhythms. Pacemakers helps regulate abnormal heart rhythms and maintain an adequate heart rate through delivering electrical pulses to stimulate the heart. The increasing prevalence of cardiovascular diseases such as heart failure, congenital heart disease, and rising geriatric population are key factors driving the demand for cardiac pacemakers globally.
Global cardiac pacemaker market is estimated to be valued at USD 4,907.2 Mn in 2024 and is expected to reach USD 6,838.6 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031. Key Takeaways
Key players operating in the Cardiac Pacemaker Market are Medtronic, Boston Scientific Corporation, Abbott, BIOTRONIK SE & Co. KG, Pacetronix , Lepu Medical Technology(Beijing)Co., Ltd., LIVANOVA PLC, OSCOR Inc., MEDICO S.R.L., MicroPort Scientific Corporation, OSYPKA MEDICAL, Vitatron Holding B.V.
The Cardiac Pacemaker Market Demand for MRI-compatible, leadless, and biodegradable pacemakers globally is expected to create significant growth opportunities for market players. Major companies are expanding their operations in developing regions of Asia Pacific and Latin America to capitalize on the high growth potential in these emerging economies.
Market Drivers
Increasing Prevalence of Cardiovascular Diseases: Cardiovascular diseases such as heart failure, heart attacks and congenital heart diseases are increasing rapidly worldwide. As per WHO, cardiovascular diseases are the leading cause of deaths globally. This high prevalence of cardiovascular ailments is expected to drive the demand for cardiac pacemakers. Rising Geriatric Population: The risk of cardiovascular diseases and arrhythmias increases with age. As per the UN, number of people aged 60 or above will double to nearly 2.1 billion by 2050 globally. This rising pool of geriatric population is expected to require more pacemakers over the forecast period.
Market Restraints
Product Recalls: Frequent product recalls over defects in devices pose a major challenge for market players and restrain the market growth. For instance, in 2021, Medtronic recalled several Ingenio and Intella pacemakers over a software issue. High Cost of Devices: Cardiac pacemakers have high cost of acquisition and follow up cost during the lifetime of the device which makes it inaccessible for many patients in low income countries. This high cost acts as a major barrier in market growth.
Segment Analysis
The global cardiac pacemaker market is dominated by implantable pacemakers segment. These devices are completely implanted inside the patient's body and help regulate heartbeat. They are preferred over external pacemakers as they allow patient mobility and comfortable lifestyle. Implantable pacemakers are further divided into single-chamber pacemakers, dual-chamber pacemakers and biventricular pacemakers. Dual-chamber pacemakers hold the largest market share as they can pace and sense both chambers of the heart for improved synchrony between upper and lower heart chambers.
Global Analysis
North America is the fastest growing as well as dominant regional market for cardiac pacemakers. This is attributed to rising prevalence of cardiovascular diseases, growing geriatric population, availability of advanced healthcare infrastructure and reimbursement facilities. However, Asia Pacific region is expected to witness highest growth during the forecast period. Factors such as growing medical tourism industry, increasing healthcare spending and presence of untapped opportunities will boost the cardiac pacemaker market in emerging Asian countries.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
Cardiac Pacemaker Market Research Report: By Type (Implantable, External) By Technology (Biventricular, Single-Chambered, Dual-Chambered) Application (Arrhythmias, Congestive Heart Failure) End Users (Hospitals, Ambulatory) - Forecast till 2027Overview:Cardiac pacemaker is a device that can manage the heart rhythm artificially.
Technological progress and curbed costs are major driving factor for the global cardiac pacemaker market, which is expected to garner 7.9% CAGR during the forecast period (2017-2023).
Market research Future (MRFR) makes a claim in their recently published analysis of the global cardiac pacemaker market that the attainment of the valuation mark would be easier for the market during the forecast period.Several factors like growing geriatric population, better affordability, technologically-advanced devices, growing health-related issues, and others are expected to help the global cardiac pacemaker market make the leap in terms of growth during the forecast period.
Also, the risk of malfunctioning can be a great deterrent for the market.Segmentation:MRFR’s report on the global cardiac pacemaker market has a sound foundation on segments like type, technology, application, and end-users.
This segmentation is amply backed by various volume-wise and value-wise data results.Based on the type, the cardiac pacemaker market can be segmented into external cardiac pacemaker, implantable, and others.
This report aims at providing a closer look of the market that would help in the identification of various factors.The Americas is enjoying the dominance it has over the global market and is expected to continue in the coming years as well by providing substantial backups for the sector.
