Cardiac pacemakers are small implantable medical devices that help regulate heart rates and cardiac contractions. They are widely used in patients suffering from arrhythmias and conduction disorders. Modern cardiac pacemakers are programmable and have features like rate-adaptive pacing and monitoring of patient's cardiac status with built-in diagnostics. The growing geriatric population, rising prevalence of cardiovascular diseases, and technological advancements are fueling demand for cardiac pacemakers globally.
The global cardiac pacemaker market is estimated to be valued at US$ 4,547.8 Mn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.
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, MEDICO S.R.L., OSCOR Inc., MicroPort Scientific Corporation, OSYPKA MEDICAL, and Vitatron Holding B.V.
The key opportunities in the cardiac pacemaker market include technological advancements bringing features like MRI compatibility and sensor-augmented pacing. Growing healthcare expenditure and increasing insurance coverage are further expected to drive the adoption of cardiac pacemakers.
Global players are expanding their presence in emerging markets of Asia Pacific, Latin America, and Middle East & Africa to tap the high growth opportunities in these regions owing to rising cases of heart diseases and an increase in aging population.
Market drivers
The increasing geriatric population globally is one of the key drivers of the cardiac pacemaker market. As age advances, the risk of arrhythmias and conduction disorders increases significantly which drives the demand for pacemakers. According to estimates, the number of people aged 65 years or older is projected to grow from 703 million in 2019 to 1.5 billion by 2050. Such massive growth of the elderly population will continue to augment the need for cardiac pacemakers in the coming years.
PEST Analysis
Political: Cardiac pacemaker market is regulated by government bodies such as the Food and Drug Administration (FDA) in the US. Any changes in approval processes and regulations can impact the pacemaker market.
Economic: Growing disposable incomes and rising healthcare spending is fueling the demand for advanced cardiac care devices such as pacemakers globally. However, high device costs can restrain market growth.
Social: Increase in lifestyle diseases, aging population, and growing awareness about cardiac conditions is driving the need for pacemakers worldwide. However, social stigma around devices may limit market prospects to some degree.
Technological: Innovation in materials, battery technology, remote monitoring capabilities, cellular connectivity etc. is resulting in development of advanced pacemakers with improved efficacy and longer longevity. Further advancement in leadless pacemaker technology.
Geographical Regions with High Market Concentration
North America accounts for the largest share of the global cardiac pacemaker market in terms of value. This is attributed to the growing elderly population, rising prevalence of cardiac diseases, strong reimbursement structure, and presence of major players in the region. Europe is also a significant regional market driven by factors similar to North America along with government support for healthcare innovation.
Fastest Growing Regional Market
The cardiac pacemaker market in Asia Pacific region is poised to grow at the fastest pace during the forecast period. This is attributed to rising healthcare awareness, growing access to advanced treatments, rising healthcare expenditure, improving public insurance coverage and presence of large patient pool in highly populated countries such as India and China. Increasing medical tourism, collaborations between global players, subsidiaries is also contributing to the fast growth of Asia Pacific pacemaker market.
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.
