Overview:
The global cardiac
pacemaker market size is projected to reach USD 5.8 billion by 2030 at
a 3.20% CAGR during the forecast period 2022-2030. The Cardiac Pacemaker Market
continues to evolve with technological advancements and increasing prevalence
of cardiovascular diseases globally. Innovations in device miniaturization,
battery longevity, and remote monitoring capabilities are driving market
growth. The demand for pacemakers is fueled by aging populations and lifestyle
factors contributing to heart conditions. Key players in the market are investing
in research and development to improve device efficacy and patient outcomes.
Regulatory approvals and reimbursement policies play significant roles in
market expansion. Emerging economies are witnessing a rising adoption rate due
to improving healthcare infrastructure. Overall, the Cardiac Pacemaker Market
is poised for steady growth in the foreseeable future.
Market Insight:
The cardiac pacemaker market has several global players who engage
in strategic developments to ace the field. These developments include merger,
acquisition, collaboration, new product launch, and other methods. For
instance, Medtronic is acquiring shares in Chinese company LifeTech Scientific
to gain hold of the Chinese market. Stryker, on the other hand, is trying to
buy Boston Scientific Corporation in a bid to expand their portfolio.
Prominent names in the global cardiac pacemaker market are
Medtronic (U.S.), Abbott. (U.S.), Boston Scientific Corporation (U.S.),
BIOTRONIK (Germany), LEPU MEDICAL (U.K), SORIN Group (Europe), MEDICO S.p.A.
(Europe), OSCOR Inc. (U.S.), and others.
The cardiac pacemaker market has experienced significant growth in
recent years, driven by advancements in technology and an increasing prevalence
of cardiac rhythm disorders worldwide. With the rise in cardiovascular
diseases, including arrhythmias and heart failure, the demand for cardiac
rhythm management devices such as pacemakers continues to escalate.
These devices play a crucial role in managing irregular heart rhythms and
improving patient outcomes. Moreover, the growing elderly population, coupled
with lifestyle factors contributing to heart diseases, further fuels the
expansion of this market.
Industry Trend:
Researchers at the University of Ottawa Heart Institute completed
the first successful implant in 2018 of a Micra Leadless Transcatheter Pacing
System, which is the latest model of its category and the smallest leadless
pacemaker in the world. The process allows the machine to be implanted directly
within the heart, unlike other pacemakers.
Practitioners at Children's Hospital Los Angeles and the
University of Southern California have developed a micropacemaker system
requiring implantation in the pericardial sac which could be a breakthrough in
cardiac surgery options for children and adults.
Segmentation Analysis:
The global cardiac pacemaker market can be segmented by type,
technology, application, and end-users.
Based on type, the cardiac pacemaker market includes implantable,
external cardiac pacemaker, and others.
Technology-wise, the cardiac pacemaker market comprises
biventricular, single-chambered, dual-chambered, and others.
Application-based segmentation of the cardiac pacemaker market
consists arrhythmias, congestive heart failure, and others. Arrhythmias segment
can be sub-segmented into tachycardia, bradycardia, and others.
Based on the end-users, the market cardiac pacemaker includes
hospitals, cardiac care centers, medical institutes, and others.
Regional Analysis:
Geographical analysis of cardiac pacemaker market includes regions
namely the Americas, Europe, Asia Pacific (APAC), and the Middle East &
Africa (MEA).
The Americas has the lead in the global market, and they can
attribute this to a superior infrastructure, and better healthcare policies.
Furthermore, a considerable patient pool is also playing in favor of cardiac
pacemaker market. Changing lifestyle and high healthcare expenditure are
proving essential for the regional market growth.
Europe is following the lead and is experiencing considerable
growth owing to regular investment in research and development. Governments
taking a keen interest in the sector has a positive impact on the market.
The APAC is the fastest growing region with India and China
continually improving their industrial landscape. In addition, many countries
of this region are emerging as a medical tourism hub and helping the regional
cardiac pacemaker market witness unprecedented growth. The MEA region’s growth
will be slow due to lack of infrastructure and poor economic regions.
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