Cardiac pacemakers are small implantable devices that deliver electrical pulses to coordinate the beating of the heart. They help regulate heartbeats that are too fast, too slow, or irregular through a process called cardiac resynchronization therapy. The increasing prevalence of cardiovascular diseases such as heart failure, myocardial infarction, and arrhythmias has augmented the demand for cardiac pacemakers.
The global Cardiac Pacemaker Market is estimated to be valued at US$ 4,547.8 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of cardiovascular diseases is a key trend fueling the growth of the cardiac pacemaker market. Cardiovascular diseases are major causes of mortality and morbidity worldwide. According to the World Health Organization, cardiovascular diseases cause over 17 million deaths annually, representing roughly 30% of total global deaths. Factors such as obesity, smoking, physical inactivity, and poor diet have increased the risk of cardiovascular diseases. With the rising burden of these diseases, demand for cardiac pacemakers for treatment and management of arrhythmias and other heart conditions has grown significantly. This has prompted manufacturers to invest more in the research and development of advanced pacemakers, thereby propelling the cardiac pacemaker market during the forecast period.
SWOT Analysis
Strength: Cardiac pacemaker have advanced technology that helps in regulating heartbeat efficiently. Newer pacemakers are more reliable and compact in size.
Weakness: Pacemakers have finite battery life and need replacement after certain period of time which requires additional surgery. High cost of pacemaker devices and surgeries is also a weakness.
Opportunity: Rising geriatric population prone to cardiac conditions provides growth opportunity. Developing economies with large patient pool yet to adopt pacemaker therapy is another growth driver.
Threats: Stringent regulatory approvals and recalls impact business growth. Reimbursement challenges in some regions pose threat.
Key Takeaways
The global cardiac pacemaker market is expected to witness high growth. Regional analysis comprises Regional analysis comprises
North America currently dominates the market and is expected to retain its position during forecast period owing to supportive reimbursement policies and rising prevalence of cardiac conditions. Asia Pacific is fastest growing region due to growing healthcare infrastructure and increasing medical tourism.
Key players related content comprises 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. These players are focusing on new product launches and geographical expansion to remain competitive.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
