he new report by Expert Market Research titled, ‘Global Cardiac Pacemaker Market Size, Share, Growth, Analysis, Report and Forecast 2023-2031’, gives an in-depth analysis of the Global Cardiac Pacemaker market, assessing the market based on its segments like type, technology, application, end-use, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2031):
- Historic Market Size (2022): 4.76 billion
- Forecast CAGR (2023-2031): 3.13%
- Forecast Market Size (2031): 6.28 billion
The global cardiac pacemaker is projected to expand over the forecast period, primarily due to the growing occurrence of people suffering from cardiovascular diseases along with growing investments in the healthcare sector. Growing numbers of patients diagnosed with arrhythmia and bradycardia are another big factor that positively affects the growth of the global cardiac pacemaker market. Additional factors that fuel the growth of cardiac pacemakers are the growing geriatric population, unhealthy lifestyle, and the presence of multiple novel drugs in clinical trials. Higher adoption of pacemakers due to advancement in the healthcare facilities and awareness amongst patients is leading the cardiac pacemaker market.
Cardiac Pacemaker Industry Definition and Major Segments
A cardiac pacemaker is a medical device implanted in the patient’s chest that uses electrical signals to regulate the patient’s irregular heart rhythm and prompt the heart to contract and pump blood. Pacemakers can track and record the rhythm and electrical activity of the heart. The use of advanced technologies, such as wireless and automated pacemaker monitoring pacemakers, is gaining popularity among healthcare providers. This is further boosting the cardiac pacemakers’ market.
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Based on type, the industry is divided into:
- Implantable
- External
On the basis of technology, the industry is divided into:
- Biventricular
- Single Chambered
- Dual Chambered
- Others
Basis application, the industry is divided into:
- Arrhythmias
- Congestive Heart Failure
- Others
Based on end-use, the industry is divided into:
- Hospitals and Clinics
- Ambulatory Surgery Centres
- Others
On the basis of Region, the industry is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Cardiac Pacemaker Market Trends
The market is being driven by the rising global prevalence of multiple coronary heart disorders such as stroke and cardiomyopathy, which causes a global burden of cardiac deaths, as well as favorable reimbursement measures. Key players are continuing their research efforts to create technologically advanced cardiovascular devices with fewer side effects to save patients’ lives. This is also expected to further fuel the growth in revenue from the global market for cardiac pacemakers over the forecast period. Basis region, Asia-Pacific is anticipated to provide lucrative opportunities for the market owing to adoption of western lifestyle leading to more cases of cardiovascular diseases. Of the types, conventional pacemakers are expected to dominate the market owing to constant improvements for longer shelf life, affordability, and enhanced UI. Ambulatory Surgical centers hold a significant share in the end-use for cardiac pacemaker market attributing to the involvement of high research and development, the rising demand to reduce surgical and post-surgical costs, as well as the prevalence of CVD, are expected to be major rendering drivers for the ambulatory surgical center segment.
Key Market Players
The major players in the market are Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, LivaNova PLC, Shree Pacetronix Ltd., Medico S.p.A. and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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