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A cardiac pacemaker is an electronic medical device that is implanted inside the body to monitor the heart rhythm continuously and deliver electrical pulses to regulate abnormal heart rhythms or arrhythmias. Main indications for pacemaker implantation include heart block and sick sinus syndrome. It helps regulate heart rate and rhythm and is considered as an effective treatment option for abnormal heart rhythms. The global cardiac pacemaker market is characterized by the presence of several established players offering a wide range of implants including single-chamber, dual-chamber, and biventricular pacemakers. Leading players are also focusing on incorporating advanced technologies such as wireless communication and remote monitoring capabilities in their devices.
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 Dynamics:
The global cardiac pacemaker market is expected to be flourished by demand for remote monitoring technology. Remote pacemaker monitoring allows continuous monitoring of pacemaker functions from distances and aids early detection of any malfunctions. It offers advantages such as reduced need for device replacement and clinic visits. Major players are focussing on incorporating wireless communication technologies such as Bluetooth and internet of things (IoT) in their products to enable remote monitoring capabilities. For instance, in 2019, BIOTRONIK received FDA approval for Home Monitoring cardiac devices that transmit data from pacemakers and defibrillators wirelessly to the physician. This technological advancement is expected to drive the market growth over the forecast period. Additionally, increasing prevalence of cardiovascular diseases such as arrhythmias, heart failure, due to rising geriatric population and changing lifestyle is also expected to augment the market growth during the forecast period.
Segment Analysis
The global cardiac pacemaker market is segmented by product type, technology, end user and geography. Based on product type, the market is segmented into implantable pacemakers and external pacemakers. Implantable pacemakers holds the largest market share due to advance technologies and growing prevalence of cardiac diseases. Based on technology, the market is segmented into single chamber pacemakers, dual chamber pacemakers and biventricular/CRT pacemakers. Dual chamber pacemakers dominates the market as it helps patients with abnormal heart rhythms and blocks or delays electrical signals between the upper and lower chambers of the heart.
PEST Analysis
Political: Government regulations related to safety and efficacy of cardiac devices support the growth of pacemaker market. However, longer device approval timelines may hamper the market growth.
Economic: Rising geriatric population suffering from cardiovascular diseases and growing healthcare expenditure drives the pacemaker market growth. However, high cost of device implantation surges the overall treatment cost.
Social: Growing prevalence of lifestyle diseases such as obesity, high blood pressure and diabetes leading to cardiac arrhythmias increases the demand of pacemaker devices. However, lack of awareness in developing nations affects the market.
Technological: Technological advancements in pacemaker devices such as leadless pacemakers, biocompatible materials, wireless communication and improved battery life support the market growth. Miniaturization of devices increases patient comfort.
Key Takeaways
The global cardiac pacemaker market is expected to witness high growth due to growing geriatric population, rising prevalence of cardiovascular diseases, technological advancements and increasing healthcare expenditure.
Regional analysis: North America holds the largest share in the global pacemaker market due to presence of major key players, high healthcare spending and growing awareness regarding cardiac devices. Asia Pacific is expected to grow at fastest CAGR during the forecast period propelled by increasing healthcare infrastructure, medical tourism and rising disposable income.
Key players operating in the cardiac pacemaker market are Medtronic, Boston Scientific Corporation, Abbott, BIOTRONIK SE & Co. KG, Pacetronix. Key players are focused on new product launches, mergers and acquisitions to strengthen their market position and expanded geographic presence. For instance, Medtronic launched Micra AV, world’s smallest pacemaker to treat atrioventricular block.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
