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The cardiac pacemakers market is estimated to increase by USD 4.02 billion and continue to grow at a CAGR of 5.7% between 2022 and 2027. Market expansion hinges on various factors, such as the increasing incidence of cardiovascular diseases, favorable reimbursement policies, and heightened demand in emerging markets. However, the market faces impediments, including a shortage of skilled professionals, intense vendor competition, and stringent regulatory processes. Overcoming these challenges necessitates strategic workforce development initiatives, fostering collaboration to navigate competitive landscapes, and streamlining regulatory compliance processes. By addressing these obstacles adeptly, stakeholders can capitalize on the growth opportunities presented by the escalating demand for cardiovascular disease treatments, ensuring sustained market expansion and enhanced healthcare outcomes.
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This report extensively covers market segmentation by product type (implantable cardiac pacemakers and external cardiac pacemakers), technology (single-chamber cardiac pacemakers, dual-chamber cardiac pacemakers, and bi-ventricular cardiac pacemakers), and geography (North America, Europe, Asia, and Rest of World). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the implantable cardiac pacemakers segment will be significant during the forecast period. Implantable cardiac pacemakers can be used by patients with irregular or slow heartbeats to keep their heart rates within normal range. The market for implantable cardiac pacemakers is expected to see a significant increase between 2023 and 2027. This growth is being attributed to a number of factors, including the aging population, rising heart disease rates, and growing interest in minimally invasive surgery.
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The implantable segment was valued at USD 8.05 billion in 2017 and continued to grow until 2021. During the forecast period, the market expansion is anticipated to be fueled by the emergence of cutting-edge technologies like leadless pacemakers and pacemakers that can be used with magnetic resonance imaging (MRI). North America and Europe are anticipated to dominate the market during the forecast period as a result of the high prevalence of heart disease and the presence of significant players. However, APAC is anticipated to experience the highest growth because of rising cardiac disease awareness and rising healthcare spending in developing nations like China and India. Owing to all these factors, the demand for the implantable segment is expected to increase, which will, in turn, drive the growth of the market during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The high healthcare costs associated with cardiovascular disease (CVD), an increase in the use of technologically advanced devices, a high prevalence of CVD, and an aging population are all factors contributing to the regional market's rapid growth in North America. The US Census Bureau estimates that 17% of Americans were 65 years of age or older in 2021. Similarly, the elderly population has a higher risk of developing CVD, which will increase demand in the area during the forecast period. The two countries that contribute the most revenue to the North American market are the US and Canada.
The region has extremely modern healthcare facilities with improved infrastructure. People with cardiac disorders can easily access these facilities. Additionally, the region has a high rate of sales as a result of the rising prevalence of chronic diseases, particularly heart disorders, among people of all ages. A type of CVD, a heart attack is accompanied by USD 318 billion in direct and indirect costs, including medical expenses and lost productivity. These conditions can result in mortality or stroke. Early disease detection is necessary for those who have CVDs or are at high cardiovascular risk due to the presence of one or more risk factors, such as diabetes and hypertension. Therefore, such factors will boost the regional market growth during the forecast period.
Cardiovascular diseases (CVDs), such as coronary heart disease (CHD), underscore the importance of interventions like Implantable Cardiac Pacemakers. These devices, supported by organizations like the American Heart Association (AHA), address conditions like arrhythmias and heart block by regulating electrical impulses in the heart muscle. As aging populations increase, so does the patient pool requiring such interventions. Awareness and robust methodologies in the healthcare system contribute to advancements in the cardiovascular market, aiding in the management of heart disease and reducing postoperative complications. Biventricular pacemakers are especially vital in addressing arrhythmia and atrial fibrillation, offering solutions to improve cardiac health and mitigate stroke risks. Additionally, the availability of MRI safe pacemakers enhances patient care, even in facilities like Lifespan Health System and hospitals specializing in cardiac care. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing prevalence of cardiovascular diseases is notably driving the market growth. Cardiovascular diseases like arrhythmias and heart failure pose serious health risks to aging populations throughout the world. As people get older, they are more likely to develop these illnesses. Other factors like unhealthy eating, inactivity, and obesity are also responsible to increase the risk of such diseases. The prevalence of cardiovascular diseases is rising, and as a result, the demand for medical equipment like cardiac pacemakers is also increasing. The market for cardiac pacemakers is expected to grow further as cardiovascular diseases spread across the globe.
Other market growth drivers, besides aging populations and lifestyle factors, include favorable reimbursement policies, technological advancements, and growing recognition and diagnosis of heart conditions. However, pacemaker technology advancements are improving patient outcomes and quality of life. For instance, remote monitoring technology enables doctors to remotely check on pacemaker performance and patient health, doing away with the need for follow-up visits in person. Patients who use wireless pacemakers can lead more active lives without worrying about lead fractures or dislodgment. Hence, these factors are expected to drive the growth of the market in focus during the forecast period.
The increasing use of remote monitoring is an emerging trend in the market growth. Pacemaker patients used to physically attend follow-up appointments on a regular basis to ensure that their device was functioning properly and to assess their overall health. However, advances in remote monitoring technology now allow doctors to remotely check on pacemaker performance and patient health, improving patient outcomes and reducing the need for in-person visits. Through remote monitoring technology, medical professionals can wirelessly receive pacemaker data, analyze it, and determine whether the pacemaker is functioning properly. If a problem is found, the medical expert may contact the patient to arrange a visit or change the pacemaker's settings remotely. This enables the early identification of any pacemaker problems, potentially lowering the risk of complications and enhancing patient outcomes.
Remote monitoring can benefit patients and healthcare systems by easing the burden on them by reducing the need for in-person appointments. This is especially helpful for patients who may have to travel a long distance for appointments in remote areas or areas with limited healthcare resources. The use of remote monitoring technology will be more essential as the world's population ages and the demand for pacemakers rises in order to improve patient outcomes and reduce healthcare costs. Thus, these factors are expected to drive the growth of the market in focus during the forecast period.
The shortage of trained workforce is a major challenge impeding the market growth. The growing need for cardiac pacemakers among the aging population is posing a serious problem for the world's healthcare systems. A shortage of qualified medical personnel who can perform the procedures and efficiently monitor patients may arise as more people require pacemakers. Longer wait times caused by this shortage may have an adverse effect on patient outcomes and quality of life.
A strain on healthcare resources may also result in higher healthcare costs, which patients and healthcare systems may find difficult to bear. This problem highlights the need for increased funding for healthcare infrastructure, training for healthcare professionals, and innovative technologies that can enhance patient outcomes while reducing the demand for healthcare resources. Therefore, these factors are expected to hinder the growth of the market in focus during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BIOTRONIK SE and Co. KG - The company develops, produces, and markets devices for cardiac rhythm management and vascular intervention solutions, including diagnostic tools, pacemakers, implantable defibrillators, leads, and more. The key offerings of the company include cardiac pacemakers such as Arrhythmia monitoring, Bradycardia, Tachycardia, and external pacemakers.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
The market is driven by factors such as the increasing prevalence of cardiovascular diseases (CVDs) like CHD (coronary heart disease), prompting demand for innovative solutions. Organizations like the American Heart Association (AHA) advocate for advanced therapies. Lifespan Health System and other hospitals provide vital healthcare services. Technological advancements have led to MRI safe pacemakers, improving patient care. Robust methodologies ensure product efficacy and safety. However, challenges such as postoperative complications persist. Manufacturers produce various types of pacemakers, including biventricular and single chamber pacemakers, and dual chamber pacemakers meeting diverse patient needs. With the rise in medical tourism, demand for cardiovascular devices is expected to grow. The market's future lies in developing more efficient and innovative solutions to combat CVDs and enhance patient outcomes.
CVDs (cardiovascular diseases), or cardiovascular diseases, are a significant health concern globally, with conditions like CHD impacting millions. Organizations such as the AHA (American Heart Association) play a crucial role in raising awareness and promoting heart health. Hospitals and Cardiac Centers provide essential care for patients with heart conditions, utilizing technologies like electrical impulses and electrodes to monitor and treat issues in the heart muscle. The cardiovascular devices therapeutic area encompasses various medical devices, including pacemakers used to regulate heart rhythms in conditions like atrial fibrillation. With advancements like external pacemakers and MRI compatible pacemakers, patients can undergo diagnostic procedures safely. Professors and diagnostic centers contribute to research and patient care, while manufacturers develop innovative solutions to meet the growing demand for implantable pacemakers. Ambulatory surgical centers offer convenient options for cardiac procedures, supporting the overall healthcare system in addressing cardiovascular issues.
The management of conditions like BP (blood pressure) is crucial in addressing cardiovascular health, especially considering the prevalence of CVDs. Patients with conditions such as Sick Sinus Syndrome and Heart Block often require intervention, with Biventricular Pacemakers providing advanced treatment options. These devices deliver precise electrical pulses to regulate heart rate, offering relief to individuals with irregular heart rhythms. Pacemaker device manufacturers play a key role in meeting the demands of the cardiovascular market, providing innovative solutions for patients. The prevalence of CVDs, including Coronary Heart Disorder, underscores the importance of advancements in the medical device industry, particularly in developing and improving conventional pacemakers to better serve the patient pool.
Cardiac Pacemakers Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.7% |
Market growth 2023-2027 |
USD 4.02 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.55 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Asahi Kasei Corp., BIOTRONIK SE and Co. KG, Boston Scientific Corp., Cook Group Inc., Edwards Lifesciences Corp., Lepu Medical Technology Beijing Co. Ltd., LivaNova Plc, Med Rel Inc., MEDICO S.R.L., Medtronic Plc, MicroPort Scientific Corp., OSCOR Inc., Osypka Medical GmBH, Shree Pacetronix Ltd., and Uscom Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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