Cardiac pacemaker device is put in the chest to regulate the slow heartbeat. A surgical operation is used to implant the cardiac pacemaker. Heart pacemakers have three different configurations: single-chamber, dual-chamber, and biventricular. While dual chamber pacemakers have two leads and are implanted in the right atrium and right ventricle, single chamber pacemakers are placed in the lower chamber or ventricle of the heart. Additionally, cardiac resynchronization therapy uses a biventricular pacemaker to treat heart failure.
The market worth of cardiac pacemakers in 2021 was USD 3.93 billion, and it will be worth USD 7.21 billion by 2030, growing at a 3.68% CAGR During the forecast period.
The market is primarily driven by rising rates of Cardiovascular Diseases (CVDs), rising costs of managing cardiac disease, supportive government policies, and the development of technologically sophisticated pacemakers, including leadless pacemakers and MRI safe pacemakers. A key driver of market expansion is the increased burden of CVDs.
One of the key factors driving the overall growth of the cardiac pacemaker market is the steadily increasing occurrences of CVDs (cardiovascular diseases). Governments all over the globe have raised their spending on Cardiac Disease Management (such as cardiac surgeries, cardiac resynchronization therapy, etc.) as a result of the rise in CVDs, which is significantly boosting the growth of the global market. In the United States, there are over 500,000 open-heart procedures performed each year, including coronary artery bypass surgery and a number of more intricate aortic procedures, according to Lifespan Health System.
This market’s total growth is being severely constrained by the rise in pacemaker infections, bradycardia, blood clots, air leakage, and Twiddler’s Syndrome, among other issues.
The production of premium pacemakers (biventricular pacemakers) that completely satisfy all of the patient’s needs and provide individualized treatment is the sole focus of international organizations. These new developments are vastly improving workflow accuracy and facilitating error reduction rates, resulting in several chances for the market in the future.
By product, In 2020, the Implantable Cardiac Pacemakers segment ruled the market with the largest share of about 63.75%. The main reasons propelling this market’s expansion include the rise in the use of these devices to treat heart failure, arrhythmias, and arrhythmias, as well as ongoing clinical trial procedures.
By Type, With nearly 52.37% of the market, the Conventional Pacemakers segment had the largest market share. Small size, high affordability, and ongoing technological advancements are the main elements promoting category growth.
MRI Compatible Pacemakers was the fastest growing market segment. The Mayo Foundation for Medical Education & Research estimates that in 2018, 78.36% of patients with implantation pacemakers required an MRI at some point.
By application, in 2020, the Arrhythmia segment ruled the market with the largest revenue share of more than 39.21%. The risk of cardiac arrhythmia is rising as a result of factors like excessive alcohol use, obesity, smoking, and other lifestyle diseases, which is fuelling the overall expansion of this market segment.
By end-user, with a total revenue share of roughly 62.37%, “Hospitals & Cardiac Centers” largely ruled the market. The factors driving the growth of this market are the increase in cardiac patient admissions and the great reimbursement facilities during procedures. By 2030, there will likely be an additional 23.6 million cardiac patients, according to the American Heart Association.
With a market share of roughly 43.78%, North America largely ruled the entire market. The market in this area is expanding as a result of an ongoing rise in the number of elderly people with cardiac issues, quickening technology development (such as Bluetooth-enabled pacemakers, MRI-compatible pacemakers, etc.), and enhanced regulatory approvals.
With a strong CAGR, Asia Pacific had the fastest growth rate. The expansion of this sector is further driven by the rise in government financing for healthcare, particularly for cardiac diagnostics and treatment in nations like China, Japan, and India.
- Zoll Medical Corporation
- Boston Scientific Corporation
- MicroPort Scientific Corporation
- MEDICO SpA
- Cook Medical
- Lepu Medical
- Oscor Inc.
- Osypka Medical GmbH
- Osypka Medical
The market worth of cardiac pacemakers in 2021 was USD 3.93 billion, and it will be worth USD 7.21 billion by 2030, growing at a 3.68% CAGR During the forecast period. The rising elderly population, together with the rising frequency of cardiovascular illnesses, a favorable reimbursement environment, technological advancements in cardiac pacemakers, and the entry of new companies, all contribute to the market’s expansion.