Cardiac Pacemaker Market 2023 to Set Highest Record of Growth at 7.9% CAGR in Healthcare Sector by BIOTRONIK, LEPU MEDICAL, SORIN Group, MEDICO S.p.A., OSCOR Inc., etc

“Global Cardiac Pacemaker Market Insights, Forecast to 2023” presents an in-depth assessment of the Cardiac Pacemaker Market providing quantitative information about the market size, key market segments and manufacturer in terms on revenue, production and growth rate from 2018 to 2023.

The Global Cardiac Pacemaker Market is segmented based on type, technology, application, and end users.

By type, the market is segmented into implantable, external cardiac pacemaker, and others. Implantable cardiac pacemakers are small devices that are placed inside the chest or abdomen to control abnormal heart rhythms. This means the patient has more energy and less shortness of breath. Thus, the segment of implantable pacemaker is surging at a higher rate than other sub-segments.

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By technology, the market is segmented into biventricular, single-chambered, dual-chambered, and others. Biventricular devices are expected to gain lucrative share over the review period. These devices consist of two or three leads and are used in patients that present a lack of synchronization between contractions of the left and right ventricles, a condition known as ventricular dyssynchrony.

By application, the market is segmented into arrhythmias, congestive heart failure, and others. The arrhythmias segment is sub-segmented into tachycardia, bradycardia, and others. with increasing incidences of arrhythmias across the globe, the application of cardiac pacemaker for arrhythmias cases is high in the global market. By end-user, the market is segmented into hospitals, cardiac care centers, medical institutes, and others.

Cardiac Pacemaker Market - Sketch

MRFR’s market study identifies the growing prevalence of cardiovascular disorders to be one of the main growth drivers for the cardiac pacemaker market. Cardiovascular disorder is one of the main causes of death in developed and developing nations. Factors such as high blood pressure, lack of physical exercise, obesity, hereditary, diabetes and growing geriatric population are mainly responsible for causing cardiovascular diseases in individuals. This is where a cardiac pacemaker comes in, which is used to regulate the heartbeat frequency that is reduced by cardiovascular disorder.

Various supportive government initiatives coupled with non-government organizations funding has also been instrumental in the phenomenal market growth over the past couple of years. For instance, the University of Michigan has entered into a partnership with World Medical Relief to develop the My Heart, Your Heart pacemaker program. It entails using a previously used pacemaker which is tested, certified and reconditioned before being sent to help needy people in other economies.

However, high cost of treatment is predicted to restrain the growth of the market over the forecast period. On the other hand, cardiac pacemaker manufacturers are continuously integrating new and innovative technologies to improve the efficiency and output of the pacemakers. For instance, Medtronic has developed new products like leadless pacemaker and rate-responsive pacemaker with enhanced features, effectivity, and functionality.

Increasing prevalence of atrial fibrillation (AFib), growing geriatric population, and rising healthcare expenditures are the major drivers for the market growth during the forecast period. The Global Cardiac Pacemaker Market is expected to grow at an approximate CAGR of 7.9% during the forecast period.

Competitive Dashboard

The prominent players at the forefront of the market are LEPU MEDICAL (U.K), SORIN Group (Europe), MEDICO S.p.A. (Europe), Medtronic (U.S.), Abbott. (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK (Germany), OSCOR Inc. (U.S.), and others.

Industry Update

August 2018 – The University of New Mexico Hospital has developed a new pacemaker called the Micra Transcatheter Pacing System (TPS). It is about the size of a vitamin pill and utilizes single chamber technology to treat patients with bradycardia. It is recommended for patients that are at high risk for infection or are immunocompromised

Regional Analysis for Global Cardiac Pacemaker Market

The global cardiac pacemaker market is segmented into regions of the Americas, Europe, Asia Pacific and the Middle East & Africa.

Globally, the Americas lead the global cardiac pacemaker market on account of the well-developed healthcare sector and massive patient population. Additionally, changing lifestyle, increasing healthcare expenditure, and growing geriatric population fosters the market growth in the Americas. Moreover, the presence of the developed economies such as the United States (U.S) and Canada within the region triggers the market growth as well.

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Europe is the second largest market across the globe. Availability of funds for research, growing patient population, increasing healthcare expenditures, sophisticated healthcare sector and government support for research & development are exhibited to buoy the market growth during the conjectured period.

Asia Pacific is the fastest growing region, MRFR asserts that it is due to the presence of huge patient population, continuously developing economies such as India and China. These countries have increasing healthcare expenditures and growing healthcare sector along with favorable government policies like relaxation in customs and excise duty.

Lastly, the Middle East & Africa holds the least market share on the back of poor economy and strict government policies in the African region. A major portion of the market in the Middle East & Africa is held by the Middle East owing to the well-developed healthcare sector and massive healthcare expenditure by the economies like Kuwait, Saudi Arabia, Dubai, and Qatar.

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