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Implantable Heart Pacemaker Market 2024-2033 : Industry Analysis, Size, Share, Growth And Forecast
Implantable Heart Pacemaker Global Market Report 2024
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According to The Business Research Company's, The implantable heart pacemaker market size has grown steadily in recent years. It will grow from $4.87 billion in 2023 to $5.11 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to advancements in cardiac care, aging population demographics, improved diagnosis and screening tools, increased prevalence of heart failures, rise in cardiovascular risk factors, clinical research and development, regulatory support and approvals.
The implantable heart pacemaker market size is expected to see steady growth in the next few years. It will grow to $6.18 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to personalized medicine and customization, expansion in emerging markets, focus on energy-efficient devices, focus on miniaturization and durability, expansion of home healthcare solutions, regulatory advancements and standards. Major trends in the forecast period include wireless connectivity and remote monitoring, mri-compatible pacemakers, integration of artificial intelligence (ai), smartphone connectivity and apps, lead extraction techniques, telehealth integration and patient engagement.
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Market Drivers and Trends:
The increasing demand of hospitals is expected to propel the growth of the implantable heart pacemaker market going forward. A hospital is a specialized facility where medical professionals provide diagnostic, therapeutic, and preventive healthcare services to individuals who are ill or injured. Implantable heart pacemakers are used in hospitals to manage cardiac conditions, regulate the heart's rhythm, remotely monitor the patient's heart activity, and improve the overall quality of life for patients by ensuring a consistent and appropriate heart rate. For instance, in August 2023, according to Interweave Textiles Limited, a UK-based company that specializes in the manufacturing of textiles and related products, there are 1148 hospitals in the UK in 2023, in which 930 are National Health Service hospitals and 218 private hospitals. Therefore, the increasing demand of hospitals is driving the growth of the implantable heart pacemaker market.
Technological advancements are the key trend gaining popularity in the implantable heart pacemaker market going forward. Major companies and research institutes operating in the market are developing innovative implantable heart pacemakers with features such as MRI-conditional models, improved battery life, new pacemaker functionality, wireless and automated monitoring, and others to sustain their position in the market. For instance, in June 2021, the researchers of Northwestern and George Washington University, a US-based nationally chartered private research university developed the first transitory pacemaker. This device is a wireless, battery-free, and totally implanted pacing device that vanishes when no longer required. The thin, flexible, and lightweight device could be utilized in patients who require temporary pacing following cardiac surgery or while awaiting a permanent pacemaker. Using near-field communication protocols technology, the device wirelessly gathers energy from an external, remote antenna. This eliminates the need for heavy batteries as well as stiff hardware such as wires (or leads).
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Major Key Players of the Market:
Medtronic plc, BIOTRONIK Inc., Boston Scientific Corporation, Abbott Laboratories, ZOLL Medical Corporation, MEDICO SRL, Vitatron, Shree Pacetronix Ltd., St Jude Medical Inc., Sorin Group, Osypka Medical GmbH, OSCOR Inc., Lepu Medical Technology (Beijing) Co. Ltd., LivaNova PLC., Cook Group Incorporated, CCC Medical Devices, MicroPort Scientific Corporation, Cardiac Science Corporation, Cordis Inc., Cardioelectronica, Hunan Zhongyi Medical Devices Co. Ltd., Cardiac Rhythm, Shenzhen MicroCor Medical Technology Co .Ltd., Nanjing Normative Biological Technology Co. Ltd., Beijing Huibo Cardiovascular Devices Co. Ltd., Jiangsu Kanghui Medical Devices Co. Ltd., Zhejiang Lewei Medical Instruments Co. Ltd., Shandong Weigao Medical Devices Co. Ltd., Liaoning Tianma Medical Technology Co. Ltd., Changsha Leadshine Medical Devices Co. Ltd.
Implantable Heart Pacemaker Market 2024 Key Insights:
• The implantable heart pacemaker market size is expected to see steady growth in the next few years. It will grow to $6.18 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Rising Global Burden Of Chronic Conditions Fuels Surge In Implantable Heart Pacemaker Market
• Revolutionizing Cardiac Care Through Innovations In Implantable Heart Pacemakers Drive Technological Advancements
• North America was the largest region in the implantable heart pacemaker market share in 2023
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