Cardiac Pacemaker Market is Estimated to Witness High Growth Owing to Advancement in Wireless Cardia

Author : Roger Costa | Published On : 30 Apr 2024

Cardiac pacemakers are small implantable medical devices that help regulate heart rates and cardiac contractions. They are widely used in patients suffering from arrhythmias and conduction disorders. Modern cardiac pacemakers are programmable and have features like rate-adaptive pacing and monitoring of patient's cardiac status with built-in diagnostics. The growing geriatric population, rising prevalence of cardiovascular diseases, and technological advancements are fueling demand for cardiac pacemakers globally.

The global cardiac pacemaker market is estimated to be valued at US$ 4,547.8 Mn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the cardiac pacemaker market are Medtronic, Boston Scientific Corporation, Abbott, BIOTRONIK SE & Co. KG, Pacetronix , Lepu Medical Technology(Beijing)Co., Ltd. , LIVANOVA PLC, MEDICO S.R.L., OSCOR Inc., MicroPort Scientific Corporation, OSYPKA MEDICAL, and Vitatron Holding B.V.

The key opportunities in the cardiac pacemaker market include technological advancements bringing features like MRI compatibility and sensor-augmented pacing. Growing healthcare expenditure and increasing insurance coverage are further expected to drive the adoption of cardiac pacemakers.

Global players are expanding their presence in emerging markets of Asia Pacific, Latin America, and Middle East & Africa to tap the high growth opportunities in these regions owing to rising cases of heart diseases and an increase in aging population.

Market drivers

The increasing geriatric population globally is one of the key drivers of the cardiac pacemaker market. As age advances, the risk of arrhythmias and conduction disorders increases significantly which drives the demand for pacemakers. According to estimates, the number of people aged 65 years or older is projected to grow from 703 million in 2019 to 1.5 billion by 2050. Such massive growth of the elderly population will continue to augment the need for cardiac pacemakers in the coming years.

PEST Analysis

Political: Cardiac pacemaker market is regulated by government bodies such as the Food and Drug Administration (FDA) in the US. Any changes in approval processes and regulations can impact the pacemaker market.

Economic: Growing disposable incomes and rising healthcare spending is fueling the demand for advanced cardiac care devices such as pacemakers globally. However, high device costs can restrain market growth.

Social: Increase in lifestyle diseases, aging population, and growing awareness about cardiac conditions is driving the need for pacemakers worldwide. However, social stigma around devices may limit market prospects to some degree.

Technological: Innovation in materials, battery technology, remote monitoring capabilities, cellular connectivity etc. is resulting in development of advanced pacemakers with improved efficacy and longer longevity. Further advancement in leadless pacemaker technology.

Geographical Regions with High Market Concentration

North America accounts for the largest share of the global cardiac pacemaker market in terms of value. This is attributed to the growing elderly population, rising prevalence of cardiac diseases, strong reimbursement structure, and presence of major players in the region. Europe is also a significant regional market driven by factors similar to North America along with government support for healthcare innovation.

Fastest Growing Regional Market

The cardiac pacemaker market in Asia Pacific region is poised to grow at the fastest pace during the forecast period. This is attributed to rising healthcare awareness, growing access to advanced treatments, rising healthcare expenditure, improving public insurance coverage and presence of large patient pool in highly populated countries such as India and China. Increasing medical tourism, collaborations between global players, subsidiaries is also contributing to the fast growth of Asia Pacific pacemaker market.