Cardiac Pacemaker Market Overview:
The cardiac pacemaker market is expected to grow at CAGR of 3.20% to reach USD 4.6 Billion during the estimated the forecasting year of 2022-2030.
A pacemaker is a medical device that transmits brief electrical impulses to the heart's muscles to regulate the heartbeat or stimulate the lower chambers. Syncope, congestive heart failure, and hypertrophic cardiomyopathy are among the conditions it is used to treat. Epicardial or endocardial surgery, which is a minimally invasive procedure, is used to install the pacemaker. In this surgery, the patient's chest is cut open, and the pacemaker leads are placed.
Increased desire for more minor invasive procedures, increased financing from private & public organizations for the healthcare industry, and an increase in the frequency of cardiovascular disorders are the main factors driving the growth of the worldwide pacemaker market. According to a report, inserting a permanent pacemaker is less invasive. The adoption of cardiac surgical procedures such as endocardial or epicardial for the placement of pacemakers and the rise in demand for minimally invasive surgery fuel the expansion of the worldwide market.
The market share leader is currently implanted cardiac pacemakers. They are anticipated to expand at the most lucrative pace during the projected period. The three primary types of pacemakers installed are single, dual, and biventricular pacemakers. Partial growth may result from fewer surgical problems. Biventricular pacemakers are anticipated to become more popular due to the availability of several tracks.
The pandemic is affecting the growth of the cardiac pacemaker market. The lack of treatment of cardiac pacemakers is reducing the demand for the market. Also, the market is facing an immense burden from the health and economic end. Due to lockdowns and restrictions, the capital of the market is reducing. The elective surgery of the market is witnessing a decline due to high covid cases. The cardiac surgery market is witnessing a negative figure in this period.
The number of patients visiting hospitals other than covid is less. The cardiac and heart patients delayed the surgery during this period. Also, the covid patient care is the primary concern of clinics and patients. Due to delayed heart treatment, the adoption of cardiac pacemakers is reducing. The fear of virus spread and the high risk of transmitting infection is affecting the market growth. However, the prevalence of more chronic disorders and heart diseases will increase the demand for the market. Post covid scenario of the market seems positive.
The prevalence of the cardiovascular disease is a crucial driver for the cardiac pacemaker market. The high disease rate in developing nations is creating immense demand for cardiac pacemakers. Also, the health investments for the cardiac pacemaker are constantly rising. Health investments lead to more adoption of cardiac pacemaker devices. The health devices market is a crucial technology of any health infrastructure. In the developed region the investment rate is tremendous. It will lead to more launches and new cardiac pacemakers. Also, most healthcare hospitals will adapt to this technology. Further, the governmental initiatives by the government are remarkable for the market. With governmental support, there are favourable market conditions.
The regulation for the use of cardiac pacemakers is less due to governmental support. Also, the awareness about cardiac pacemakers is constantly rising. Today, many are aware of irregular heart palpitations. Also, these conditions are higher in ageing people. Not due to heart diseases but due to the conditions such as arrhythmias. All these crucial drivers of the market will favourable demand rate in the forecast period. The high expansion rate and revenue rates are possible in the forecast period.
The technological advancements in the market will lead to plenty of growth opportunities. The developments in technology will bring easy operations and treatments through cardiac pacemakers. Some of the future development in the market is low battery indicator, high-end user interface and easy configuration.
These new features in cardiac pacemaker technology will lead to promising growth prospects. With features and developments, the demand from end-users will propel. These features in the technology make it effortless to record and track heart functions. Also, the pressure to manage the cardiovascular disease is high. In both the developing nation and underdeveloped nations the cardiovascular disorders are escalating.
Due to this, the technology improvements, variation in treatment and new product launches will bring favourable changes. The material and software used in the market will become versatile for efficient treatments. Furthermore, the rising demand in the implantable cardiac pacemaker market is surging growth. There is a single chamber, double chamber and biventricular chamber that will lead to more growth rate. Product variation and a wide range of applications will lead to promising growth prospects.
The high maintenance cost is a restraining factor of the market. Cost related to any medical device is high. Also, the cardiac pacemaker is implanted into the chest side of the heart. Cleaning, maintaining and keeping it in working condition are essential. Maintaining this medical device is an added expenditure o the health industry. Also, the cost to repair any technical problems in the device is tremendous.
Due to this, the cost of treatment can increase in the market. Expensive treatments are adopted by patient populations. Also, a lack of awareness about cardiovascular conditions hinders the demand for the cardiac pacemaker market. Many individuals do not note the systems of this underlying condition. Delayed identification of the disease hampers the growth of this market.
The emerging nation has difficulty earning revenues for the cardiac pacemaker market. The investments for medical devices are less in developing nations. Poor economies lead to fewer developments in the market. The presence of these less developed economies can affect the quality of treatment. These factors considerably decline the demand rate.
Stringent governmental policies to distribute and approve the device are a nether challenge. In many legions, the approval for medical devices is delayed. Due to this, the market demand and growth rate of the market is affected. All these factors are major challenges that can restrict the pension rate of the cardiac pacemaker market.
The growth trend of the cardiac pacemaker market is stable in the forecast period. There are plenty of factors that propel the demand of the market. The rise of cardiac diseases is the main demand driving factor. Also, the health expenditure for this market is rising in the May region. In the upcoming years, most hospitals will be equipped with health devices.
The increasing awareness about diseases such as arrhythmias is another demand driving factor. Technological advancements in the cardiac pacemaker market will bring plenty of growth opportunities. Also, the cardiovascular application market share will reach the highest. High maintained costs and stringent rules are challenging factors of the market. However, the overall growth trend remains positive.
North America holds the highest cardiac pacemaker market shares. The prevalence of cardiac diseases and obesity is rising in this region. Also, it is a region that is expected to reach the top revenue rate. According to a population bulletin, the gaining population is growing in America. The population of 65 years old individuals is reaching 52 million. Due to this, the Launch of new products is anticipated in the region to manage cardiovascular diseases. Also, the use of alcohol and an unhealthy lifestyle is leading to arrhythmia. Further, cardiac pacemaker manufacturers are high. All these factors propel the growth rate in North America.
The cardiac pacemaker market is fragmented into Asia Pacific, Europe, and North America. North America will continue to dominate the overall market with the highest shares. It is a region accountable for the major revenue rates of the market. The growth of this region is due to the presence of key players. The elderly population having cardiac problems is high in North America. further, top cardiac pacemaker market companies increase production.
The prevalence of MRI pacemaker and Bluetooth enable cardiac devices are growing. Farther, Asia pacifistic is a region with promising growth opportunities. The investments in the health sector os leading to high market growth. India, China and japans are key regional players with the highest contribution. All these factors increase the performance of food regional players.
The key players in the cardiac pacemaker market are
|Market Size||USD 4.6 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, technology, application, and end users.|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Medtronic (U.S.), Abbott. (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK (Germany), LEPU MEDICAL (U.K), SORIN Group (Europe), MEDICO S.p.A. (Europe), OSCOR Inc. (U.S.), and others|
|Key Market Opportunities||Research & Development|
|Key Market Drivers||
The outlook of the global cardiac pacemaker market looks flourishingly growing.
The global cardiac pacemaker market is projected to grow at approximately 3.20% CAGR during forecast period (2022-2030).
Supportive government initiatives and non-government organizations funding
North America holds the largest share in the global cardiac pacemaker market followed by Europe and Asia Pacific, respectively.
SORIN Group (Europe), LEPU MEDICAL (UK), MEDICO S.p.A. (Europe), Abbott. (US), Medtronic (US), Boston Scientific Corporation (US), OSCOR Inc. (US), and BIOTRONIK (Germany), are some of the major players operating in the cardiac pacemaker market.