Cardiac Pacemaker Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Cardiovascular Diseases
The cardiac pacemaker market is witnessing high growth owing to increasing prevalence of cardiovascular diseases across the globe. Cardiac pacemakers are medical devices that are used to maintain normal rhythm of heart. They work by generating electrical impulses which help stimulate the heart muscles to contract normally, in case the heart's natural pacemaker - the sinoatrial node - is not working properly. Cardiac pacemakers are small implantable devices that are placed just below the collarbone or in the upper chest. They help detect and treat abnormally slow or irregular heart rhythms called arrhythmias.
Global cardiac pacemaker market is estimated to be valued at USD 4,907.2 Mn in 2024 and is expected to reach USD 6,838.6 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
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, OSCOR Inc., MEDICO S.R.L., MicroPort Scientific Corporation, OSYPKA MEDICAL, Vitatron Holding B.V.
There is significant growth opportunity in developing economies owing to rising healthcare infrastructure and increasing healthcare spending. The increasing Cardiac Pacemaker Market Demand, along with rising R&D investments by key players for the development of innovative pacemaker technologies like leadless pacemakers, will also support market growth.
The market is witnessing increasing global expansion with key players focusing on geographic expansion into high growth regions through strategic collaborations and acquisitions.
**Market drivers
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The key driver for cardiac pacemaker market growth is increasing prevalence of cardiovascular diseases globally. According to World Health Organization (WHO) estimates, cardiovascular diseases accounted for over 17.9 million deaths in 2019, representing 32% of all global deaths. Further, aging population and rising lifestyle diseases have also increased the risk of arrhythmias, driving the demand for cardiac pacemakers. Furthermore, technological advancements in pacemaker technologies like MRI compatibility and leadless pacemakers are supporting adoption.
PEST Analysis
Political: Regulations related to healthcare technology approvals, reimbursement policies determine demand.
Economic: Spending on healthcare depends on economic conditions, demand could fluctuate with economic cycles.
Social: Aging population is increasing the prevalence of cardiovascular diseases boosting demand. Growing health consciousness enhances acceptance of such devices.
Technological: Advancements in materials and miniaturization allow more options for treatment. Wireless technologies enable remote monitoring improving outcomes.
Geographical Regions with High Market Concentration
North America currently accounts for the largest share of the global cardiac pacemaker market, both in terms of value and volume. This can be attributed to the rising geriatric population, growing awareness about cardiovascular diseases, and developed healthcare infrastructure in the region. The Asia Pacific region is expected to witness the fastest growth over the forecast period owing to the improving healthcare facilities and increasing disposable incomes.
**Fastest Growing Regional Market
**
The Asia Pacific cardiac pacemaker market is poised to grow at the fastest CAGR between 2019 and 2025. Factors such as the growing prevalence of cardiovascular diseases due to sedentary lifestyles and unhealthy diets, rising healthcare expenditure, increasing demand for advanced treatment options, and improving reimbursement scenario are expected to boost the cardiac pacemaker market in the Asia Pacific region. Countries like China and India will be the major revenue generators for players in this market.
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