PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514913
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514913
Cardiac Pacemaker Market size was valued at USD 4,234.76 Million in 2023, expanding at a CAGR of 3.5% from 2024 to 2032.
A cardiac pacemaker is a medical device used to regulate the heart's rhythm by generating electrical impulses. It is typically implanted under the skin, usually in the chest area, and connected to the heart through one or more leads.
Cardiac Pacemaker Market- Market Dynamics
The increasing prevalence of cardiac arrhythmias and advancement in diagnostic capabilities are expected to propel market demand
The prevalence of cardiac arrhythmias, such as bradycardia and tachycardia, is rising. This increases the demand for cardiac pacemakers, driving market growth. Moreover, advancements in pacemaker technology, including smaller sizes, longer battery life, wireless connectivity, and advanced algorithms for better heart rate management, attract both patients and healthcare providers towards newer and more efficient devices. With the global ageing population, there is a significant increase in the number of patients needing cardiac pacemakers, thus driving market growth.
Improved awareness about heart health and better diagnostic capabilities mean more early detection and treatment of cardiac conditions that require pacemaker implantation, thereby expanding the market. Growth in healthcare infrastructure, especially in emerging markets, leads to improved access to medical services, including cardiac procedures like pacemaker implantation, thereby boosting market demand. Supportive regulatory environments that ensure the safety and efficacy of pacemaker devices encourage innovation and market entry of new products, driving competition and technological advancement.
Cardiac Pacemaker Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 3.5% over the forecast period (2024-2032)
Based on Type segmentation, the implantable pacemaker segment was predicted to show maximum market share in the year 2023, owing to the high prevalence of cardiovascular diseases.
Based on Application segmentation, the arrhythmias segment was the leading Application in 2023, due to the rising prevalence of arrhythmias and rhematic heart diseases.
Based on End User segmentation, the hospital & cardiac centers segment was the leading End User in 2023, owing to the high prevalence of cardiac diseases.
Based on region, North America was the leading revenue generator in 2023, owing to the high number of people suffering from cardiac conditioning.
The Global Cardiac Pacemaker Market is segmented based on Type, Application, End User, and Region.
The market is divided into two categories based on Type: implantable pacemaker and external pacemaker. The implantable pacemaker segment dominates the market. The high demand for cardiac surgeries is enhancing segment growth.
The market is divided into three categories based on Application: arrhythmias, congestive heart failures, and others. The arrhythmias segment dominates the market. The rising prevalence of medication and application of arrhythmias are fueling market demand.
The market is divided into three categories based on End User: hospital & cardiac centers, ambulatory surgical centers, and others. The hospital & cardiac centers segment dominates the market and is expected to maintain its high dominance during the forecast period. The rising demand from hospitals cure and increased spending in healthcare facilities are boosting segment growth.
Cardiac Pacemaker Market- Geographical Insights
Globally, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The cardiac pacemaker market varies significantly by region due to factors such as healthcare infrastructure and the prevalence of cardiovascular diseases. Asia-Pacific is one of the fastest-growing regions for cardiac pacemakers, driven by improving healthcare infrastructure, rising disposable incomes, and increasing awareness about cardiac health. Countries like China and India are witnessing significant growth due to large patient populations and expanding healthcare facilities.
The cardiac pacemaker market is highly competitive, characterized by several key players who continually innovate to maintain or increase their market share. Medtronic plc is a global leader in the cardiac pacemaker market, offering a wide range of pacemaker devices catering to different patient needs. Market players focus on strategic acquisitions, partnerships, and new product launches to strengthen their market position and expand into emerging markets. Abbott Laboratories is another major player in the cardiac pacemaker market, offering a variety of pacemaker devices including the Nanostim leadless pacemaker.
In February 2022, Abbott Laboratories made efforts by implanting the first dual-chamber leadless pacemaker in a patient as part of its significant clinical research project, AVEIR DR i2i.
In June 2021, India Medtronic Private Limited launched Micra AV, a miniaturized, fully self-contained pacemaker that delivers advanced pacing technology to atrioventricular (AV) block patients.