PUBLISHER: The Business Research Company | PRODUCT CODE: 1425562
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425562
Implantable Heart Pacemaker Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on implantable heart pacemaker market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for implantable heart pacemaker? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The implantable heart pacemaker market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A pacemaker is a small device implanted in the chest to regulate heartbeat, preventing it from slowing down excessively.
Implantable heart pacemakers come in several types such as single-chamber, dual-chamber, and biventricular. The single-chamber pacemaker employs a single lead connected to either the right atrium or right ventricle of the heart. It finds application in treating conditions like heart block, sick sinus syndrome, diagnosing heart diseases, and is utilized across various settings such as hospitals, clinics, households, and others.
The implantable heart pacemaker market research report is one of a series of new reports from The Business Research Company that provides implantable heart pacemaker market statistics, including implantable heart pacemaker industry global market size, regional shares, competitors with an implantable heart pacemaker market share, detailed implantable heart pacemaker market segments, market trends and opportunities, and any further data you may need to thrive in the implantable heart pacemaker industry. This implantable heart pacemaker market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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%. Historical growth can be credited to several factors, including advancements in cardiac care, demographic shifts towards an aging population, enhancements in diagnosis and screening tools, a higher incidence of heart failures, an increase in cardiovascular risk factors, ongoing clinical research and development, as well as regulatory support and approvals within the field.
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%. Anticipated growth in the forecast period is linked to personalized medicine and customization, expansion into emerging markets, emphasis on energy-efficient devices, prioritization of miniaturization and durability, the broadening of home healthcare solutions, and advancements in regulatory standards.
The anticipated growth in the implantable heart pacemaker market is attributed to the increasing prevalence of chronic diseases like heart attacks, diabetes, hypertension, and atrial fibrillation. Chronic conditions typically persist for three months or more and may worsen over time. Implantable pacemakers address irregular heartbeats by maintaining a regular cardiac rhythm, aiding in preventing or managing heart diseases like heart attacks. For instance, statistics from the Centers for Disease Control and Prevention in 2022 revealed that around 37.3 million individuals in the United States, equating to 11.3% of the population, suffer from diabetes. Globally, the International Diabetes Federation reported approximately 537 million adults with diabetes, with three-quarters of them in low- and middle-income countries. This surge in chronic conditions is propelling the demand for implantable heart pacemakers.
The increasing demand for healthcare services in hospitals is expected to drive the growth of the implantable heart pacemaker market. Hospitals, specialized facilities providing medical care to the ill or injured, extensively utilize implantable heart pacemakers to manage cardiac conditions, regulate heart rhythm, and monitor patients remotely. They significantly contribute to enhancing patients' overall quality of life by ensuring a consistent and appropriate heart rate. For example, as of August 2023, the UK hosts 1148 hospitals, including 930 National Health Service hospitals and 218 private hospitals, according to Interweave Textiles Limited. This rising demand for healthcare services is fostering the growth of the implantable heart pacemaker market.
Technological advancements stand out as a prominent trend in the implantable heart pacemaker market. Key players and research institutions in the industry are innovating pacemakers with features like MRI-conditional models, extended battery life, enhanced functionality, wireless monitoring, and more. For instance, in June 2021, researchers at Northwestern and George Washington University introduced the first transient pacemaker-a wireless, battery-free, and completely implanted device designed to disappear once it's no longer needed. Leveraging near-field communication protocols, this device wirelessly gathers energy from an external, remote antenna, eliminating the need for bulky batteries and rigid hardware like wires.
Major companies in the implantable heart pacemaker market are prioritizing product approvals, such as the dual chamber (DR) leadless pacemaker system, to drive revenue growth. This pioneering technology offers a minimally invasive, leadless solution for patients with slow heart rates. For instance, in July 2023, Abbott Laboratories received FDA approval for the aveir dual chamber (DR) leadless pacemaker system. Utilizing the body's conductive properties, this system delivers low-energy, subthreshold pulses between implanted devices to provide cardiac pacing therapy while sensing intrinsic cardiac signals, marking the first dual-chamber leadless pacemaker.
In November 2022, Johnson & Johnson acquired Abiomed for $16.6 billion, aiming to bolster its position in cardiovascular innovation and improve heart failure care. Abiomed, a company specializing in medical devices that aid heart functions, is now part of Johnson & Johnson MedTech (JJMT), aligning with the healthcare giant's commitment to advancing cardiac care and recovery solutions.
Major companies operating in the implantable heart pacemaker market report are 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.
North America was the largest region in the implantable heart pacemaker market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the implantable heart pacemaker market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the implantable heart pacemaker market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The implantable heart pacemaker market consists of sales of external pacemakers and leadless pacemakers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.