A cardiac pacemaker is a small battery-powered medical device implanted in the chest to help control abnormal electrical signals in the heart. They are commonly used in patients with bradycardia, a slow or irregular heartbeat which can cause poor blood flow. Cardiac pacemakers have fundamentally changed the treatment of bradycardia and have improved the lives of millions of patient over the past several decades.
The global cardiac pacemaker market is estimated to be valued at US$ 4,547.8 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising geriatric population is one of the major driver for the growth of the cardiac pacemaker market during the forecast period. According to the United Nations, the world’s population aged 65 years or over numbered 542 million in 2016. It is projected to reach 1.5 billion in 2050. Elderly people are more likely to develop conduction disorders due to wear and tear of the heart throughout their lifetime which increases the risk of bradycardia and subsequent need for pacemakers. Additionally, growing prevalence of cardiovascular diseases due to sedentary lifestyles and changing dietary patterns is also fueling the market growth. Cardiovascular diseases accounted for over 17.9 million deaths globally in 2016, representing 31% of all global deaths. These factors collectively are increasing the demand for cardiac pacemakers worldwide.
SWOT Analysis
Strength: Cardiac pacemaker market is witnessing steady growth owing to increasing geriatric population suffering from cardiovascular diseases globally. Technological advancements facilitating miniaturized devices with enhanced battery life are helping drive adoption. Growing awareness regarding cardiac conditions and available treatment options is further boosting the market.
Weakness: High costs associated with manufacturing and technological integration in pacemaker devices limits their access in price sensitive regions. Stringent regulatory approvals delay market entry of new players. Dependence on battery power remains a concern requiring periodic replacement surgeries.
Opportunity: Untapped opportunities exist in developing economies with growing healthcare expenditure. Ongoing RD towards leadless pacemakers present new growth avenues. Adoption of wireless technology could help address power constraints while facilitating remote monitoring of patients.
Threats: Preference for drug eluting stents and availability of alternate treatment modalities pose competition. Reimbursement related issues and data security challenges arising from connectivity and remote monitoring solutions also act as a market restraint.
Key Takeaways
The global cardiac pacemaker market is expected to witness high growth over the forecast period supported by increasing cardiovascular disease burden worldwide.
Regionally, North America currently dominates the market owing to availability of advanced healthcare facilities and favorable reimbursement scenario. However, Asia Pacific is anticipated to register fastest growth till 2030 led by expanding medical tourism industry and growing awareness in populous nations like India and China.
Asia Pacific region is poised to offer most lucrative opportunities for pacemaker market players over the coming years. Growing medical tourism industry attracting patients from Western nations, rising healthcare spending, and increasing focus on improving access to cardiac treatment options especially in India and China will majorly drive the regional market. By 2030, Asia Pacific is projected to account for over 40% market share globally.
Key players:
Key players operating in the cardiac pacemaker market include 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 . Medtronic currently leads the market with its portfolio of devices catering to various pacemaker indications. Abbott and Boston Scientific are other prominent vendors focusing on new product innovations.
