July 21, 2024
cardiac Pacemaker Market

The Cardiac Pacemaker Market is Driven by Increasing Geriatric Population Prone to Cardiac Disorders

Cardiac pacemakers are small implantable devices used to regulate abnormal heart rhythms or arrhythmias by stimulating the heart muscles to contract normally. They actively monitor the heart rhythm and send electrical pulses to correct slow or irregular heart rhythms when needed. Demand for cardiac pacemakers has been increasing fueled by the rising prevalence of cardiac arrhythmias and bradycardia among the geriatric population who are prone to various heart-related disorders. According to WHO, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Pacemakers help improve the symptoms and quality of life for those suffering from arrhythmia and slow heart rate. Their implant procedures are minimally invasive and advancement in technology over the years has made them smaller and smarter models with longer battery life.

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 key trends:
One of the major market trends is the increasing adoption of MRI-conditional or MRI-safe pacemakers. Previous non-MRI safe pacemakers pose a risk during MRI scans as the strong magnetic fields can cause device malfunctions and serious injuries due to heating. However, advancement in technology has addressed this drawback and MRI-conditional or safe pacemakers can now be used on patients requiring MRI scans. Their design and materials do not interfere with the MRI environment. Similarly, the next generation bioresorbable pacemakers which dissolve safely in the body after serving their intended function are under development and clinical trials. This will remove the need for additional procedures to remove implanted devices after battery depletion. Other notable trends include growing preference for leadless pacemakers installed via catheter without surgically implanted wires and miniaturization of pacemaker sizes to suit pediatric patients. These innovative technologies and solutions are expected to drive stronger demand and open new avenues of growth for the cardiac pacemaker market over the forecast period.

Porter’s Analysis
Threat of new entrants: Low entry barriers due to the availability of compatible technologies from tier 2 and tier 3 companies. However, established brands have proprietary technologies and strong global footprint.

Bargaining power of buyers: High due to the presence of many regional and local manufactures offering comparable products at lower costs.

Bargaining power of suppliers: Moderate as key components such as leads, batteries, and integrated circuits are available from many global suppliers.

Threat of new substitutes: Low as pacemakers are clinically proven therapy for irregular heartbeats with no close substitutes.

Competitive rivalry: High due to the presence of global brands competing on brand value, innovation, and customer service.

Key Takeaways
The global cardiac pacemaker market is expected to witness high growth over the forecast period.Regional analysis: North America is dominating the cardiac pacemaker market due to advanced healthcare infrastructure, high awareness levels, and favorable reimbursement policies for pacemaker implantation in the region. Asia Pacific is expected to witness fastest growth over the forecast period due to growing healthcare expenditure, increasing cardiac conditions, and raising medical tourism in emerging economies like China and India.

Key players: 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, MEDICO S.R.L., OSCOR Inc., MicroPort Scientific Corporation, OSYPKA MEDICAL, and Vitatron Holding B.V. Medtronic dominates the global pacemaker market with wide range of technologically advanced products.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it