Cardiac Pacemaker Market Overview:
A cardiac pacemaker is a small, battery-powered device with a tiny computer inside. It is surgically implanted in the body to detect and treat abnormally slow heart rhythms. The doctor programs pacemaker to respond appropriately based on individual heart rhythm needs.
Market Size Growth Rate:
According to the research report published by DataM Intelligence, the global cardiac pacemaker market size is projected to reach USD billion by 2029, with growth at a CAGR of 6.4% over the forecast period 2022-2029.
Pacemakers are used for a short or long period of time, depending on the needs of the heart. Pacemakers, in conjunction with this, play an important role in monitoring and analyzing the patient’s heartbeat, providing physiologic heart rate, and providing diagnostic information about a heart condition. The pacemaker is implanted through a minimally invasive surgical procedure known as epicardial or endocardial. During this procedure, an incision is made in the patient’s chest, and the leads and pacemaker are inserted.
Market Drivers:
Over the forecast period, the global cardiac pacemaker market is expected to grow due to increased product approval by regulatory authorities. For example, on June 15, 2020, Medtronic plc. a medical device company, announced that the Micra AV Trans catheter Pacing System (TPS), a small pacemaker with features such as atrioventricular (AV) synchrony, had received a CE mark from the European Union (EU). This device is indicated for treating patients with AV blocks and impaired heart chambers to provide electrical signals for proper heart function.
Market Restraints:
However, the high cost of equipment and patient concerns post-implantation are a few major restraining factors for cardiac pacemaker market growth. Furthermore, an increase in product recalls due to incorrect functioning, and other issues will likely affect the market growth.
Market Opportunities
As the populations and markets of emerging economies such as India and China grow, the global cardiac pacemaker market is expected to expand significantly. Furthermore, developing new enjoyable products would provide lucrative opportunities in the global pacemaker market. In addition, favorable reimbursement policies served by governments across the globe are projected to boost the adoption of CRT-P devices, resulting in faster growth.
COVID-19 Impact Analysis
The novel coronavirus had a severe impact on patients with cardiovascular disease. COVID-19’s spread has had a massive economic impact on the healthcare and medical device industries. According to the American Heart Association’s Circulation Journal, 2020, COVID-19 has affected 185 countries and over 30,00,000 patients worldwide. There is a high prevalence of CVD among COVID-19 patients. The increasing demand to improve patient outcomes for various pacemaker implantations through improved and minimally invasive procedures is the primary factor driving the pacemaker market’s growth. Furthermore, favorable reimbursement procedures, such as the Medicare system in the United States and the NHS in the United Kingdom, are among the key factors driving the market.
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Recent Developments in the Industry:
- In 30th April 2019, Biotronik announced the launch of the Actor device family, which includes Acticor DX and CRT-DX devices. In the USA, patients are treated with the new implantable cardioverter defibrillators (ICDs) and cardiac resynchronization therapy defibrillators (CRT-Ds).
- In January 2018, Medtronic Plc. Launched its MyCareLink Heart mobile application to support the portfolio of pacemakers by providing the comfort of communication directly with patients’ smart devices.
Market Segmentation:
As per the research analysis, the global cardiac pacemaker market is segmented by product type into implantable pacemakers (single-chamber, dual-chamber, biventricular pacemakers), and external pacemakers. By application, the market is further segmented into arrhythmia, bradycardia, atrial fibrillation, heart block, and failure, and, others, by end-user, the market is segmented into hospitals, and ambulatory surgical centers (ASCS), cardiothoracic centers, others.
- On the basis of the product type, the implantable pacemakers segment is estimated to grow at the highest CAGR of% during the forecast period (2022-2029). The higher number of patients undergoing treatments in hospitals than in clinics; implementation of government initiatives of reimbursements and the increasing number of hospitals in emerging Asian countries.
- Based on the end-user, the hospital segment accounted for the largest market share of around% in 2020 and is expected to grow at a CAGR of% during the forecast period (2022-2029). The hospital segment is expected to generate a dominant cardiac pacemaker market share during the forecast period due to the higher number of patients undergoing treatments in hospitals than in clinics; the implementation of government initiatives of reimbursements and the increasing number of hospitals in emerging countries.
Geographical Classification:
The global cardiac pacemaker market is segmented into major regions including North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
North America Cardiac Pacemaker Market:
The North American region holds the dominant share of about% in 2020. The dominance of this region is attributable to the well-developed infrastructure, good reimbursement policies, high awareness among people, and high income of the region have augmented the market growth this region.
Europe Cardiac Pacemaker Market:
The market in Europe is expected to grow by showcasing a significant CAGR owing to the growing elderly population with cardiac problems, the presence of key players, and rapid technological advancements such as MRI-compatible pacemakers, Bluetooth-enabled pacemakers, and improved regulatory approvals are all driving growth.
Competitive Analysis:
The cardiac pacemaker market is highly competitive with the presence of major players and small emerging players. In the cardiac pacemaker market, companies, healthcare insurance providers, and hospitals all are emerging at a steady pace with competitive bone cancer. Key players compete on the basis of aggressive pricing, features, convenient use, technology upgrades, and marketing strategies. The market players are adopting various key strategies such as collaborations, partnerships, acquisitions, and product launches to expand their presence.
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Major Companies:
Some of the major key players in the market are Abbott Laboratories (ST Jude Medical), Biotronik SE & Co. KG, Boston Scientific Corporation, Lepu Medical Co. Ltd, Medico SpA, Medtronic PLC, Oscor Inc., Osypca Medical GmbH, Zoll Medical Corporation, MicroPort Scientific Corporation.
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Wearable Heart Monitoring Devices Market is segmented By Type (Chargeable, Bluetooth Enabled), By Product (Electric Pulse Based, Optical Technology-Based), By Application (Healthcare, Consumer Market), By End User (Hospitals, Home, Cardiac Centers, others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
2) Any query with regards to the scope offered will be addressed within 24- 48 hours.
3) An excel sheet with market numbers will be provided separately.
The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of the global cardiac pacemaker market segmentation by product type, application, end-user, and regions highlighting the key commercial assets and players.
- By Product Type: Implantable Pacemaker (Single chamber, Dual-chamber, Biventricular pacemakers), External Pacemaker
- By Application: Arrhythmia, Bradycardia, Atrial Fibrillation, Heart Block and Failure, Others
- By End-user: Hospitals, Ambulatory Surgical Centers (ASCs), Cardiothoracic Centers, Others
- By Region: North America, South America, Europe, Asia Pacific, and the Middle East & Africa
- Identify commercial opportunities in the cardiac pacemaker market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and pricing analysis.
- Excel data sheet with thousands of data points of cardiac pacemaker market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages.
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