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The cardiac pacemakers market is estimated to grow at a CAGR of 5.7% between 2022 and 2027. The size of the market is forecast to increase by USD 4,019.09 million. The growth of the market depends on several factors, including the growing prevalence of cardiovascular diseases, favorable reimbursement policies, and rising demand in emerging markets.
This report extensively covers market segmentation by product type (implantable cardiac pacemakers and external cardiac pacemakers), technology (single-chamber cardiac pacemakers, dual-chamber cardiac pacemakers, and bi-ventricular cardiac pacemakers), and geography (North America, Europe, Asia, and Rest of World). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing prevalence of cardiovascular diseases is notably driving the market growth, although factors such as the shortage of a trained workforce may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing prevalence of cardiovascular diseases is notably driving the market growth. Cardiovascular diseases like arrhythmias and heart failure pose serious health risks to aging populations throughout the world. As people get older, they are more likely to develop these illnesses. Other factors like unhealthy eating, inactivity, and obesity are also responsible to increase the risk of such diseases. The prevalence of cardiovascular diseases is rising, and as a result, the demand for medical equipment like cardiac pacemakers is also increasing. The market for cardiac pacemakers is expected to grow further as cardiovascular diseases spread across the globe.
Other market growth drivers, besides aging populations and lifestyle factors, include favorable reimbursement policies, technological advancements, and growing recognition and diagnosis of heart conditions. However, pacemaker technology advancements are improving patient outcomes and quality of life. For instance, remote monitoring technology enables doctors to remotely check on pacemaker performance and patient health, doing away with the need for follow-up visits in person. Patients who use wireless pacemakers can lead more active lives without worrying about lead fractures or dislodgment. Hence, these factors are expected to drive the growth of the market in focus during the forecast period.
The increasing use of remote monitoring is an emerging trend in the market growth. Pacemaker patients used to physically attend follow-up appointments on a regular basis to ensure that their device was functioning properly and to assess their overall health. However, advances in remote monitoring technology now allow doctors to remotely check on pacemaker performance and patient health, improving patient outcomes and reducing the need for in-person visits. Through remote monitoring technology, medical professionals can wirelessly receive pacemaker data, analyze it, and determine whether the pacemaker is functioning properly. If a problem is found, the medical expert may contact the patient to arrange a visit or change the pacemaker's settings remotely. This enables the early identification of any pacemaker problems, potentially lowering the risk of complications and enhancing patient outcomes.
Remote monitoring can benefit patients and healthcare systems by easing the burden on them by reducing the need for in-person appointments. This is especially helpful for patients who may have to travel a long distance for appointments in remote areas or areas with limited healthcare resources. The use of remote monitoring technology will be more essential as the world's population ages and the demand for pacemakers rises in order to improve patient outcomes and reduce healthcare costs. Thus, these factors are expected to drive the growth of the market in focus during the forecast period.
The shortage of trained workforce is a major challenge impeding the market growth. The growing need for cardiac pacemakers among the aging population is posing a serious problem for the world's healthcare systems. A shortage of qualified medical personnel who can perform the procedures and efficiently monitor patients may arise as more people require pacemakers. Longer wait times caused by this shortage may have an adverse effect on patient outcomes and quality of life.
A strain on healthcare resources may also result in higher healthcare costs, which patients and healthcare systems may find difficult to bear. This problem highlights the need for increased funding for healthcare infrastructure, training for healthcare professionals, and innovative technologies that can enhance patient outcomes while reducing the demand for healthcare resources. Therefore, these factors are expected to hinder the growth of the market in focus during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cardiac Pacemakers Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BIOTRONIK SE and Co. KG - The company develops, produces, and markets devices for cardiac rhythm management and vascular intervention solutions, including diagnostic tools, pacemakers, implantable defibrillators, leads, and more. The key offerings of the company include cardiac pacemakers such as Arrhythmia monitoring, Bradycardia, Tachycardia, and external devices.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the implantable cardiac pacemakers segment will be significant during the forecast period. Implantable cardiac pacemakers can be used by patients with irregular or slow heartbeats to keep their heart rates within normal range. The market for implantable cardiac pacemakers is expected to see a significant increase between 2023 and 2027. This growth is being attributed to a number of factors, including the aging population, rising heart disease rates, and growing interest in minimally invasive surgery.
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The implantable cardiac pacemakers segment was valued at USD 8,047.54 million in 2017 and continued to grow until 2021. During the forecast period, the market expansion is anticipated to be fueled by the emergence of cutting-edge technologies like leadless pacemakers and pacemakers that can be used with magnetic resonance imaging (MRI). North America and Europe are anticipated to dominate the market during the forecast period as a result of the high prevalence of heart disease and the presence of significant players. However, APAC is anticipated to experience the highest growth because of rising cardiac disease awareness and rising healthcare spending in developing nations like China and India. Owing to all these factors, the demand for implantable cardiac pacemakers is expected to increase, which will, in turn, drive the growth of the market during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The high healthcare costs associated with cardiovascular disease (CVD), an increase in the use of technologically advanced cardiac pacemakers devices, a high prevalence of CVD, and an aging population are all factors contributing to the regional market's rapid growth in North America. The US Census Bureau estimates that 17% of Americans were 65 years of age or older in 2021. Similarly, the elderly population has a higher risk of developing CVD, which will increase demand for cardiac pacemakers in the area during the forecast period. The two countries that contribute the most revenue to the North American market are the US and Canada.
The region has extremely modern healthcare facilities with improved infrastructure. People with cardiac disorders can easily access these facilities. Additionally, the region has a high rate of sales of cardiac pacemakers as a result of the rising prevalence of chronic diseases, particularly heart disorders, among people of all ages. A type of CVD, a heart attack is accompanied by USD 318 billion in direct and indirect costs, including medical expenses and lost productivity. These conditions can result in mortality or stroke. Early disease detection is necessary for those who have CVDs or are at high cardiovascular risk due to the presence of one or more risk factors, such as diabetes and hypertension. Therefore, such factors will boost the regional market growth during the forecast period.
In 2020, the market in North America was significantly impacted by the COVID-19 pandemic. However, the introduction of COVID-19 vaccines in 2021, contributed to the recovery of the confidence of patients in the healthcare system and the promotion of the healthcare market in the region. This, along with heightened awareness of the value of early diagnosis and treatment of heart disease, resulted in a rise in pacemaker demand. Furthermore, technology developments such as wireless pacemakers and remote monitoring are also anticipated to fuel market expansion. Therefore, such factors are anticipated to expand the market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global cardiac pacemakers market as a part of the global healthcare equipment market. The parent global healthcare equipment market covers products and companies engaged in research and development (R&D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Cardiac Pacemakers Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.7% |
Market growth 2023-2027 |
USD 4,019.09 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.55 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Asahi Kasei Corp., BIOTRONIK SE and Co. KG, Boston Scientific Corp., Cook Group Inc., Edwards Lifesciences Corp., Lepu Medical Technology Beijing Co. Ltd., LivaNova Plc, Med Rel Inc., MEDICO S.R.L., Medtronic Plc, MicroPort Scientific Corp., OSCOR Inc., Osypka Medical GmBH, Shree Pacetronix Ltd., and Uscom Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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