Rockville, Dec. 15, 2022 (GLOBE NEWSWIRE) -- As per this new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global cardiac pacemakers market is valued at US$ 4.99 billion in 2023 and worldwide sales of cardiac pacemakers are predicted to increase at a CAGR of 3.5% and reach a market valuation of US$ 7.04 billion by the year 2033.
A medical device called a cardiac pacemaker provides electrical pulses to the heart to maintain a normal heartbeat. Patients with heart conditions such as heart failure and arrhythmias are treated with pacemakers.
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Key Takeaways from Market Study
- Global demand for cardiac pacemakers is expected to increase at a CAGR of 3.5% from 2023-2033.
- China’s market is predicted to expand at a CAGR of 5.5% during the projected period.
- Sales of external cardiac pacemakers are expected to rise at a CAGR of 4% during the forecast period.
- Demand for implantable cardiac pacemakers is predicted to expand at a CAGR of 3% during the next 10 years.
There are two forms of arrhythmias: bradycardia and tachycardia. Tachycardia is the medical name for an excessively rapid heartbeat, and bradycardia is the medical term for an excessively slow heartbeat. An arrhythmia occurs when the heart cannot pump enough blood to the other parts of the body, which results in weariness and dizziness.
- More than 600,000 people die from sudden cardiac death each year in the United States, according to the Centers for Disease Control and Prevention (CDC), and 50% of patients pass away within the first year of developing a heart condition.
As age increases, the incidence of atrial and ventricular arrhythmias occurs without any evidence of coronary heart disease. Patients with arrhythmias can lead active, healthy lives with the aid of a pacemaker. External cardiac pacemakers and implantable cardiac pacemakers are the two different types of pacemaker devices. An implantable pacemaker is positioned beneath the skin on the left side of the chest, and leads that are guided through a blood vessel to the heart are used to connect it to the heart. External cardiac pacemakers are adopted for a temporary purpose and need well-furnished clinical facilities to perform the procedures.
Europe and North America currently hold a strong position in the global market.
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Competitive Landscape
Medtronic currently holds a strong share in the cardiac pacemakers market. Due to its broad range of product offerings, the launch of cutting-edge and new products, and strong brand presence, the company is predicted to maintain its top spot over the forecast period.
- In June 2021, India Medtronic Private Limited introduced the Micra AV, a miniature and fully self-contained pacemaker that uses a minimally-invasive procedure to provide patients with atrioventricular (AV) block with cutting-edge pacing technology. The system is the first pacemaker to be able to detect atrial activity without a lead or other device in the heart's upper chamber.
- Boston Scientific Corporation announced in January 2021 that it will buy Preventice Solutions, the creator of remote cardiac monitoring.
Key Companies Profiled
- Abbott Laboratories, Inc.
- Boston Scientific Corporation
- Cordis, a Cardinal Health company
- Medico SpA
- Medtronic PLC
- Shree Pacetronix Ltd.
- Vitatron Holding BV
- ZOLL Medical Corporation
Winning Strategy
The top manufacturers of cardiac pacemakers are concentrating on providing a broad selection of cutting-edge and creative devices. Manufacturers of cardiac pacemaker devices are focusing on technological developments to meet the unmet needs of cardiac disorders.
To support their R&D division and produce superior cardiac pacemaker devices, top-market businesses are employing new product launches, collaboration and acquisition strategies.
- Atrioventricular (AV) synchrony integrated pacemakers called Micra AV product of Medtronic received FDA approval in January 2020. They are suggested to treat AV block, a condition marked by impairment of electrical communication between the ventricle and the atria. The portfolio of pacemaker products became stronger because of this product's higher safety and efficacy.
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Key Segments of Cardiac Pacemakers Industry Research
- By Product :
- Implantable Pacemaker Devices
- External Pacemaker Devices
- By Technology :
- Single Chamber
- Dual Chamber
- Biventricular/Cardiac Resynchronization Therapy-Pacemakers (CRT-P)
- By End User :
- Hospitals & Cardiac Centers
- Ambulatory Surgical Centers
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Global demand for cardiac pacemakers is primarily driven by the rising prevalence of cardiovascular diseases and various government-supportive efforts, as well as funding from non-governmental organisations to improve healthcare systems. Advanced diagnostics, a good reimbursement environment for treatment, and cost-effective measures adopted by various governments across the globe are further boosting the sales of cardiac pacemakers.
However, over the forecast period, growth of the market is anticipated to be constrained by factors such as low awareness of cardiovascular illnesses among the population in developing nations, expensive treatment, a high rate of product recalls because of defective devices, and strict rules for product approvals.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cardiac pacemakers market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market based on product (implantable cardiac pacemaker devices, external cardiac pacemaker devices), technology (single chamber, dual chamber, biventricular/cardiac resynchronization therapy-pacemakers (CRT-P)) and end user (hospitals & cardiac centers, ambulatory surgical centers), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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