Ottawa, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The global cardiac pacemaker market size was valued at USD 5.14 billion in 2022. The prevalence of chronic diseases, especially cardiovascular diseases, has recently emerged as a substantial contributor to global mortality and is sharply increasing the burden of chronic disease. The World Health Organization (WHO) predicts that by 2030, non-communicable illnesses will be responsible for more than 75% of all fatalities worldwide. In low-income nations, it is anticipated that cardiovascular illnesses alone would cause more deaths than infectious diseases, maternal & perinatal problems, and nutritional disorders put together.
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Key Insights:
- North America has generated revenue share of 43% in 2022.
- Based on product type, the implanted pacemaker segment has held revenue share of 61% in 2022.
- Based on type, the conventional pacemakers segment has held revenue share of 51.64% in 2022.
- Based on application, the arrhythmia segments has captured revenue share of 38% in 2022.
- Based on end-use, the hospitals & cardiac centers has held revenue share of 70% in 2022.
Regional Snapshots
The region of North America has emerged as the largest market for cardiac pacemakers due to the heavy consumption of this product by the healthcare sector. Due to several factors, including the rise in incidence of cardiovascular diseases, an increase in hospital admissions, and a favorable reimbursement environment for the development and adoption of advanced medical technologies nationwide, the U.S. currently dominates the North America pacemakers' market and is expected to reach USD 6,678.2 million by 2030. Patients are additionally encouraged to choose complex pacemaker implantation procedures by the country's Medicare reimbursement scheme. The rapidly increasing number of people belonging to the senior citizen age group is creating more opportunities for the market growth. Senior citizens are at a greater risk of cardiac disorders as compared to the younger generations. The availability of advanced healthcare facilities has attracted potential consumers to opt for surgical procedures.
The region of Europe has also emerged as a rapidly growing market for cardiac pacemakers because of the advanced healthcare facilities that are provided to the people. The facilities provided by insurance companies for such surgical procedures are expected to boost the market further. The region of Asia-Pacific has also contributed significantly to the growth of the market because of the establishment of a huge number of hospitals in this area.
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Cardiac Pacemaker Market Share, By Region, 2022 (%)
| Region | Revenue Share in 2022 (%) | |
| North America | 43 | % |
| Europe | 26 | % |
| Asia Pacific | 22 | % |
| Latin America | 6 | % |
| MEA | 3 | % |
Market dynamics
Drivers
The rising geriatric population drives the global cardiac pacemaker market. The Centre for Disease Control and Prevention (CDC) estimates that due to the rise in individuals with heart disease, the number of sudden deaths from cardiac arrest each year will certainly surpass 600,000. Another significant driver of this market's growth in the near term is the development of cardiac pacemakers’ technology, including both dynamic and conventional pacemakers. These technological advances are promoting the expansion of this market in the upcoming years. The significant increase in the prevalence and incidence of cardiovascular illnesses is attributable to behavioral risk factors, including heavy alcohol and cigarette use, obesity, poor diet, and inactivity. Cardiac arrests and strokes account for about 85% of deaths from cardiovascular illnesses. In the upcoming years, these numbers are expected to rise much further.
Restraints
Cardiac drug prices are high, which can restrain market expansion. In contrast, the lack of public awareness of cardiac problems in emerging economies is projected to have an adverse effect on the expansion of the global market for cardiac pacemakers. Additionally, it is possible that the high cost of both the drug and the treatment would restrain the growth of the worldwide cardiac pacemaker market during the forecast period. However, to accelerate the growth of the cardiac pacemaker market in the near future, manufacturers are primarily focusing on inventing a new diagnostic technique. The post-operative surgical complications need to be managed to maintain the health of the patient. The lack of skilled professionals in the field of medicine will emerge as one of the major restraining factors for the growth of the market during the forecast period.
Opportunities
Implantable pacemakers are becoming more popular, creating growth prospects for the market growth. The market for implantable pacemakers is expected to rise because of the increasing number of cases related to cardiac disorders. The advantages that implantable devices provide over external alternatives help attract potential consumers. In order to provide electrical stimulation, an implantable cardiac pacing device is placed (internally) in the body. This device regulates the erratic intrinsic myocardial electrical activity and promotes cardiac contraction. These devices provide numerous leads, ensuring normal heart physiology even if one of the leads breaks down. Surgical techniques that are utilized by the healthcare industry lead to the easy healing of wounds.
Challenges
CVD awareness is lacking among the populace in poor nations. However, it is projected that during the forecast period, factors such as low knowledge of cardiovascular disorders among the populace in developing countries, high treatment costs, and a high rate of product recall due to flawed devices will restrain market expansion. The development of quick, precise, and economical diagnostic methods as well as a focus on innovative device launch strategies will influence the future landscape of the cardiac pacemaker market. The rapidly increasing number of people belonging to the geriatric population will help to boost the size of the market in the long run. A huge number of people are opting for cardiac surgeries because of the advanced equipment and devices that are utilized by the healthcare industry.
Report highlights
The market for implanted pacemakers accounted for more than 60% of the pacemaker market in 2021. The increasing need for these devices to treat heart failure and arrhythmias, together with ongoing clinical trials, are two major factors propelling market expansion. Furthermore, with a revenue share of over 51.0%, the market segment for traditional pacemakers will be dominant in 2021. This growth is brought about by continual advancements, affordability, compactness, and long shelf life. In 2021, arrhythmias dominated the market for pacemakers. Several factors, including lifestyle disorders, excessive alcohol consumption, smoking, and obesity, have an impact on the prevalence of cardiac arrhythmia. The sector of hospitals and cardiac centers held a dominant position in 2021.
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Recent Developments
- In 2017, FDA approval was granted to Abbott for the new cardiac pacemakers that they had developed. These pacemakers have compatibility with MRI examinations.
- In 2015, REPLY CRT-P was launched by Sorin group for the European market. This device that was newly launched was equipped with a monitoring system for sleep apnea, which is extremely important for managing heart failure.
Market Segmentation
By Product Type
- Implantable pacemakers
- Single Chamber
- Dual Chamber
- Biventricular Chamber
- External pacemakers
By Type
- MRI Compatible Pacemakers
- Conventional Pacemakers
By Application
- Arrhythmias
- Atrial Fibrillation
- Heart Block
- Long QT Syndrome
- Congestive Heart Failure
- Others
By End-Use
- Hospitals & Cardiac Centers
- Ambulatory Surgical Centers
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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