New York, United States, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The Global Cardiac Pacemaker Market Size is to Grow from USD 5.12 Billion in 2022 to USD 7.73 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.2% during the forecast period.
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A cardiac pacemaker is a medical device designed to regulate and normalize the heartbeat in individuals with irregular or slow heart rhythms, also known as arrhythmias. It consists of a small electronic device implanted under the skin, usually in the chest area, with thin wires, or leads, connected to the heart. The pacemaker continuously monitors the heart's electrical activity and, when necessary, sends electrical impulses to stimulate the heart muscles, ensuring a steady and appropriate heartbeat rate. This technology is crucial in managing conditions like bradycardia (slow heart rate) or heart block, which can lead to fatigue, dizziness, or even life-threatening situations.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Cardiac Pacemaker Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Implantable Pacemakers, Single Chamber, Dual Chamber, Biventricular Chamber, and External Pacemakers), By Type (MRI Compatible Pacemakers and Conventional Pacemakers), By Application (Arrhythmias, Atrial Fibrillation, Heart Block, Long QT Syndrome, Congestive Heart Failure, and Others), By End-Use (Hospitals & Cardiac Centers, Ambulatory Surgical Centers, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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In 2022, the implantable pacemakers segment accounted for around 60.2% market share
On the basis of the product, the global cardiac pacemaker market is segmented into implantable pacemakers, single chamber, dual chamber, biventricular chamber, and external pacemakers. The implanted pacemaker segment dominates the market primarily because implanted pacemakers are the most common and widely used type of cardiac pacemaker. They offer long-term treatment solutions for patients with various heart rhythm disorders, ensuring continuous heart rate regulation.
The conventional pacemakers segment held the largest market with more than 47.3% revenue share in 2022
Based on the type, the global cardiac pacemaker market is segmented into MRI-compatible pacemakers and conventional pacemakers. The conventional pacemakers segment dominates the market because they have been in use for decades and are well-established in clinical practice. They provide basic pacing functions to manage various heart rhythm disorders effectively. While newer technologies like leadless and MRI-compatible pacemakers are emerging, conventional pacemakers continue to be widely adopted due to their proven reliability, cost-effectiveness, and familiarity among healthcare professionals, contributing to their dominance in the market.
The arrhythmia segment held the largest market with more than 35.8% revenue share in 2022
Based on the application, the global cardiac pacemaker market is segmented into arrhythmias, atrial fibrillation, heart block, long QT syndrome, congestive heart failure, and others. The arrhythmia segments dominate the cardiac pacemaker market because pacemakers are primarily used to treat arrhythmias, which are irregular heart rhythms. As arrhythmias are a common and diverse group of cardiac disorders affecting millions worldwide, the demand for pacemakers to manage and regulate these conditions remains consistently high.
The hospitals & cardiac centers segment held the largest market with more than 66.2% revenue share in 2022
Based on the end-use, the global cardiac pacemaker market is segmented into hospitals & cardiac centers, ambulatory surgical centers, and others. The hospitals and cardiac centers segment holds the largest market share in the cardiac pacemaker industry because these healthcare facilities serve as the primary locations for cardiac pacemaker implantation and related procedures. Hospitals and cardiac centers offer specialized expertise, medical equipment, and infrastructure necessary for diagnosing and treating heart rhythm disorders.
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Asia-Pacific is predicted to Grow at a significant CAGR over the forecast period
Based on region, Asia-Pacific is projected for significant Growth in the cardiac pacemakers market during the forecast period due to a vast and aging population, leading to an increasing prevalence of cardiovascular diseases. Rising healthcare investments, expanding healthcare infrastructure, and improving access to advanced medical technologies contribute to the market's Growth.
North America's dominance in the global cardiac pacemakers market can be attributed to advanced healthcare infrastructure, high healthcare expenditure, and a significant aging population, leading to a higher prevalence of heart-related disorders. Furthermore, robust research and development activities, technological innovation, and favorable reimbursement policies in North America foster continuous Growth in the cardiac pacemaker industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the global cardiac pacemaker market include OSYPKA MEDICAL, Boston Scientific Corporation, Zoll Medical Corporation, Asahi Kasei Group Company, Medtronic, BIOTRONIK SE & Co. KG, MicroPort Scientific Corporation, MEDICO S.R.L., Shree Pacetronix Ltd., Abbott, OSCOR Inc., Lepu Medical Technology Co., Ltd. and others.
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Recent Developments
- In February 2022, Abbott made history by implanting the first dual-chamber leadless pacemaker in a patient as part of its key clinical research initiative, AVEIR DR i2i. The critical study's first worldwide implant of Abbott's breakthrough Aveir dual-chamber leadless pacemaker represents a significant leap in leadless pacing technology.
- In June 2021, India Medtronic Private Limited revealed the Micra AV, a compact, totally self-contained pacemaker that uses a minimally invasive approach to provide new pacing technology to patients with atrioventricular (AV) blockages. The device is the first pacemaker to detect atrial activity even when there is no lead or other device in the upper chamber of the heart.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global cardiac pacemaker market based on the below-mentioned segments:
Cardiac Pacemaker Market, By Product Type
- Implantable Pacemakers
- Single Chamber
- Dual Chamber
- Biventricular Chamber
- External Pacemakers
Cardiac Pacemaker Market, By Type
- MRI Compatible Pacemakers
- Conventional Pacemakers
Cardiac Pacemaker Market, By Application
- Arrhythmias
- Atrial Fibrillation
- Heart Block
- Long QT Syndrome
- Congestive Heart Failure
- Others
Cardiac Pacemaker Market, By End-Use
- Hospitals & Cardiac Centers
- Ambulatory Surgical Centers
- Others
Cardiac Pacemaker Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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