Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Global Pacemaker Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global pacemaker market size, which was valued at USD 5.87 billion in 2023, is expected to experience significant growth with a projected market value of USD 10.77 billion by 2034. This robust growth, with a CAGR of 5.68% during the forecast period of 2024-2034, can be attributed to the surge in prevalence of cardiovascular diseases (CVDs) and the rising cost associated with managing heart conditions.
The market is observing a trend toward the launch of technologically advanced pacemakers, such as MRI-safe and leadless pacemakers. This innovation is driven by the need for less invasive methods to enhance patient outcomes during pacemaker implantations. The market is further bolstered by government policies favoring healthcare advancements and an increase in the number of clinical trial procedures.
Product Developments Positively Impacting the Market
Implantable pacemakers, accruing the highest revenue in 2023, remain in demand due to the treatment of heart failure and arrhythmias. Continuous product approvals and the launch of state-of-the-art devices aid this segment's growth, with external pacemakers expected to witness the fastest CAGR during the forecast period due to their ease of use and reduced postoperative complications.
The preference for conventional pacemakers holds strong due to their affordability and reliability. However, MRI compatible pacemakers are anticipated to grow rapidly due to advancements in diagnostic capabilities and the increased use of MRI in medical procedures.
Applications Driving the Surge in Pacemaker Adoption
Cardiac arrhythmias applications dominate the market share with rising global incidence, fueling the approval of advanced systems for treatment. For example, the approval of BIOTRONIK's Amvia Edge pacemakers is a leap forward in cardiac rhythm management. On a similar trajectory, the congestive heart failure segment is also set to rapidly advance, driven by technological enhancements in pacemaker devices.
End-User Trends and Insights
Hospitals and cardiac centers serve as the principal end-users, due to a steady influx of patients with cardiac conditions and concerted efforts in clinical trials. On the other hand, ambulatory surgical centers are forecast to register the fastest CAGR, considering their reach in rural areas and their role in reducing healthcare costs.
Geographic Market Dynamics
North America remains at the forefront for revenue share, with its aging demographic depicted by rising cardiac issues. Innovations like Bluetooth-enabled pacemakers further enrich the region's market. The Asia Pacific region is emerging as a lucrative market with an impressive CAGR forecast, credited to investments in healthcare infrastructure and an uptick in regulatory approvals for advanced treatments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $5.87 Billion |
| Forecasted Market Value (USD) by 2034 | $10.77 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
Companies Mentioned
- BIOTRONIK SE & Co. KG
- Abbott Laboratories
- Livanova plc
- Medtronic plc
- MicroPort Scientific Corporation
- Shree Pacetronix Ltd.
- Boston Scientific Corporation
- OSYPKA Medical GmbH
- Oscor Inc.
- Medico S.p.A.
- Lepu Medical Technology Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/tz4ejg
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