Wilmington, Delaware, United States, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global cardiac pacemakers market is projected to grow at a CAGR of 3.5% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 5.9 billion is anticipated for the market in 2031. As of 2023, the demand for cardiac pacemakers is expected to close at US$ 4.5 billion.
The growing incidence of cardiovascular conditions, such as arrhythmias, heart failure, and atrioventricular block, is a major driver for the cardiac pacemakers market. As the population ages and lifestyles change, the prevalence of these conditions continues to rise, leading to greater demand for pacemaker devices.
Growing emphasis on remote patient monitoring and telemedicine solutions in healthcare. Pacemaker devices equipped with remote monitoring capabilities allow healthcare providers to remotely track patients' cardiac health status, enabling early detection of issues and timely interventions, thus improving patient outcomes.
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The implantation of cardiac pacemakers stands out as a minimally invasive procedure, effectively mitigating the risks associated with excessive blood loss and post-operative complications. The expedited approval process for cutting-edge pacemaker technologies by regulatory bodies like the United States FDA serves as a significant catalyst, propelling the upward trajectory of the cardiac pacemaker market.
The integration of wireless connectivity and remote management capabilities in cardiac pacemakers allows both physicians and patients to conveniently access automatic test results and comprehensive diagnostics through flexible remote scheduling. This convenience is driving an increased demand for electrotherapy cardiac devices.
Key Takeaways from the Market Study
- As of 2022, the cardiac pacemakers market was valued at US$ 4.4 billion
- Based on product type, the internal segment is expected to dominate the global market during the forecast period.
Cardiac Pacemakers Market: Key Trends and Opportunistic Frontiers
- Growing preference for minimally invasive implantation techniques for cardiac pacemakers. These procedures reduce patient discomfort, shorten recovery times, and lower the risk of postoperative complications, driving adoption rates among patients and healthcare providers.
- The rising incidence of cardiovascular diseases, such as arrhythmias, heart failure, and atrioventricular block, is a key driver for the cardiac pacemaker market.
- Key trends include the development of leadless pacemakers, remote monitoring capabilities, advanced algorithms for arrhythmia detection, and longer battery life. These advancements improve patient outcomes, enhance device longevity, and increase patient convenience.
- Remote patient monitoring is gaining prominence in healthcare, with pacemaker devices equipped with such capabilities witnessing growing adoption.
Cardiac Pacemakers Market – Regional Analysis
- North America holds a significant share of the global cardiac pacemakers market, driven by factors such as the presence of well-established healthcare infrastructure, a high prevalence of cardiovascular diseases, and strong regulatory frameworks. The United States, in particular, accounts for a substantial portion of the market due to favorable reimbursement policies, technological advancements, and a large patient population.
- The Asia-Pacific region exhibits significant growth potential in the cardiac pacemakers market, driven by factors such as a large population base, rising healthcare expenditures, and increasing prevalence of cardiovascular diseases due to lifestyle changes. Countries like China, India, and Japan are witnessing rapid market expansion, propelled by improving healthcare infrastructure, growing disposable incomes, and increasing investments by market players.
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Competitive Landscape
In the global cardiac pacemakers market companies are prioritizing the development of pacing devices equipped with remote patient monitoring functionalities. Noteworthy players are directing considerable resources toward technological advancements aimed at introducing sleeker, smarter devices. Their strategic focus encompasses bolstering device longevity, refining functionality, and ensuring compactness, all aimed at solidifying their standing in the global market landscape.
- Biotronik
- Boston Scientific Corporation
- Cook
- Medico S.p.A.
- Medtronic
- LivaNova PLC
- Abbott
Key Product Offerings
- Biotronik is a leading manufacturer of cardiovascular medical devices, including pacemakers, implantable cardioverter-defibrillators (ICDs), and cardiac resynchronization therapy (CRT) devices. The company is known for its focus on innovation, with products designed to improve patient outcomes and quality of life.
- Boston Scientific Corporation offers a wide range of products for various medical specialties, including cardiac rhythm management. The company's portfolio includes pacemakers, ICDs, and CRT devices, as well as lead technologies and remote monitoring solutions.
- Abbott offers a comprehensive portfolio of pacemakers, ICDs, CRT devices, and lead systems, as well as remote monitoring solutions. Abbott is known for its focus on patient-centric innovation and improving patient care.
Cardiac Pacemakers Market – Key Segments
Product Type
- Internal
- External
Technology
- Dual Chambered
- Single Chambered
- Biventricular
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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