Cardiac pacemaker market is estimated to be valued at USD 4,907.2 Mn in 2024, and is expected to exhibit a CAGR of 4.9% over the forecast period (2024-2031). Global cardiac pacemaker market is witnessing significant growth, owing to rising geriatric population worldwide which is highly susceptible to cardiovascular diseases. Furthermore, increasing incidence of cardiovascular diseases such as arrhythmias, congestive heart failure, and others boosts demand for cardiac pacemakers globally.
Market Dynamics:
Global cardiac pacemaker market growth is primarily driven by two key factors- rising global geriatric population prone to age-related cardiovascular issues has significantly increased demand for cardiac pacemakers. According to WHO, the number of people aged 65 years and above is expected to rise from 524 million in 2010 to nearly 1.5 billion in 2050. Increasing prevalence of cardiovascular diseases worldwide is another major factor driving the cardiac pacemaker market growth. Conditions such as arrhythmias, congenital heart diseases and cardiac blockages which often require permanent pacemakers for treatment are rising globally.
Increasing prevalence of cardiovascular diseases can drive the global cardiac pacemaker market growth
One of the major drivers of the global cardiac pacemaker market is rising prevalence of cardiovascular diseases across the world. According to the World Health Organization, cardiovascular diseases are the number 1 cause of death globally, with an estimated 17.9 million deaths each year. The key risk factors contributing to increasing burden of cardiovascular diseases include unhealthy diet, physical inactivity, tobacco use and harmful use of alcohol. As cardiovascular diseases often require pacemaker implantation for effective treatment, thus, rising number of cardiovascular disease cases boosts demand for cardiac pacemakers.
Technological advancements enhances the effectiveness of pacemakers
Continued technological innovations in pacemaker design and functions have improved the effectiveness of these devices in treating heart rhythm disorders. Modern pacemakers come equipped with advanced features like Bluetooth connectivity, remote monitoring capabilities and longer battery life. These enhancements allow for improved patient monitoring and management. Manufacturers are also developing miniaturized pacemakers that can be implanted via non-surgical methods for greater comfort of patients. Increasing adoption of such advanced technology-based pacemakers can drive the market growth.
High cost of pacemaker devices can hamper the market growth
One of the key challenges faced by the global cardiac pacemaker market is high cost of these medical devices. Standard pacemaker implantation surgery and the device itself involves significant financial expenses that are not affordable by many people in developing and underdeveloped regions. The high cost makes pacemaker therapy inaccessible to a large section of the target population, especially those residing in low- and middle-income countries. This price sensitivity poses a major barrier to the market's growth potential in price-sensitive areas.
Reimbursement issues associated with pacemaker procedures hampers the market growth
Lack of comprehensive health insurance and inadequate reimbursement policies can hamper the cardiac pacemaker market growth. The high out-of-pocket expenses associated with non-reimbursed pacemaker treatment discourage consumers from seeking necessary medical care. This reimbursement-related uncertainty continues to negatively impact the market growth.
Growing geriatric population in developing nations offers significant opportunities
One of the key opportunities for the global cardiac pacemaker market is rising geriatric demographic in developing regions. It is estimated that by 2050, nearly 80% of world's elderly population will reside in low- and middle-income countries. Since advancing age is a major risk factor for cardiac arrhythmias, the surging aging trend will spike the pacemaker demand from Asia, Africa and Latin America in the coming years. Manufacturers can capitalize on this opportunity by expanding their presence in emerging markets and developing low-cost pacemaker solutions.
Adoption of MRI-conditional pacemakers can drive the market growth
Greater patient preference for magnetic resonance imaging (MRI) scans is brining pacemaker innovations to the forefront. Traditionally, patients needed with pacemakers had to avoid MRI due to risks of device malfunction and safety issues. However, the development of MRI-conditional pacemakers solve this limitation. With favorable regulatory approvals, the adoption of MRI-compatible pacemakers will witness strong growth trends post 2020. This promising technology presents new avenues for cardiac rhythm management companies in the global market.
*Link: https://www.coherentmarketinsights.com/market-insight/cardiac-pacemaker-market-1765
Key Development
- In July 2023, Abbott, a medical device company, announced that the U.S. Food and Drug Administration (FDA) had approved the AVEIR dual chamber (DR) leadless pacemaker system, the world's first dual chamber leadless pacing system that treats people with abnormal or slow heart rhythms. Leadless pacemakers provide a new minimally invasive option that will revolutionize care for more people in the U.S. who need pacing to treat a variety of slow or abnormal heart rhythms
- In July 2022, Abbott, a medical device company, announced that its investigational Aveir dual-chamber leadless pacemaker represents a significant technological milestone for leadless pacing technology and is the first to occur around the world within the pivotal trial
- In June 2021, Medtronic, a medical device company, announced the launch of Micra A, a miniaturized, fully self-contained pacemaker that delivers advanced pacing technology to Atrioventricular (AV) block patients through a minimally invasive approach
Key Players: Medtronic, Boston Scientific Corporation, Abbott, BIOTRONIK SE & Co. KG, Pacetronix , Lepu Medical Technology(Beijing)Co., Ltd., LIVANOVA PLC, OSCOR Inc., MEDICO S.R.L., MicroPort Scientific Corporation, OSYPKA MEDICAL, Vitatron Holding B.V.