According to this latest publication from Meticulous Research®, the cardiac pacemaker devices market is expected to reach $4.34 billion by 2028, at a CAGR of 3.1% during the forecast period. Some of the major factors driving the growth of the market include the rising geriatric population; rise in obesity, sedentary lifestyle, & excessive consumption of alcohol; increasing burden of cardiovascular diseases; and technological advancements. In addition, the availability of favorable reimbursement scenarios in the U.S. and U.K. serves as a significant growth opportunity for the growth of this market. However, an increase in reported cases of cardiac pacemaker malfunctioning & related product recalls restricts the growth of the market to some extent.
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Cardiac Pacemaker Devices Market: Future Outlook
The cardiac pacemaker devices market study presents historical market data in terms of values (2019 and 2020), estimated current data (2021), and forecasts for 2028, by product (cardiac pacemakers [implantable pacemakers {single, dual, biventricular}, external pacemaker], pacing leads, pacing analyzers), indication (arrhythmias, congestive heart failure, other indications), end user (hospital & clinics, ambulatory surgery centers, and other end users). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on product, the cardiac pacemakers segment is expected to account for the largest share of the cardiac pacemaker devices market in 2021. The large share of this segment is mainly attributed to the rising adoption of cardiac pacemakers for the prevention & better management of sudden cardiac arrest in high-risk patients and favorable reimbursement scenarios. In addition, the increasing incidence of cardiovascular disorders with the rising geriatric population, obesity, sedentary lifestyle, unhealthy food, and rising demand for innovative products with technological advancements will further drive the growth of the cardiac pacemaker devices market.
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Based on indication, the arrhythmia segment is expected to grow at the fastest CAGR during the forecast period. Factors such as the increasing prevalence of cardiac arrhythmia due to disease causing lifestyle, excessive alcohol consumption & smoking, and rising prevalence of obesity are responsible for the growth of this segment during the forecast period.
Based on end user, the cardiac pacemaker devices market is segmented into hospitals & clinics, ambulatory surgery centers, and other end users, which comprises cardiac care centers and medical institutes. In 2021, the hospitals & clinics segment is expected to account for the largest share. Factors attributing towards the growth of this segment include a large pool of patients with cardiovascular diseases visiting the hospitals for diagnosis & treatment and availability of better healthcare facilities in hospitals along with their wide presence and easy accessibility.
Geographic Review :
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. North America is expected to account for the largest share of the cardiac pacemaker devices market in 2021, followed by Europe and Asia-Pacific. Factors driving the North American market include the rise in geriatric population, sedentary lifestyle, excessive consumption of alcohol & caffeine, well-established healthcare system with high expenditure on healthcare, favorable reimbursement scenario for medical devices, and higher adoption of technically advanced medical devices.
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Key Players
The key players operating in the cardiac pacemaker devices market are Medtronic Public Limited Company (Ireland), Boston Scientific Corporation (U.S.), Biotronik SE & Co. KG (Germany), Abbott Laboratories (U.S.), MEDICO S.p.A. (Italy), Shree Pacetronix Ltd. (India), Lepu Medical Group (China), Osypka Medical GmbH (Germany), OSCOR Inc. (U.S.), and MicroPort Scientific Corporation (China), among others.
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