Yahoo Finance Cardiac Pacemaker Market is likely to reach a landmark of USD 6.78 Billion by 2030 with a stable CAGR of 3.68%. Let’s take a quick look at the pivotal statics provided below.
The team of healthcare experts at Strategic Market Research have deciphered that the Market for Cardiac Pacemaker was worth USD 4.73 billion in 2020 & is likely to reach a substantial landmark of nearly USD 6.78 billion in 2030 with a stable CAGR of around 3.68%.
New York, United States, May 23, 2022 (GLOBE NEWSWIRE) -- A cardiac pacemaker is regarded as a medical device that helps in the generation of electrical impulses that are delivered by the electrodes to cause the chambers of the heart to contract, resulting in an adequate pumping of blood. By doing so, this device accurately regulates the functions of electrical conduction system of the heart. The continuous rise in the CVDs (Cardiovascular diseases), increase in cardiac surgeries, and the rise in awareness to undergo various heart surgery treatments worldwide are propelling the growth of the Cardiac Pacemaker Market throughout the anticipated time frame of 2020 to 2030. In terms of Product Outlook, the Implantable Cardiac Pacemakers segment led the market in 2020 with a share of around 63.75% of the entire market & based on region, North America showed its sheer dominance with a share of around 43.78%. However, the Asia-Pacific region showed the fastest rate of growth in the market with a robust CAGR value.
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The report published by Strategic Market Research on Cardiac Pacemaker Market is ramified based on:
Product Outlook
Implantable Cardiac Pacemakers
o Single Chamber
o Dual Chamber
o Biventricular Chamber
External pacemakers
Type
MRI Compatible Pacemakers
Conventional Pacemakers
Applications
Arrhythmias
o Heart Blockage
o Long QT Syndrome
o Atrial Fibrillation
Congestive Cardiac Failure
Others
End-User
ASCs (Ambulatory Surgical Centers)
Hospitals & Cardiac Centers
Others
Regions:
North America
· USA
· Mexico
· Canada
· Rest of North America
Europe
· Germany
· France
· Russia
· Switzerland
· U.K
· Finland
· Turkey
· Netherlands
· Belgium
· Spain
· Italy
· Rest of Europe
Asia Pacific
· China
· India
· Indonesia
· Thailand
· Japan
· South Korea
· Singapore
· Malaysia
· Philippines
· Australia
· New Zealand
· Rest of APAC
LAMEA
· Brazil
· Saudi Arabia
· Uruguay
· Argentina
· Rest of LAMEA
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Key factors enhancing the Market Growth:
The continuous rising prevalence of CVDs (cardiovascular diseases) is one of the most prominent factors that is accelerating the overall growth rate of the market worldwide. The AHA (American Heart Association) have delineated that the CVDs have caused around 868,662 fatalities in 2017. In 2018, in the United States, CHD (coronary heart disease) was regarded as one of the primary causes of death (around 42.1%), followed by stroke (nearly 17.0%), high BP (around 11.0%), Cardiac failure (close to 9.6%), arterial diseases (nearly 2.9%), & other CVDs (around 17.4%).
Moreover, the American Heart Association have also reported that nearly 82.6 million people in the U.S are currently suffering from one or more forms of cardiovascular disease (CVD), thus making it one of the leading causes of death for both men and women across the globe.
Due to the continuous surge in the number of CVDs, the governments worldwide have raised their funding for Cardiac Disease Management (such as cardiac resynchronization therapy, cardiac surgeries, etc.) which is fuelling the overall market growth to a great extent. The Lifespan Health System have asserted that in the USA, approximately 500k open-heart surgeries are conducted per year, such as coronary artery bypass & several other critical aortic surgeries. Also, in accordance with a new study, in the United States, more than 900,000 total cardiac surgeries are performed each year.
Moreover, the introduction of different types of pacemakers such as iPhone 12 pacemaker, acid pacemaker, Micra leadless pacemaker, and single chamber pacemaker, etc., are augmenting the market growth significantly.
In terms of Product Outlook, the ‘Implantable Cardiac Pacemakers’ dominated the market comprehensively.
By Product Outlook, the market is fragmented into Implantable Cardiac Pacemakers (Single Chamber, Dual Chamber, and Biventricular Chamber) & External pacemakers. The ‘Implantable Cardiac Pacemakers’ segment led the market with an overall share of almost 63.75% in 2020. The increase in the adoption of these sorts of devices for the treatment of cardiac failure, arrhythmias, as well as the ongoing clinical trial processes, are the pivotal factors that are fostering the overall growth of this segment. The World Heart Federation has stated that because of the growth of the ageing population and rise in the cardiovascular risk factors, the prevalence of cardiac failure has increased globally to an approximate value of 26 million, along with the additional number of undiagnosed cases worldwide.
By Type, the Conventional Pacemakers segment dominated the Market Growth in 2020
By Type, the market has been bifurcated into Conventional Pacemakers and MRI Compatible Pacemakers. The ' Conventional Pacemakers ' held the largest market share of around 52.37%. The continuous technological upgrades and their cost-effectiveness are the major factors that are driving the segment growth.
On the other hand, the ‘MRI Compatible Pacemakers’ segment held the fastest rate of growth from 2020-to 2030. In 2018, Mayo Foundation for Medical Education and Research asserted that around 78.36% of the patients having an implantable pacemaker required an MRI in due course of time.
By Applications, the ‘Arrhythmias’ segment held the highest market share.
On the basis of Applications, the market has been broadly divided into Arrhythmias (Heart Blockage, Long QT Syndrome, & Atrial Fibrillation), Congestive Cardiac Failure, and Others. The 'Arrhythmias' held the largest proportion of the market share at approximately 39.21 % in 2020. The notable factors that are propelling this segment’s growth are obesity, smoking, excessive alcohol consumption, & other lifestyle disorders. As per the NIH (National Institute on Alcohol Abuse and Alcoholism), around 95k people (approximately 68k men & 27k women) die due to alcohol-related causes annually, thus making alcohol consumption the third-leading cause of death in the USA.
By End-User, the ‘Hospitals & Cardiac Centres’ dominated the market significantly in 2020 with the highest revenue share.
In terms of End-User, the market has been segregated into ASCs (Ambulatory Surgical Centers), Hospitals & Cardiac Centers, & Others. The ' Hospitals & Cardiac Centres dominated the market with a share of around 62.37% during the estimated time frame. The increase in the number of cardiac patient admissions & excellent reimbursement facilities during the surgeries are some of the pivotal factors that are enhancing this segment’s growth. The AHA (American Heart Association) has declared that the total number of cardiac patients in the hospitals is likely to rise by 23.6 Million in 2030.
North America continued to dominate the Cardiac Pacemaker market:-
Based on Region, North America was regarded as the largest market in 2020, with nearly 43.78% throughout the estimated period. With a continuous rise of the geriatric population having coronary heart diseases, rapid technological advancements like the advent of MRI compatible pacemakers, Bluetooth enabled pacemakers, etc. & the improvised regulatory approvals are stimulating the market growth of this region. The CDC has elucidated that in the USA, Coronary heart disease is regarded as the one of the most common type of heart disease that killed around 360,900 people in 2019. On the other hand, about 2 out of 10 deaths due to CAD (Coronary artery disease) occur in adults who are less than 65 years old.
On the other hand, the Asia Pacific region comprehensively held the fastest rate of growth during the time frame of (2020-2030) with a robust CAGR. The rise of government funding in the healthcare sector, especially for the improvisation of cardiac diagnosis & treatment in countries like Japan, India, and China, is accelerating the growth of this segment widely.
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Some of the most prominent players prevailing in the Cardiac Pacemaker Market worldwide are:
Medtronic
Zoll Medical Corporation
Boston Scientific Corporation
MicroPort Scientific Corporation
Cook Medical
Osypka Medical GmbH
MEDICO SpA
Pacetronix, Oscor Inc
Lepu Medical
LivaNova
Pacetronix
BIOTRONIK, etc.
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Recent Developments:
On March 21st 2022, ZOLL Medical Corporation successfully launched their Next Generation MCT Solution for the improvisation of various Patient Management Decisions in the largest ever MCT Trial conducted across the globe. The ZOLL AMS MCT (Arrhythmia Management System mobile cardiac telemetry solution) added some of the most upgraded biometric data with that of the traditional ones that would help the physicians to make more informed treatment plans in cardiac surgeries.
On January 14th 2022, MicroPort CRM received an FDA Approval in Japan for the launching of its Alizea Bluetooth Pacemaker. The Alizea pacemakers allow the cardiologists to monitor the devices remotely. On the other hand, the SmartView Connect home monitor is placed beside the patient’s bed for the purpose of regular transmission of the detailed reports to the cardiologist regarding the functioning of the pacing system, thus reducing the need for the patients to visit the hospital for simple routine examinations. Alizea pacemakers & the SmartView Connect home monitor work collaboratively and provide the cardiologist with timely alerts & transmissions that are triggered by patients thus enabling faster & efficient patient care.
On January 10th 2022, Medtronic announced that it had received the FDA approval for launching its Micra AV Transcatheter Pacing System in Japan. Micra AV possesses a lot of additional algorithms which detect cardiac movements’ accurately. This allows the device to adjust the ventricle vibes for coordination with the atrium, thereby providing "AV synchronous" pacing therapy to the patients suffering from AV blockage.
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