Population aging is occurring due to the broader social and economic changes taking place throughout the world. The decline in fertility, changes in patterns of marriage, cohabitation, and divorce, increased levels of education among younger generations and continued rural-to-urban and international migration, in tandem with rapid economic development, are reshaping the context in which older persons live, including the size and composition of their households and their living arrangements. Aging is associated with progressive deterioration in the structure and function of organs.
The risk of chronic and infectious diseases increases with age. According to the United Nations, there were 727 million persons aged 65 years or over in the world in 2020. The global population aged 65 years or over is expected to increase from 9.3% in 2020 to 16.0 % by 2050. Among the geriatric population, the chronic diseases prevalence rate is 64/1,000 persons. Thus, the rapidly rising elderly population across the globe is expected to increase the number of patients suffering from chronic cardiovascular diseases. This, in turn, will increase the demand & adoption of various cardiac rhythm management devices, including cardiac pacemakers devices.
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Meticulous Research®, in its latest publication on the Cardiac Pacemaker Devices Market, states that the global cardiac pacemaker devices market is expected to grow at a CAGR of ~3.1% from 2021 to 2028 to reach $4.34 billion by 2028.
The growth of the global cardiac pacemaker devices market is mainly attributed to the rising geriatric population; rise in obesity, sedentary lifestyle, & consumption of alcohol; increasing burden of cardiovascular diseases; and technological advancements such as miniaturization, complete magnetic resonance imaging (MRI) compatibility, wireless remote monitoring features, and innovative leadless pacemakers. Moreover, 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 pacemakers malfunctioning & related product recalls and shortage of skilled professionals hinder the market growth.
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Scope of the Report:
Cardiac Pacemaker Devices Market, by Product
Cardiac Pacemaker Devices Market, by Indication
Cardiac Pacemaker Devices Market, by End User
Cardiac Pacemaker Devices Market, by Geography
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To provide efficient analysis, Meticulous Research® has segmented this market by Product (Cardiac Pacemakers [Implantable Pacemakers {Single, Dual, Biventricular}, External Pacemaker], Pacing Leads, Pacing Analyzer), Indication (Arrhythmia, Congestive Heart Failure, Other Indications), End User (Hospital & Clinics, Ambulatory Surgery Centers, Other End Users), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Geographically, North America is expected to account for the largest share of the cardiac pacemaker devices market in 2021, closely followed by Europe and Asia-Pacific. However, Asia-Pacific is slated to register the highest growth during the forecast period primarily due to the rise in the population living with various chronic diseases due to rising urbanization, increasing burden of patients with hypertension and CVDs, and changing lifestyle. In addition, rising public & private spending for the development of proper healthcare infrastructure, rising focus of the key players to expand in emerging countries like China & India, and increasing affordability of the middle-class population in the region are also propelling the regional growth.
Based on type of implantable cardiac pacemakers, the dual-chamber pacemakers segment is expected to account for the largest share in 2021 due to the rising demand for these devices with increasing incidence of atrioventricular block and increasing incidence of pacemaker syndrome cases due to single-chamber cardiac pacemakers.
Based on end user, the ambulatory surgery centers segment is expected to show the highest growth during the forecast period. The rising preference for ambulatory surgery centers for pacemaker implantation & related procedures to avoid waiting time at hospitals and the need to reduce the cost associated with hospitalization is expected to drive the demand for cardiac pacemaker devices in these healthcare settings.
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Key Players:
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, including 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.
Key questions answered in the report-
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