The cardiac pacemaker market has become an integral part of cardiac healthcare over the past few decades. Cardiac pacemakers help in regulating the heartbeat of patients suffering from abnormal heart rhythms called arrhythmias, through electrical pulses generated by the device. These devices contain a battery-powered pulse generator and electrode wires that connect it to the heart. The pulse generator monitors the heart's natural rhythm and determines if it is beating too slowly or irregularly. If an abnormal rhythm is detected, the pacemaker sends out brief electrical pulses to prompt the heart chambers to contract and pump blood through the body. Cardiac pacemakers are improving the quality of life for millions of people worldwide and reducing healthcare costs associated with cardiac diseases.
The global cardiac pacemaker market is estimated to be valued at US$ 4,547.8 Mn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period from 2023 to 2030.
Key Takeaways
Key players operating in the cardiac pacemaker market are Medtronic, Boston Scientific Corporation, Abbott, BIOTRONIK SE & Co. KG, Pacetronix, Lepu Medical Technology(Beijing)Co., Ltd., LIVANOVA PLC, MEDICO S.R.L., OSCOR Inc., MicroPort Scientific Corporation, OSYPKA MEDICAL, and Vitatron Holding B.V.
The growing incidence of cardiac diseases such as arrhythmias, heart failure, and cardiovascular diseases is expected to propel market growth over the forecast period. Rising healthcare costs associated with complex cardiac therapies have augmented the demand for cardiac pacemakers globally.
In addition, leading market players are expanding globally with a focus on emerging economies in regions such as Asia Pacific, Latin America, and the Middle East & Africa. This is expected to boost the overall market revenue during the forecast period.
Market key trends
One of the key trends gaining traction in the cardiac pacemaker market is the growing preference for MRI-conditional pacemakers. These devices are engineered to minimize the risks associated with MRI scans in pacemaker patients. Manufacturers are focusing on developing MRI-conditional pacing systems that are compatible with 1.5 Tesla and 3.0 Tesla MRI scanners. This allows patients with pacemakers to safely undergo MRI scans which can help in early detection and diagnosis of other health issues. The introduction of such innovative technologies is expected to drive the future growth of the global cardiac pacemaker market.
Porter’s Analysis
Threat of new entrants: Low barriers for entry in terms of capital requirements however established players have strong brand reputation and distribution network.
Bargaining power of buyers: Buyers have moderate to high bargaining power as there are many established manufacturers supplying similar products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw material inputs are commodity and requirements can be sourced from multiple suppliers.
Threat of new substitutes: Threat is low as pacemakers have limited substitutes however implantable cardioverter defibrillators are alternative for some cardiac conditions.
Competitive rivalry: High as market is dominated by few large multinational players and regional mid-sized players compete on product quality, innovation and service.
Geographical Regions
North America dominates the cardiac pacemaker market in terms of value holding around half of total market share. This is attributed to high prevalence of cardiovascular diseases, increasing geriatric population and strong reimbursement structure.
Asia Pacific is the fastest growing region for cardiac pacemaker market driven by large patient pools, rising healthcare expenditure, growing medical tourism and increase in lifestyle-related diseases. Countries like China and India offer immense growth opportunities.
Europe is the second largest market for cardiac pacemakers due to supportive government initiatives, availability of advanced healthcare facilities and higher acceptability of implantable devices.
On the basis of value, the cardiac pacemaker market is concentrated in United States, Germany, France, United Kingdom, Italy, China and Japan. These countries collectively account for over 75% of global market share.
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