How Technological Improvements are Transforming Pacemaker Industry
The global Pacemaker Market is growing and expected to reach USD 7.4 billion by 2032, with a revenue CAGR of 4% during the forecast period. The major driving factors of this growth are a rise in the incidence of cardiovascular disorders, an increase in the elderly population, and technological improvements. As per the World Health Organization, cardiovascular diseases are the leading cause of mortality globally, and their incidence is on the rise. Accordingly, there has been a significant increase in the number of procedures to implant pacemakers, leading to a surge in demand for pacemakers.
The elderly population is more prone to cardiovascular conditions, which is why their increasing numbers will fuel the growth of the pacemaker market during the forecast period. According to the United Nations, the number of elderly people globally is expected to reach 1.5 billion by 2050, with developed countries experiencing the highest growth rates. Technological advancements in pacemakers, such as leadless pacemakers, automatic heart rate correction, and remote monitoring, have also contributed to their increased adoption. For instance, the Azure Pacemaker introduced by Medtronic in June 2021 has BlueSync technology for remote monitoring and specialized care, which has improved patient outcomes and quality of life.
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Attractive reimbursement policies and rising healthcare costs are also factors that are driving the demand for pacemakers. Governments in many countries are implementing measures to ensure that their populations have access to high-quality healthcare, thereby driving the revenue growth of the pacemaker market.
However, there are also some factors that might hinder the growth of the market, such as the high cost of pacemakers and the risks associated with implantable devices. The high price of pacemakers prevents them from being widely used in developing countries where access to high-quality healthcare is still a challenge. Additionally, implantable pacemakers have a risk of infection and equipment failure, which can lead to serious complications.
The global pacemaker market is segmented based on product type and technology. The implantable and external pacemakers are the two segments based on product type, where implantable pacemakers are expected to account for the largest revenue share during the forecast period. This is because implantable pacemakers provide numerous advantages over external pacemakers, such as being smaller, lasting longer, and avoiding the need for external wires. The development of wireless pacemakers that do not use wires is expected to drive the revenue growth of the implantable pacemaker segment due to the ability to wirelessly recharge and transmit information about the patient's heart rate and rhythm to healthcare professionals. External pacemakers, on the other hand, are expected to register a faster revenue growth rate during the forecast period.
The technology segment of the pacemaker market includes single chamber, dual chamber, and biventricular pacemakers. Single chamber pacemakers are expected to account for the largest revenue share during the forecast period as they are the most popular type of pacemaker technology. Dual chamber pacemakers are expected to register a rapid revenue growth rate during the forecast period, and biventricular pacemakers are expected to grow at a steady rate.
In conclusion, the pacemaker market is growing, driven by several factors such as the rising incidence of cardiovascular disorders, an increase in the elderly population, and technological advancements. However, the high cost of pacemakers and risks associated with implantable devices might hinder the growth of the market. The market is segmented based on product type and technology, where implantable pacemakers are expected to account for the largest revenue share during the forecast period.
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Key Players Operating in Pacemaker Market
- Abbott Laboratories
- Boston Scientific Corporation
- Medtronic plc
- LivaNova PLC
- Biotronik SE & Co. KG
- Osypka AG
- Pacetronix Limited
- Zoll Medical Corporation
- BIOTRONIK SE & Co. KG
- Shree Pacetronix Ltd.
The global Pacemaker Market has been segmented as follows:
Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Implantable
- External
Technology Outlook (Revenue, USD Billion; 2019-2032)
- Single Chamber
- Dual Chamber
- Biventricular
End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Hospitals
- Cardiac Centers
- Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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