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Cardiac Pacemakers are electronic devices that help regulate heart rhythms or contractions that may be too slow or irregular without the device. These devices are implanted into patients suffering from bradycardia, a condition where the heart cannot effectively pump blood to the rest of the body due to slow heartbeats. Patients suffering from heart block or congestive heart failure are often dependent on pacemakers. They help improve the quality of life for millions of patients globally. The rising prevalence of cardiovascular diseases coupled with increasing geriatric population has led to a rise in demand for pacemaker devices.
The global Cardiac Pacemaker Market is estimated to be valued at US$ 4.35 billion in 2023 and is expected to exhibit a CAGR of 3% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends driving the cardiac pacemaker market is the growing preference for MRI-safe pacemakers. Earlier, patients needing Magnetic Resonance Imaging (MRI) scans could not undergo the procedure if they had a pacemaker implanted due to risks of interference between the strong magnets used in MRI and the electrical components of pacemakers. However, development of MRI-compatible pacemakers by leading manufacturers now allows patients to safely undergo MRI scans. This has added an important safety benefit for pacemaker-dependent patients and also enhances quality of life. Furthermore, technological advancements allowing remote monitoring of pacemakers through smartphone connectivity is another trend gaining prevalence in the market. This allows real-time monitoring of device functioning and early detection of any issues without requiring hospital visits.
Porter’s Analysis
Threat of new entrants: The cardiac pacemaker market requires high R&D investments as well as approved certifications for entry, making the threat low.
Bargaining power of buyers: Individual buyers have low bargaining power whereas hospitals have some bargaining power based on their purchasing capacity.
Bargaining power of suppliers: A few large players dominate the supply side, giving them moderate bargaining power over OEMs.
Threat of new substitutes: There is a continuous development of newer technologies but pacemakers remain the standard treatment, keeping threat of substitutes low.
Competitive rivalry: The market is highly competitive with top players fighting for greater market share.
Key Takeaways
The global cardiac pacemaker market is expected to witness steady growth over the forecast period. Growth will be driven by the increasing incidence of cardiovascular diseases due to rapidly aging population and rising lifestyle diseases.
The North American region currently dominates the cardiac pacemaker market owing to robust healthcare infrastructure and widespread medical insurance. However, Asia Pacific is expected to witness highest growth led by countries such as China and India supported by rising healthcare spending as well as large patient base.
Key players operating in the cardiac pacemaker market are Medtronic, Boston Scientific Corporation, BIOTRONIK, St. Jude Medical, and Lepu Medical. These players are focused on new product launches as well as geographical expansion strategies to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
