Cardiac Pacemaker Devices Market: Meticulous Research® Reveals Why This Market is Growing at a CAGR of 3.1% to Reach $4.34 Billion by 2028

Cardiac Pacemaker Devices Market: Meticulous Research® Reveals Why This Market is Growing at a CAGR of 3.1% to Reach $4.34 Billion by 2028

“Cardiac Pacemaker Devices Market is expected to reach $4.34 billion by 2028, at a CAGR of 3.1% during the forecast period of 2021 to 2028.”
Cardiac Pacemaker Devices Market by Product (Cardiac Pacemaker, Implantable Pacemakers, [Dual Chamber, CRT Pacemaker], External Pacemaker, Pacing Leads), Indication (Arrhythmia, CHF), End User (Hospital & Clinics, Ambulatory Care Centers) – Forecast to 2028

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 Pacemakers
    • Implantable Pacemakers
      • Single-chamber Pacemakers
      • Dual-chamber Pacemakers
      • Biventricular Pacemakers
    • External Pacemakers
  • Pacing Leads
  • Pacing Analyzers

Cardiac Pacemaker Devices Market, by Indication

  • Arrhythmias
  • Congestive Heart Failure
  • Other Indications
    (Other indications comprise cardiac diagnostics & monitoring, cardiac mapping, hypertrophic cardiomyopathy, and sinus node diseases.)

Cardiac Pacemaker Devices Market, by End User

  • Hospitals and Clinics
  • Ambulatory Surgery Centers
  • Other End Users
    (Other end users comprise cardiac care centers and medical institutes.)

Cardiac Pacemaker Devices Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of APAC (RoAPAC)
  • Latin America
  • Middle East & Africa

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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-

  • Which are the high growth market segments in terms of product, indication, end user, and regions/countries?
  • What was the historical market for cardiac pacemaker devices across the globe?
  • What are the market forecasts and estimates for the period 2021-2028?
  • What are the major drivers, restraints, challenges, opportunities, and trends in the cardiac pacemaker devices market?
  • Who are the major players in the cardiac pacemaker devices market?
  • How is the competitive landscape and who are the market leaders in the cardiac pacemaker devices market?
  • What are the recent developments in the cardiac pacemaker devices market?
  • What are the different strategies adopted by the major players in the cardiac pacemaker devices market?
  • What are the geographical trends and high growth regions/ countries?

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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