The global cardiac pacemaker market is expected to grow at a CAGR of over 2 percent during the period 2019-2025, states Research and Markets. The growing prevalence of abnormal cardiac rhythm disorders, coupled with the increasing elderly population, which is prone to cardiac arrhythmias, is expected to drive the global cardiac pacemaker market.
Advancements in technology and engineering provide clinicians innovative ways to care for the aging population. Cardiac pacing, particularly, has witnessed a series of game-changing technologies in the past several years spurred by low-power electronics, high-density batteries, and innovative software designs. Such innovations are expected to drive the cardiac pacemaker market.
The global cardiac pacemaker market is witnessing rapid technological advancements and significantly affected by new product launches. All the companies that primarily derive revenue from cardiac pacemakers are expected to grow at a positive rate. Multiple product launches and diversified product portfolio is likely to fuel their growth in recent years.
The global cardiac pacemaker market is likely to post an incremental growth of over USD 500 million by 2025. North America dominates the global market with over 30 percent revenue share, is expected to continue its dominance position during 2019-2025. APAC is expected to grow at a faster rate, with a CAGR of over 4 percent during the period 2019-2025.
The MRI-conditional segment accounted for over 50 percent of market revenue share in 2019 and is expected to grow at a faster rate in the near future as several pieces of research have confirmed that over 70 percent of patients implanted with pacemakers require MRI scan during their lifespan. Many public organizations recommend implanting MRI-conditional ones to minimize the risk associated with MRI scans. Moreover, several public and private insurance companies offer reimbursement coverage for MRI scans for patients implanted with MRI-conditional devices, which increase affordability thereby driving the market. Advancements in technology are influencing the market positively as traditional pacemakers are expected to malfunction, thus leading to complications. Hence, the increased complications related to traditional devices are likely to decrease the share of this equipment.
Dual-chamber technology is accounted for the major share. This type of technology is likely to continue its dominance with the increasing number of patients with abnormal heart rhythm defects. These models are highly efficient in treating cardiac arrhythmias. Besides, the number of vendors offering such pacemakers is growing as many patients prefer this type. Biventricular cardiac pacemakers/CRT-P is growing at a rapid pace as these devices minimize heart failure chances and efficiently treat rhythm disorders. All these advantages, along with increased public and private reimbursement coverage, are expected to boost the segment.
Implantable pacemakers are growing at a rapid pace with the increase in the geriatric population and the rise in arrhythmia and abnormal cardiovascular disorder prevalence rates. Advancements in technology, including the introduction of leadless, MRI-compatible, and other remote monitoring pacemaker devices have fueled the demand for implantable ones, and the segment is expected to contribute significantly to the market. External pacemakers are expected to grow at a steady pace due to the increased number of patients opting for temporary cardiac devices.
The global cardiac pacemaker market is highly competitive and characterized by the presence of vendors offering a wide range of advanced and innovative cardiac pacemakers. Going forward, R&D activities is expected to become crucial for companies to maintain revenue growth in the coming years. Global players with their huge infrastructure, marketing strategies, distribution network, and R&D support are likely to expanding their footprint in the market. Thus, small and emerging vendors find it increasingly difficult to compete with them in terms of innovation, brand image, technology, and price.