Pacemakers Market Analysis

Pacemakers Market Analysis

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Based on product, the market is segmented as implantable pacemakers and external pacemakers. Implantable pacemakers segment was valued at USD 5.7 billion and is projected to expand at a CAGR of 4.6% during the forecast period to reach a market value of USD 8.5 billion by 2032.
 

• In addition, around 85% of implantable pacemakers are used as compared to 15% of external pacemakers. Moreover, implantable pacemakers are programmable, which means that healthcare providers can adjust the device's settings to meet the specific needs of each patient. This customization allows for precise control of heart rate and rhythm, ensuring that the device responds appropriately to changes in the patient's condition over time. Modern implantable pacemakers are designed to be durable and have a relatively long lifespan.
   
• Furthermore, many implantable pacemakers come equipped with advanced monitoring features. These devices can record and store data on the patient's heart rhythm and pacing activity, allowing healthcare providers to closely track the patient's cardiac condition and make informed adjustments to their treatment plan.
   

Based on technology, the pacemakers market is segmented as single-chamber pacemakers, dual-chamber pacemakers, and biventricular/CRT pacemakers. The Dual-chamber pacemakers segment garnered around USD 4.8 billion in revenue in 2023.
 

• Increase in number of people suffering from atrioventricular block will get benefited from the use of dual-chamber pacemaker device. The device has two leads that are placed in the right atrium and right ventricle. After detecting slow heart rate, these leads function synchronously to mimic the actual physiological function of atrium and ventricle.
   
• By regulating the timing of atrial and ventricular contractions, a dual-chamber pacemaker optimizes blood flow and cardiac output, potentially leading to better oxygenation of the body's tissues and organs.
   

Based on application, the pacemakers market is segmented as bradycardia, congestive heart failure, arrhythmias, tachycardia, and other applications. Application of pacemakers in arrythmias was valued at USD 1.1 billion in 2023.  This is primarily attributable to the growing incidence rate of recurrent arrhythmia due to factors such as sedentary lifestyle disorders and increasing incidence of heart attacks across the globe.
 

• For instance, as per the Lancet study, in 2021, atrial fibrillation (AF) was the most frequent cardiac arrhythmia worldwide, with 37.6 million cases and an attributable 287,200 deaths in 2017. Moreover, the worldwide prevalence of atrial fibrillation has increased by 33% during the last 20 years, placing a huge burden across the globe.
   

Based on end-use, the pacemakers market is segmented into hospitals & clinics, cardiac care centers, ambulatory, surgical centers, and other end-users. The hospitals & clinics segment is projected to reach more than USD 4.9 billion by 2032. The soaring use of pacemakers in hospital settings delivering rapid and reliable outcomes is estimated to surge the patient preference for these healthcare facilities.
 

• The availability of a broad spectrum of pacemakers for maintaining and regulating cardiac rhythm with proven accuracy is set to drive product preference in hospitals & clinics. Growing admissions with cardiac ailments and growing disease screening initiatives along with the accessibility to board-certified healthcare professionals are some other variables that are augmenting the segment growth positively.
   
• Furthermore, the rising disease burden in developed economies with enhanced healthcare infrastructure is projected to stimulate the diagnosis & treatment rate at hospitals.
   

The U.S. dominated the North American pacemakers market is anticipated to expand at a notable pace to reach more than USD 3.1 billion by 2032.
 

• This significant industry share is attributed to several factors such as the presence of major industry players, an upsurge in the demand for cardiovascular devices, rise in the prevalence of cardiovascular conditions, and the growing number of hospital admissions across the country among others.
   
• The rising prevalence of adverse events is anticipated to upsurge the adoption rate for better CVD management including the use of pacemakers and cardiac arrhythmia monitoring devices.