cardiac pacemakers Market Size 2023

The global market for cardiac pacemakers was valued at USD 4,046.9 Mn in 2023. By 2033, it is expected to reach USD 5,199.7 Mn. CAGR 3.0%

NEW YORK CITY, NEW YORK, UNITED STATES, January 10, 2023 /EINPresswire.com/ -- Market.us Market Research has released its latest report on the global cardiac pacemakers market for 2017-2018 and 2023-2033. It states that an increase in cardiovascular diseases and an increasing number of elderly people are expected to drive the market.

The global market for cardiac pacemakers was valued at USD 4,046.9 Mn in 2023. By 2033, it is expected to reach USD 5,199.7 Mn. CAGR 3.0% over the forecast period (2023-2033).

An implantable electronic device called a pacemaker can be used to regulate and monitor the heartbeat of patients using small electrical stimulation. The pacemaker's use time depends on the need of the heart. This is combined with the fact that pacemakers play an important role in monitoring and analyzing the patient’s heartbeat. They also provide physiologic heart rate information and diagnostic information about a condition.

Cardiac Resynchronization Therapy Device Pacemakers will see significant growth in the future. Cardiac Resynchronization Therapy Device Pacemaker Pacemaker, (CRT–P) is an advanced type of pacemaker that offers certain additional benefits like sensing heartbeat and delivering shocks in precise timing. Additionally, CRT-P devices have the primary purpose of reducing the risk of developing heart failure in the near future. CRT-P is gaining popularity due to its proven efficiency and added benefits in treating heart rhythm disorders.

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Global cardiac pacemaker markets are expected to expand due to the favorable reimbursement policies of governments around the globe. The global cardiac pacemaker market segmentation also includes single-chamber pacemakers as well as dual-chamber rate makers. An estimated 71.2% market share of global cardiac pacemaker markets was held by dual-chamber pacemakers.

Key Market Segments
Type

Implantable Pacemakers, External Pacemakers

Application

Heart Block, Sick Sinus Syndrome, Diagnosing Heart Diseases

Key Market Players included in the report:

Medtronic, Biotronik, Boston Scientific, St.Jude Medical, Shree Pacetronix, Oscor, Galix Biomedical Instrumentation, Osypka Medical, Sorin Group, Abbott, Braile Biomedica, Cook Medical Inc., CCC Medical Devices, Pacetronix, Cardioelectronica

Key Market Drivers

Medtronic and Boston Scientific Corporation Will Account for More than Half of the Market Share In Terms of Revenue Medtronic is a large player in the global market for cardiac pacemakers. It is expected that the company will maintain its position as the market leader for the forecast period due to its extensive product portfolio, the introduction of innovative and advanced products, and strong brand presence. Boston Scientific Corporation and this company hold more than half the global cardiac pacemaker market share in terms of revenue. Others that are active in the global cardiac pacemaker marketplace include Abbott, LivaNova PLC (MicroPort), BIOTRONIK, BioPort, and MicroPort.

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Cardiac pacemakers are used widely to treat irregular heartbeats or too slow. The pacemakers typically have two components. One is the lead, which transmits electrical impulses to regulate heartbeat rhythm, and another part, which controls and stores information. By 2033, the market for cardiac pacemakers will have a huge opportunity to grow due to increasing cardiac conditions.

The report gives qualitative and quantitative insights into industry trends for cardiac pacemakers. It also provides a detailed analysis of the market size and growth rate of all segments. The market is divided by product, region, and end-user.

The Key Industry Developments

Medtronic, Inc. received FDA approval in November 2015 for a new mobile application that allows patients to transfer data from their pacemakers to their physicians.

Sorin Group launched REPLY-CRT-P on the Europe market in July 2015. This device, which was launched in July 2015, is equipped with sleep monitoring and physiologic response. It has the potential to help manage heart failure.

Abbott received FDA approval in February 2017 for their Assurity MRI pacemaker. The new pacemakers are compatible with MRI examinations.

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