Cardiac Pacemaker Market Opportunity will Rise to US$ 12.5 Bn by 2023
Global Cardiac Pacemaker Market: Snapshot
By 2030, nearly 20% of the total U.S. population is expected to be made up of geriatrics, according to the U.S. Census Board. This is a huge growth in the number of elderly citizens in this country, and similar cases are being witnessed in most developed economies and a few developing ones as well. This rise in the geriatric population is expected to be the greatest driver for a lot of healthcare industry segments, including the market of cardiac pacemakers.
At the same time, the number of patients with heart complications is increasing significantly due to inculcation of modern lifestyles that can lead to obesity and high stress. Both factors are primarily responsible for the increasing demand for cardiac pacemakers among those younger than 65 years.
However, manufacturers of cardiac pacemakers also have to face problems such as the complex and time consuming approval procedure for sales of cardiac pacemakers due to their high risk nature of use. Additionally, players also have to significantly reduce their profit margins due to the implementation of policies such as the Affordable Healthcare Act in the U.S.
As a result of the given factors, the global revenue generated from cardiac pacemakers is expected to reach US$12.8 bn by the end of 2023, according to Transparency Market Research. In terms of volume, the total number of cardiac pacemakers consumed globally will cross 2.4 mn units.
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Asia Pacific Shows High Growth Scope in Cardiac Pacemaker Demand
Based on the current trends in cardiac pacemaker supply and demand chains, Asia Pacific is expected to show the fastest growth rate, ending up with a share in volume of 20.3% by the end of 2023. The key factors responsible for the growth in cardiac pacemaker sales in this region include the growth in awareness of modern pacemakers and the increasing number of heart disease patients across the region.
Europe, however, is expected to retain its leading position for the number of cardiac pacemakers consumed. This region is expected to hold a volume share of 51.1% in 2023 due to a high percentage of the elderly and other heart disease patients. In terms of revenue, North America leads the global market for cardiac pacemakers.
Implantable Pacemakers Most Preferred Type Globally
Almost all of the cardiac pacemakers used in the world today are implantable as there are very few cases where external cardiac pacemakers would be required. Most patients with heart problems require implantable pacemakers. This segment is also expected to show the fastest growth rate for the coming few years due to a high global demand for advanced implantable cardiac pacemakers. The total revenue generated through implantable cardiac pacemakers is expected to reach US$12.5 bn by the end of 2023.
Most of the heart problem indicators point to the need for a permanent pacemaker. These include a complete atrio-ventricular blockage, symptomatic sinus bradycardia, and sick sinus syndrome. Sick sinus syndrome is additionally the most common illness faced by European patients in need of cardiac pacemakers.
The key companies in the cardiac pacemakers market include Medtronic, St. Jude Medical, Boston Scientific, Biotronik, and Sorin. A very small share of the cardiac pacemakers market is taken up by regional players, as the above leader constitute most of the global supply currently.
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