A pacemaker is a medical device used when the heart is unable to
produce electrical impulses naturally. When the heart’s natural
pacemaker is defective or when the electrical pathways of the heart are
blocked, it can cause irregular heartbeats, as known as arrhythmias. A
pacemaker uses electrical pulses to prompt the heart to beat at a normal
rate to treat arrhythmias.
According to research report the cardiac pacemakers market is projected to reach USD 4.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 2.0% during the forecast period.
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North America is projected to account for the largest market size in the cardiac pacemakers market during the forecast period.
North
America is estimated to account for the largest share of the market in
2018. Factors such as the rising prevalence of CVDs, growing geriatric
population, increasing healthcare expenditure, and the availability of
technologically advanced devices are driving the growth of the cardiac
pacemakers market in North America.
The MRI compatible pacemakers
segment, by livestock, is projected to occupy the majority of the
pacemaker market share and grow at the fastest rate during the forecast
period.
The MRI compatible pacemakers segment is projected to be
the fastest-growing segment, by type, during the forecast period. This
can be attributed to the growing number of patients with implanted
pacemakers and the increasing need for MRI scans in the geriatric
population, as patients in this age group are more likely to have
cardiac devices such as pacemakers.
The implantable pacemakers
segment, by implantability, projected to occupy the majority of the
market share and grow at the fastest rate during the forecast period.
The
implantable pacemakers segment is projected to be the fastest-growing
segment, by implantability, during the forecast period. The large share
of the implantable pacemakers segment is primarily attributed to the
increasing prevalence of CVDs and the rising preference for these
pacemakers due to their benefits over their external counterparts.
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Major vendors in the cardiac pacemakers market
include Medtronic (Ireland), Abbott (US), and Boston Scientific (US),
BIOTRONIK (Germany), LivaNova (UK), OSCOR (US), Pacetronix (India),
MEDICO (Italy), Osypka Medical (Germany), and Lepu Medical (China).