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.
The development of implantable micro pacemakers for fetal use is further expected to propel the pacemakers market growth for liquid milk replacers. MarketsandMarkets expects the global pacemakers market to grow from USD 4.4 billion in 2018 to USD 4.9 billion by 2023, at a CAGR of 2% during the forecast period.
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The implanted pacemakers segment, by implantability, is projected to grow at the higher CAGR during the forecast period. These devices are often placed in the chest area, just under the collarbone, to send electrical signals to start or regulate the patient’s heartbeat. The increasing prevalence of CVDs and growing awareness on their long-term impacts, and introduction of MRI compatible & leadless, miniaturized implantable pacemakers are driving the preference for advanced treatment options such as MRI Compatible pacemakers.
The dual-chamber pacemakers segment, by technology, is projected to grow at the highest CAGR during the forecast period. A dual-chamber pacemaker has two leads and can be external or implantable. It connects to both chambers on the right side of the heart—the right atrium and the right ventricles—and can coordinate functions between the atria and ventricles. They are recommended for patients who have symptomatic bradycardia caused by sick sinus syndrome, atrioventricular block, or a combination of both. Due to the higher efficiency and cost-effectiveness of dual-chamber pacemakers in atrioventricular block or sick sinus syndrome over single-chamber which will impact their growth at a significant rate
The MRI compatible pacemakers segment, by type, is projected to grow at the highest CAGR during the forecast period. The development of MRI Compatible pacemakers is a major advancement in the pacemakers market. It is estimated that 75% of patients who currently have an implantable cardiac pacemaker will need MRI scans during their lifetimes. With a focus on catering to end-user demands, most prominent players in this pacemakers market have developed and launched technologically advanced MRI Compatible pacemakers in recent years. Factors such as 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 also more likely to have cardiac devices such as pacemakers.
The hospitals & cardiac centers segment, by end user, is projected to grow at the highest CAGR during the forecast period. Factors such as the large number of cardiovascular surgical procedures performed in hospitals, improving healthcare infrastructure, and favorable reimbursement scenario are driving the growth of the pacemakers market for hospitals & cardiac centers.
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In terms of geographical coverage, the pacemakers market has been segmented into 4 regions, namely, North America, Asia Pacific (APAC), Europe, RoW (Rest of the World). APAC is projected to record the highest growth rate during the forecast period. This can largely be attributed to the increasing prevalence of CVDs in these countries due to various factors such as increasing adoption of sedentary lifestyles, changing diets, increasing stress, and habitual smoking and drinking.