North America Cardiac Pacemakers Market Segmentation, By Product (External, Implantable), Technology (Single-chamber, Dual-chamber, Bi-ventricular), End User (Hospitals, ASCs, Clinics) – Industry Trends and Forecast to 2031.
Cardiac Pacemakers Market Analysis
Increasing frequencies of CVDs, growing cost of cardiac disease organization, favorable government policies, and the launch of technologically progressive pacemakers such as the MRI safe pacemakers and leadless pacemakers are mainly driving the growth in the market. The increasing burden of cardiovascular diseases is one of the key issues for the growth of the market.
North America Cardiac Pacemakers Market Size
North America cardiac pacemakers market size was valued at USD 4.88 billion in 2023 and is projected to reach USD 7.37 billion by 2031, with a CAGR of 5.3% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Cardiac Pacemakers Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America
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Key Market Players
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Zoll Medical Corporation (U.S), MicroPort Scientific Corporation (China), OSCOR Inc. (U.S), Osypka Medical GmbH (Germany), Medtronic (Ireland), Abbott (US), Boston Scientific Corporation (U.S), BIOTRONIK (Germany), LivaNova (U.K), Pacetronix (India), MEDICO (U.S), Osypka Medical (Germany), Lepu Medical Co ltd. (China)
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Market Opportunities
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Cardiac Pacemakers Market Definition
A pacemaker is an electrical device and it is used to treat arrhythmias, which leads to asymmetrical heartbeat. A pacemaker is usually used to help patients suffering from arrhythmias, to lead an active and healthy life style. Implantable cardiac pacemakers have been observing substantial demand due to growing cases of slow heart rhythm and cardiac failures. Furthermore, technological developments such as the development of MRI companionable pacemakers have additional driven the market's growth.
North America Cardiac Pacemakers Market Dynamics
Drivers
- Rising incidences of CVDs
The market is primarily driven by the rising rate of cardiac disease management, favorable government regulations, and the introduction of technologically sophisticated pacemakers such as MRI safe pacemakers and leadless pacemakers. One of the major drivers of market expansion is the increased prevalence of cardiovascular disorders.
- Growing prevalence of abnormal cardiac rhythm disorders
Attached with the growing elderly population, which is prone to cardiac arrhythmias, is predictable to drive the global cardiac pacemaker market. Improvements in technology and engineering deliver clinicians’ advanced behaviors to care for the aging population.
Opportunities
The external pacemaker section is expected to show auspicious growth during the forecast period due to the easy formation, enhanced user interface, and better low battery indicator. Since external pacemakers are non-invasive, there is less risk of postsurgical complications. In adding, the devices are beneficial for patients to track and best daily heart functions. Additionally, external pacemakers are the fastest available devices for synchronization of cardiac rhythm, which is also expected to fuel segment growth.
Restraints/Challenges
- Pacemakers are observed as class III high-risk medical devices by the U.S. FDA. Therefore, these devices undergo rigorous safety and effectiveness tests prior to getting endorsement. Problem of obliterate duty of 2.5% on all medical devices is one of the sections that would restrain the growth of the market.
- Furthermore, these devices need to attain a premarket approval, which is an affluent and lengthy process. The limitation would have a low impact due to the fact that safety and efficacy are the two most imperative objects of a builder.
- Profit limits related with fruitful commercialization of a product expressively outweigh the cost factor involved by manufacturers through the clinical trial process.
This North America cardiac pacemakers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the North America cardiac pacemakers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on North America Cardiac Pacemakers Market
The novel coronavirus had harshly pretentious patients suffering from cardiovascular disease. COVID-19's proliferation had a massive economic impact on the healthcare and medical device industries. COVID-19 has affected 185 nations and over 30,00,000 patients worldwide, according to the American Heart Association's Circulation Journal, 2020. There is a high incidence of CVD in COVID-19 patients. The pacemaker market is growing due to the need for enhanced and minimally invasive activities to improve patient outcomes for various pacemaker implantations. Favorable repayment methods, such as the Medicare system in the United States and the NHS in the United Kingdom, are also contributing to the market's growth.
North America Cardiac Pacemakers Market Scope
The North America cardiac pacemakers market is segmented on the basis of product, technology and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Implantable Cardiac Pacemakers
- External Cardiac Pacemaker
Technology
- Single-Chamber Cardiac Pacemakers
- Dual-Chamber Cardiac Pacemakers
- Others
End User
- Hospitals
- Ambulatory Surgery Centers (ASCs)
- Other End User
North America Cardiac Pacemakers Market Regional Analysis
The North America cardiac pacemakers market is analyzed and market size insights and trends are provided by country, product, technology and end user as referenced above.
The countries covered in the North America cardiac pacemakers market report are U.S., Canada and Mexico in North America.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
North America Cardiac Pacemakers Market Share
The North America cardiac pacemakers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cardiac pacemakers market.
North America Cardiac Pacemakers Market Leaders Operating in the Market Are:
- Zoll Medical Corporation (U.S.)
- MicroPort Scientific Corporation (China)
- OSCOR Inc. (U.S.)
- Osypka Medical GmbH (Germany)
- Medtronic (Ireland)
- Abbott (U.S.)
- Boston Scientific Corporation (U.S.)
- BIOTRONIK (Germany)
- LivaNova (U.K.)
- Pacetronix (India)
- MEDICO (U.S.)
- Osypka Medical (Germany)
- Lepu Medical Co ltd. (China)
Latest Development in Cardiac Pacemakers Market
- In May 2020, the home nursing system by BIOTRONIK offered a cost-effective and harmless remote management of pacemaker patients at the Large Multi-Center Study. This is an important move for routine remote follow-ups amidst COVID-19
- In January 2020, Medtronic received the U.S. FDA approval for Micra™ AV, the world’s smallest pacemaker with atrioventricular (AV) synchrony
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