Cardiac Pacemaker Market is Estimated to Witness High Growth Owing to Opportunity of Product Innovations to Satisfy Unmet Needs
Cardiac pacemakers are medical devices used to regulate abnormal heart rhythms. They monitor the heart’s rhythm and provide small electrical impulses when an abnormality is detected to ensure the heart has time to fill with blood and pump it out to the body. Cardiac pacemakers are essential in treating arrhythmias or abnormal heartbeats.
The global cardiac pacemaker market is estimated to be valued at US$ 4.10 billion in 2023 and is expected to exhibit a CAGR of 3% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Product Innovations to Satisfy Unmet Needs
The cardiac pacemaker market is expected to witness promising growth opportunities owing to continuous innovations by key players to address unmet medical needs. Manufacturers are focused on developing devices with enhanced features such as wireless capabilities and longer battery life. Researchers are exploring techniques such as bioprinting to create biological pacemakers from cardiac cells. Implantable devices with integrated diagnostics could help physicians monitor and detect other heart conditions remotely. Next-generation devices leading to minimally invasive procedures could boost the market. With advancing technologies, newer categories of pacemakers such as leadless and subcutaneous devices have eased implantation procedures. Addressing unmet needs through innovative product designs can help penetrate untapped markets and drive the overall growth of the cardiac pacemaker industry over the forecast period.
Porter’s Analysis
Threat of new entrants: The cardiac pacemaker market requires extensive R&D and high production costs which increases the entry barriers for new players.
Bargaining power of buyers: Individual customers have low bargaining power due to reliance on major pacemaker manufacturers for regular supplies and service. However, large hospitals can negotiate better prices.
Bargaining power of suppliers: The key components such as batteries, leads, and generators are specialized requiring significant investments; giving existing suppliers moderate bargaining power.
Threat of new substitutes: While research continues on alternative therapies, cardiac pacemakers remain the most effective solution for irregular heartbeats, facing low threat of substitution.
Competitive rivalry: The market is highly consolidated with top players like Medtronic, Boston Scientific Corporation and Abbott Laboratories dominating the market through extensive R&D and global distribution networks.
SWOT Analysis
Strengths: Advanced technologies, strong brands, global distribution & service networks of top players.
Weaknesses: High R&D and manufacturing costs, stringent regulations, potential device failures and recalls.
Opportunities: Growing geriatric population prone to arrhythmias, emerging economies providing large patient bases.
Threats: Alternative non-surgical therapies, pricing pressures from regulators and insurers, intense competition.
Key Takeaways
The global cardiac pacemaker market is expected to witness high growth over the forecast period. The global Cardiac Pacemaker Market is estimated to be valued at US$ 4.5 billion in 2023 and is expected to exhibit a CAGR of 3% over the forecast period 2023-2031.
North America dominates the market currently due to large patient base, favorable reimbursements and presence of global players. Asia Pacific is poised to grow at the fastest rate due to rising incomes, expanded insurance coverage and increasing awareness.
Key players
Key players operating in the cardiac pacemaker market are Medtronic, Boston Scientific Corporation, Abbott Laboratories, BIOTRONIK, and MEDICO SpA. Medtronic is the market leader with wide range of devices while Boston Scientific focuses on less-invasive technologies.
