Market Size of Global Cardiac Pacemakers Industry
|Study Period||2018 - 2028|
|Market Size (2023)||USD 4.52 Billion|
|Market Size (2028)||USD 5.35 Billion|
|CAGR (2023 - 2028)||3.43 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Cardiac Pacemakers Market Analysis
The Global Cardiac Pacemakers Market size is expected to grow from USD 4.52 billion in 2023 to USD 5.35 billion by 2028, at a CAGR of 3.43% during the forecast period (2023-2028).
The COVID-19 pandemic slowed the growth of the cardiovascular market. Due to the high rate of infection and the lack of treatment, many countries are suffering and continue to carry a heavy burden on their economies and healthcare systems. Many countries had previously shut down and stopped trading with other countries due to travel restrictions, leading to a slowdown for large companies worldwide. The American College of Surgeons and the American Society of Anesthesiologists recommended a continuous reduction in the rate of new cases of COVID-19 14 days before the resumption of special surgery. Also, according to a research article published in Case Reports in Cardiology, 2020, temporary patients undergoing pacemaker transfusion are 2.5 times more likely to acquire COVID-19 infection before the first pacemaker (PPM) injection. Therefore, research suggested that the selection of temporary cardiac care providers increased the risk of long-term associated complications and transmission of infection to healthcare workers. Therefore, the market is expected to see negative growth due to the high risk associated with heart surgery during COVID-19.
The escalation of lifestyle-related disruptions, favorable reimbursement status, increased adult populations, and technological advances are expected to boost the market studied.
According to data from the World Population Prospects: Highlights 2020, approximately 1.5 billion people worldwide will be over 65 by 2050, up from 727 million by 2020. One in four people in Europe and North America will be 65 years or older by 2050. From 143 million in 2019 to 426 million by 2050, the number of people aged 80 and over is expected to triple. Pacing treatment is usually done to treat severe arrhythmia. According to a research article titled "Pacemaker Treatment for Older Patients: Survival and Specific Predicting Limits for One-Centered Experience", published in 2019, the number of older patients receiving pacemakers is growing, and European guidelines do not consider any age limits to installing a pacemaker.
In addition, according to a World Health Organization article published in July 2021, an estimated 17.9 million people worldwide die from heart disease every year, representing 31% of deaths globally, and 85% of these deaths are mainly caused by heart disease and stroke. Therefore, the growing burden of heart disease worldwide and technological advancements in the development of novel pacemakers are expected to boost the cardiovascular market during the forecast period.