According to IMARC Group's latest research report, titled "Cardiac Pacemaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," presents a comprehensive analysis of the industry, covering cardiac pacemaker market analysis, statistics size, share, trends, demand, and growth prospects. The report also provides competitor and regional analysis and showcases the contemporary advancements in the global market.
The global cardiac pacemaker market size reached US$ 4.79 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.08 Billion by 2028, exhibiting a growth rate (CAGR) of 4.0% during 2023-2028.
Cardiac pacemaker refers to small medical devices implanted in the chest or abdomen of individuals suffering from heart rhythm disorders. They are of several types, including biventricular, single-chambered, dual-chambered, implantable, external, etc. These cardiac pacemaker variants use electrical pulses to monitor and regulate the heartbeat. They help to reduce the risk of cardiac complications, such as stroke and heart failure, mostly caused by an irregular or slow heart rate. Consequently, cardiac pacemaker systems find extensive utilization in hospitals, clinics, and ambulatory surgery centers across the globe.
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The growing prevalence of cardiovascular diseases (CVDs) among the masses and the expanding geriatric population, which is more susceptible to arrhythmias, congenital heart disease, atrial fibrillation, etc., are primarily driving the cardiac pacemaker market. Additionally, the increasing number of individuals with health insurance policies that offer financial assistance for cardiac pacemakers and lower medical expenses is acting as another significant growth-inducing factor. Besides this, the launch of new products with longer battery life and remote monitoring capabilities that enable healthcare professionals to track the performance of the device and diagnose the heart function of patients using a smartphone is also positively influencing the global market. Moreover, the elevating focus of leading market players on utilizing biocompatible materials to manufacture cardiac pacemakers to minimize the risk of infections and other complications associated with pacemaker implantation is further propelling the market growth. Apart from this, the escalating integration of wireless technology in pacemakers for transmitting data to and from the device with improved accuracy and reliability and the introduction of small and less invasive products that make it easier for surgeons to implant are expected to catalyze the cardiac pacemaker market in the coming years.
The report has segmented the market into the following categories:
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