Canada Cardiac Pacemakers Market Analysis

Canada Cardiac Pacemakers Market Analysis


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The Canada Cardiac Pacemakers Market was valued at $323.75 Mn in 2023 and is predicted to grow at a CAGR of 3.20% from 2023 to 2030, to $403.62 Mn by 2030. The key drivers of this industry include an aging population, the prevalence of cardiovascular disease, and technological advancements. The industry is primarily dominated by players such as Abbott Laboratories, Biotronik, Boston Scientific, and Medtronic among others.

ID: IN10CAMD013 CATEGORY: Medical Devices GEOGRAPHY: Canada AUTHOR: Aashwi Mehta

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Canada Cardiac Pacemakers Market Executive Summary

The Canada Cardiac Pacemakers Market was valued at $323.75 Mn in 2023 and is predicted to grow at a CAGR of 3.20% from 2023 to 2030, to $403.62 Mn by 2030.

A pacemaker is a small device designed to treat certain types of arrhythmias. Arrhythmias can cause the heart to beat too fast (tachycardia), too slow (bradycardia), or irregularly. When the heart beats too slowly, it can lead to inadequate oxygen supply to the body and brain, resulting in symptoms like lightheadedness, fatigue, fainting spells, and shortness of breath. Pacemakers work by sending electrical pulses to maintain a normal heart rate and rhythm. Additionally, they can help synchronize the heart chambers, improving the efficiency of blood pumping, which is particularly beneficial for those with heart failure.

Approximately 1 in 12 Canadian adults aged 20 and over, equating to 2.6 Mn individuals, live with diagnosed heart disease. Heart disease is the second leading cause of death in Canada, resulting in around 70,000 deaths annually. Every five minutes, a person in Canada dies from heart conditions, stroke, or vascular cognitive impairment, surpassing the mortality rates of other diseases. The market is driven by significant factors like an aging population, the prevalence of cardiovascular disease, and technological advancements. However, high costs, availability of alternatives, and, regulatory challenges restrict the growth and potential of the market.

Prominent players in this field include Abbott Laboratories, Biotronik, Boston Scientific, and Medtronic among others.

Canada Cardiac Pacemakers Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Aging Population: The share of Canadians aged 65 and older has increased from 14.1% in 2010 to 19.0% in 2022 and is expected to reach 22.5% by 2030, with the 85+ population potentially growing to 2.7 million by 2050 and the number of centenarians exceeding 87,500 by 2065. This demographic shift is a key market driver for the cardiac pacemaker market in Canada, as the aging population is more prone to heart conditions requiring pacemaker intervention.

Prevalence of Cardiovascular Disease: Around 1 in 12 Canadian adults aged 20 and over, or about 2.6 Mn people, have been diagnosed with heart disease. This high prevalence of heart disease is a significant market driver for cardiac pacemakers in Canada, as many individuals with heart disease may require pacemakers to manage their condition and improve their quality of life.

Technological Advancements: Advancements in pacemaker technology, including creating smaller, more efficient devices with extended battery life and features like wireless connectivity, greatly enhance patient outcomes. It drives the cardiac pacemaker market in Canada by increasing the adoption and preference for modern, advanced devices among patients and healthcare professionals.

Market Restraints

High Cost: The high expense of cardiac pacemakers and the associated procedures can restrict patient access and impose a significant financial strain on the healthcare system. This acts as a market restraint in Canada because it reduces the number of patients who can afford these devices, thereby limiting market growth and adoption rates.

Availability of Alternatives: The presence of alternative treatments, such as medications or non-invasive therapies, can decrease the demand for pacemakers. This serves as a market restraint as it potentially leads to a lower preference for pacemaker implantation and hinders market expansion.

Regulatory Challenges: Strict regulatory requirements for approving new devices can delay their market entry, and meeting Health Canada's regulations can be both time-consuming and expensive for manufacturers. It slows down the introduction of new products, increases costs for manufacturers, and can discourage innovation and investment in the sector.

Regulatory Landscape and Reimbursement Scenario

In Canada, Health Canada oversees the regulation of medical devices through the Canadian Medical Devices Regulations. These regulations establish guidelines for the sale, import, distribution, and manufacturing of medical devices within the country. Medical devices are categorized into four classes—Class I, II, III, and IV—based on the level of risk associated with their use. Devices in Class I pose the lowest risk, while those in Class IV pose the highest. Manufacturers of cardiac pacemakers in Canada must obtain authorization for investigational testing, a device license, or a license amendment before marketing their products, as these devices fall under the Class III or IV medical device categories. In Canada, reimbursement for cardiac pacemakers and related procedures is handled provincially or territorially. There is no unified national reimbursement policy in place. Generally, pacemaker implantation procedures and devices are included in provincial or territorial health insurance plans, but coverage details and reimbursement rates can differ between regions.

Competitive Landscape

Key Players

Here are some of the major key players in the Cardiac Pacemaker Market:

  • Abbott Laboratories
  • Biotronik
  • Boston Scientific
  • Medtronic
  • Cardinal Health
  • MicroPort Scientific Corporation
  • LivaNova
  • OSYPKA Medical
  • Spectramedx Inc
  • Edwards Lifesciences

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Canada Cardiac Pacemakers Market Segmentation

By Product Type

  • Single chamber
  • Dual chamber
  • Bi ventricular

By Application

  • Bradycardia
  • Tachycardia
  • Other Arrhythmia

By End Users

  • Hospitals
  • Ambulatory Surgical Centers

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

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We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 11 July 2024
Updated by: Ritu Baliya

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