US Cardiac Pacemakers Market Analysis

US Cardiac Pacemakers Market Analysis


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The US Cardiac Pacemakers Market was valued at $1699.7 Mn in 2023 and is predicted to grow at a CAGR of 1.20% from 2023 to 2030, to $1847.72 Mn by 2030. The key drivers of this industry include the increasing aging population, the rising incidence of chronic disease, and technological advancements. The industry is primarily dominated by players such as Abbott Laboratories, Biotronik, Boston Scientific, and Medtronic among others.

ID: IN10USMD013 CATEGORY: Medical Devices GEOGRAPHY: US AUTHOR: Aashwi Mehta

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US Cardiac Pacemakers Market Executive Summary

The US Cardiac Pacemakers Market was valued at $1699.7 Mn in 2023 and is predicted to grow at a CAGR of 1.20% from 2023 to 2030, to $1847.72 Mn by 2030.

A pacemaker is a small device used to manage certain types of arrhythmias, which can cause the heart to beat too fast (tachycardia), too slow (bradycardia), or irregularly. When the heart beats too slowly, it can lead to insufficient oxygen supply to the body and brain, resulting in symptoms like dizziness, fatigue, fainting, and breathlessness. Pacemakers function by delivering electrical pulses to regulate and stabilize the heart rate and rhythm. They also help coordinate the pumping action of the heart chambers, enhancing the efficiency of blood circulation, particularly beneficial for individuals with heart failure.

Each day, approximately 2,552 deaths are attributed to cardiovascular disease (CVD) based on data from 2021. This translates to an average of one death from CVD every 34 seconds in the US. Specifically, there are about 1,905 daily deaths related to heart disease, which includes fatalities from heart attacks. The market is driven by significant factors like increasing aging population, the rising incidence of chronic disease, and technological advancements. However, cost constraints, risk of complications, 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.

US Cardiac Pacemaker Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Increasing Aging Population: The rapid aging of the U.S. population, with the number of adults aged 65 and older projected to more than double by 2040 and those aged 85 and older nearly quadrupling, drives demand for cardiac pacemakers due to increased prevalence of cardiovascular diseases and arrhythmias associated with older age.

Rising Incidence of Chronic Disease: The prevalence of multiple chronic conditions among over 29 million US adults in 2022, and the CDC's estimate that six out of ten adults in the United States have chronic diseases like cancer, heart disease, or diabetes, drive the cardiac pacemaker market by increasing the need for advanced medical devices to manage cardiovascular conditions effectively, thereby expanding the market demand.

Technological Advancements: Ongoing advancements in pacemaker technology, including smaller dimensions, extended battery life, and enhanced sensing capabilities, drive the cardiac pacemaker market in the US by improving device effectiveness and enhancing patient outcomes, thereby fostering increased adoption and demand.

Market Restraints

Cost constraints: The significant expenses associated with pacemaker devices and procedures can restrict access for patients and create financial burdens on healthcare budgets, thereby impeding market expansion in the US.

Risk of Complications: Despite technological progress, the inherent risks of complications associated with pacemaker implantation impact the decisions of both patients and physicians, serving as a constraint to market growth in the US cardiac pacemaker sector.

Regulatory Challenges: The stringent FDA regulations necessitating thorough approval processes for new devices delay their market entry and escalate manufacturing costs, posing a market restraint for the cardiac pacemaker industry in the US.

Regulatory Landscape and Reimbursement Scenario

In the US, the regulation of cardiac pacemakers is primarily overseen by the Food and Drug Administration (FDA). Classified as Class III medical devices, pacemakers are subject to stringent regulatory control. Manufacturers must obtain premarket approval (PMA) from the FDA, which involves proving the device's safety and effectiveness before it can be marketed in the US. Reimbursement for pacemaker procedures is mainly managed by the Centers for Medicare & Medicaid Services (CMS) and private insurance providers. Medicare reimburses pacemaker implantation and related procedures through the Physician Fee Schedule and Hospital Outpatient Prospective Payment System.

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
  • Lepu Medical
  • Oscor Inc.

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

US 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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Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

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
  • ​Analyzing current needs and determining penetration to estimate the market

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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: Bhanu Pratap Singh

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