Implantable pacemaker market slated to top $5.3B by 2023
The global market for implantable pacemakers is projected to see moderate, steady growth through 2023, resulting in a sum of more than $5.32 billion, according to a recent report.
The report, put together by Research and Markets, covered both single- and dual-chamber pacemakers, including leadless devices, and biventricular pacemakers, also known as cardiac resynchronization therapy pacemakers. According to the work, the market’s growth is motivated by an increasing prevalence of CVD worldwide.
A combination of more cardiac rhythm disorders, advances in CVD diagnostics and a greater demand for arrhythmia therapies will drive an expected 5.1% compound annual growth rate over the next three years. Pacemaker insertion is the primary therapy for many rhythm disorders—notably bradyarrhythmia—and external pacemakers aren’t as effective a solution in the long-term.
In 2017, the implantable pacemaker market was worth $3.94 billion, according to the report. The U.S. saw the largest market share that year, with U.S. sales accounting for 35.6% of all product sales, and it remains a dominant presence in the space. Japan, France, Germany, Italy, Spain and the U.K. are also major markets for CV pacemakers.
Dual-chamber pacemakers were the most popular devices sold on the market in 2017, and Research and Markets said they’re expected to retain that status through 2023.
Find the full report here.
After graduating from Indiana University-Bloomington with a bachelor’s in journalism, Anicka joined TriMed’s Chicago team in 2017 covering cardiology. Close to her heart is long-form journalism, Pilot G-2 pens, dark chocolate and her dog Harper Lee.