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Transcatheter Cardiac Pacemaker Market Size
Transcatheter Cardiac Pacemaker Market size is poised to expand at a notable CAGR from 2024 to 2032 due to the rising incidence of chronic cardiovascular ailments. Many regions across the world are witnessing a rise in the percentage of the geriatric population. For instance, in the U.S., the number of people aged 65 years and older is expected to rise to 82 million by 2050, representing a 47% increase from 2022. This expansion of the aging population is increasing the risk of a variety of health disorders.
Moreover, the vast population in developed regions is noticing a rapid change in lifestyles, with unhealthy eating habits, chronic stress, and erratic sleep patterns increasingly becoming commonplace. These factors are contributing to the rise in the number of young people falling prey to heart-related diseases. As per bhf.org.uk, coronary heart disease is the world's major cause of death, killing around 9 million people each year. This growing disease penetration is driving the demand for advanced devices like transcatheter cardiac pacemakers to help patients lead healthier lives.
Transcatheter Cardiac Pacemaker Market Trends
Several governments are providing support and reimbursement policies, further accelerating the market expansion. Favorable initiatives and policies worldwide are encouraging the adoption of advanced cardiac care technologies, including transcatheter pacemakers. Major governments are also providing incentives, subsidies, and reimbursement schemes for patients undergoing pacemaker implantation, making these life-saving devices more accessible. This support is not only reducing the financial burden on patients but is also incentivizing healthcare providers to offer transcatheter pacing solutions, increasing the product acceptance.
Transcatheter Cardiac Pacemaker Market Analysis
The left ventricle position segment is estimated to hold sizeable revenue share by the end of 2032. Left heart catheterization plays a therapeutic as well as diagnostic role for patients. One of its main diagnostic roles, apart from studying the blood flow and assessing valvular lesions, is diagnosing coronary heart disease.
Additionally, left heart catheterization is considered by many medical professionals as the gold standard test for diagnosing coronary heart diseases. The therapeutic role of placing the catheter in the left ventricle includes percutaneous coronary intervention, radiofrequency ablation of arrhythmias, closure of congenital defects, and replacing a weak valve, among others. These benefits are expected to boost the application of transcatheter cardiac pacemakers in the left ventricle of the heart.
In terms of end-use, the transcatheter cardiac pacemaker market from the hospitals segment is projected to witness high demand through 2032 owing to the large presence of highly skilled medical professionals in developed regions. Several governments are boosting their investments to increase the number of hospitals. Moreover, with the increasing availability of advanced medical tools like pacemakers at disposal and the help of qualified doctors, patients are increasingly preferring treatment options at hospitals.
The Asia Pacific transcatheter cardiac pacemaker market is set to grow at a notable rate from 2024 to 2032 owing to the rapidly expanding healthcare sector. Many countries across the region have emerged as medical tourism destinations not only for patients but also for healthcare companies as most of them are setting up their manufacturing plants. Hospitals, clinics, and catheterization labs are also set up on a large scale across the region. Moreover, according to an NCBI report, India has one of the highest cases of cardiovascular diseases in the world. The rising prevalence of obesity, poor eating habits, hypertension, and diabetes is contributing to the increasing number of patients, thereby boosting the demand for transcatheter cardiac pacemakers in the region.
Transcatheter Cardiac Pacemaker Market Share
Some of the leading players in the transcatheter cardiac pacemaker industry are-
- St. Jude Medical
- Medtronic
- Boston Scientific Corporation
- Farapulse Inc.
- EBR Systems
Major transcatheter cardiac pacemaker companies are entering mergers, acquisitions, and partnership agreements to diversify their product and service portfolios as well as expand their market presence. The rising burden of cardiovascular diseases has prompted these organizations to create state-of-the-art transcatheter cardiac pacemakers for their clients.
Transcatheter Cardiac Pacemaker Industry News
- In May 2023, Medtronic plc received FDA clearance for Micra™ AV2 and Micra™ VR2, the next generation solution of its superior miniature, leadless pacemakers.