Cardiac pacemakers are implantable medical devices that help regulate heartbeats or control very slow heart rates. They are implanted surgically under the skin of the chest. The global advancements in cardiac pacemaker technology have resulted in the miniaturization of devices for improved performance and longevity. Also, various types of advanced pacemakers such as MRI-compatible pacemakers provide advantages such as ability to work near magnetic resonance imaging (MRI) scanners without any negative effects.

The global cardiac pacemaker Market is estimated to be valued at US$ 4,547.8 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The rising geriatric population globally is expected to present significant market opportunities for cardiac pacemaker manufacturers over the forecast period. As per the United Nations, the population aged 65 years or over is projected to grow from 703 million in 2019 to 1.5 billion in 2050. Also, the number of people aged 80 years or over is projected to triple, from 143 million to 426 million over the same period. The elderly people are more prone to cardiac conditions due to aging that affect the sinus node and heart rhythm. Hence, the increasing aging demography will fuel the demand for cardiac pacemakers for effective treatment of cardiovascular diseases. For instance, according to the Centers for Disease Control and Prevention (CDC), nearly half of Americans aged 65 years or older have some form of cardiovascular disease. The growing burden of cardiac issues in the elderly population is expected to positively impact the cardiac pacemaker market growth over the coming years.

Porter's Analysis
Threat of new entrants: The cardiac pacemaker market requires high R&D investment and regulatory approvals which acts as a barrier for new entrants.

Bargaining power of buyers: Individual customers have low bargaining power due to inelastic demand for pacemakers however group purchasing organizations have higher bargaining power.

Bargaining power of suppliers: Major players control the supply chain which limits supplier bargaining power.

Threat of new substitutes: Alternatives like cardiac resynchronization therapy devices pose minimal threat currently.

Competitive rivalry: The market is highly regulated and dominated by few global players intensifying competitive rivalry.

SWOT Analysis

Strength: Established brands, technical expertise and economies of scale.

Weakness: High R&D and marketing costs, stringent regulations.

Opportunity: Untapped developing markets, growing elderly population.

Threats: Price pressures, reimbursement issues, alternative therapies.

Key Takeaways
The global cardiac pacemaker market is expected to witness high growth. The North America region currently dominates the market due to supportive reimbursements and increasing installations. However, Asia Pacific is expected to grow at the fastest rate owing to rising healthcare access and expenditures in major economies like China and India.

Key players related content comprises Key players operating in the cardiac pacemaker market are Medtronic, Boston Scientific Corporation, Abbott, BIOTRONIK SE & Co. KG, Pacetronix, Lepu Medical Technology(Beijing)Co., Ltd., LIVANOVA PLC, MEDICO S.R.L., OSCOR Inc., MicroPort Scientific Corporation, and Vitatron Holding B.V. Medtronic enjoys the leading market share.