PUBLISHER: Grand View Research | PRODUCT CODE: 1363036
PUBLISHER: Grand View Research | PRODUCT CODE: 1363036
The global implantable pacemaker market size is anticipated to reach USD 3.8 billion by 2030, according to a new report by Grand View Research, Inc.. The market is expected to grow at a lucrative CAGR of 3.7% from 2023 to 2030 owing to various factors such as technological advancements and the increasing prevalence of cardiovascular devices. Furthermore, the growing sedentary lifestyle coupled with the rising geriatric population is also anticipated to fuel the market growth during the projected period.
The increasing prevalence of cardiovascular diseases is a key growth driver for the market. Moreover, coronary heart disease accounts for the highest number of deaths, followed by stroke and heart failure. As per the British Heart Foundation Centre, nearly 7.6 million individuals are living with circulatory and heart diseases in the UK. Also, nearly 100,000 hospital admissions each year owing to heart attacks in the UK. To curb the rising prevalence of CVDs, government bodies, and key market players are channeling revenues to offer a potential treatment. This is anticipated by the influx of advanced products in this market space.
Technological developments are quickly renovating the pacemaker market. Heart disease is the major cause of death in recent years. According to World Health Organization (WHO) estimates, each year cardiovascular diseases (CVDs) result in around 17.9 million mortalities. CVDs are normally identified as a silent epidemic as they are slow to show symptoms. Moreover, they are projected to be one of the most expensive health conditions to treat. Thus, an increase in the usage of implantable pacemakers in cardiovascular diseases boosts the growth of the market.