The cardiac pacemaker market size in Europe is predicted to be valued at USD 1.86 billion by 2028 from USD 1.63 billion in 2023, growing at a CAGR of 2.75% from 2023 to 2028.
The growing prevalence of heart disorders majorly drives the growth of the European cardiac pacemaker market growth. Cardiac pacemakers are small implantable devices that deliver low-energy electrical pulses to the heart, facilitating regular heartbeat. They are primarily utilized in patients with arrhythmias, a condition characterized by an irregular heartbeat, whether it be too fast or too slow. In the United Kingdom alone, approximately 1.4 million individuals suffer from heart rhythm disorders. Factors such as lifestyle changes, medication, improper diet and inadequate physical activity, or excessive physical exertion contribute to the development of arrhythmias. To address critical situations arising from irregular heartbeat, minor surgical procedures are necessary to implant pacemakers near the heart.
The growing number of advancements in manufacturing practices of cardiac pacemakers further drive the growth of the European cardiac pacemaker market. Manufacturers prioritize the development of pacemakers with advanced technologies to deliver precise heart rhythm information, enabling healthcare providers to make accurate treatment decisions. Additionally, there is a concerted effort by manufacturers and researchers to create increasingly compact cardiac pacemakers aiming to streamline the complexity of the treatment procedure. The heightened research and development activities, growing support from both public and private organizations and improved insertion techniques further propel the regional market growth.
The growing geriatric population in the European region supports the growth of the European cardiac pacemaker market. The older population greatly benefits from permanent pacemaker therapy as it serves as an effective treatment option for severe and symptomatic arrhythmias. This therapy has been instrumental in improving the survival rates among individuals aged 85 and above. Moreover, there is a rising demand for minimally invasive surgeries among the population, further contributing to the market's growth rate in the European region.
The presence of strict regulations and approval processes for cardiac pacemakers in Europe is hampering the growth rate of the European market. Limited reimbursement coverage or reimbursement restrictions for cardiac pacemakers, high costs associated with cardiac pacemakers and product recalls and safety concerns related to cardiac pacemakers further hinder the market growth in Europe. The presence of advanced alternative treatment options such as catheter ablation or medication therapies, lack of awareness among patients and healthcare professionals about the benefits and availability of cardiac pacemakers and technical limitations further impede the European market growth.
This research report on the Europe cardiac pacemaker market has been segmented and sub-segmented into the following categories.
By Product:
By End User:
By Country:
Europe held the second-largest share of the global market in 2022 and is predicted to hold a promising occupancy in the worldwide market during the forecast period. The growing awareness among the European population regarding cardiac pacemakers and growing healthcare expenditure is a big plus to the European market growth. As per the survey conducted by the European Heart Rhythm Association, the utilization of pacemakers has witnessed growth in the region. The governments of European countries have implemented various initiatives to facilitate the approval of cardiac pacemaker devices and enhance control measures.
The UK had the largest share of the European market in 2022 and the domination of the UK market in Europe is likely to continue during the forecast period. Factors such as the presence of numerous specialized heart hospitals, the expansion of manufacturing facilities, the presence of key players and favorable reimbursement policies. The growing number of advertising campaigns promoting the benefits of pacemaker devices for heart-related conditions contributes to the growth rate of the UK market.
Germany accounted for a substantial share of the European market in 2022 and is predicted to progress at a notable pace during the forecast period. The presence of a robust advanced healthcare sector and the growing patient population suffering from heart diseases drive the German market growth.
KEY MARKET PLAYERS:
Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG and LivaNova PLC are some of the noteworthy companies in the European cardiac pacemaker market.
Frequently Asked Questions
Medtronic PLC, Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG and LivaNova PLC are some of the key market players in the europe cardiac pacemaker market.
The europe cardiac pacemaker market size is projected to reach USD 1.86 billion by 2028.
The growth rate of the europe cardiac pacemaker market is 2.75% during the forecast period.
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