Market Overview:
Cardiac pacing leads are thin flexible wires or thin tubes that deliver electrical impulses from an implantable pacemaker to the heart. They help manage abnormal heart rhythms or arrhythmias. The leads help stimulate the heart if it is beating too slowly, too fast, or irregularly.
The global Cardiac Pacing Leads Market is estimated to be valued at US$322.5 Million in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising preference for Wi-Fi technology-enabled implantable pacemakers is expected to boost the cardiac pacing leads market growth over the forecast period. Wi-Fi enabled pacemakers can be controlled and programmed remotely using smartphones over Wi-Fi network, eliminating the need for in-clinic programming. This allows early detection of arrhythmia episodes and continuous monitoring of device performance which improves patient care. Also, these pacemakers can communicate with implanting physician's smart device to receive remote programming and follow ups without requiring patient visit to clinic.
Segment Analysis
The global cardiac pacing leads market is segmented by product type, end user, and region. Based on product type, the market is categorized into temporary pacemaker leads and permanent pacemaker leads. The permanent pacemaker leads segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Permanent pacemaker leads provide long term pacing therapy and do not require replacement unlike temporary pacemaker leads. Based on end user, the market is divided into hospitals, ambulatory surgical centers, and other end users. Hospitals accounted for the largest share of the market in 2022 due to high volume of pacemaker implantation procedures carried out in hospitals.
Key Takeaways
The Global Cardiac Pacing Leads Market Size is expected to reach US$ 534.2 Mn by 2030 from US$ 322.5 Mn in 2023, growing at a CAGR of 6.2% during the forecast period. The market is set to witness high growth owing to the increasing prevalence of cardiovascular diseases.
By region, North America dominated the global market in 2022 and is expected to maintain its dominance during the forecast period. This is attributed to the growing geriatric population, increasing adoption of technologically advanced pacemaker devices, and well-established healthcare infrastructure in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period driven by rising healthcare expenditure, growing disposable income, increasing awareness regarding cardiac diseases.
Key players operating in the cardiac pacing leads market are Medtronic Plc, Oscor Inc., B Braun Melsungen AG, Biotronik, Sorin Group, Vitatron, Biosensors, Estech, Greatbatch Medical, Edwards Lifesciences, BioTrace Medical, and Teleflex Incorporated. Major players are focusing on new product launches, technological advancements, and strategic collaborations to strengthen their market position.
For More Insights, Read: https://www.newsstatix.com/cardiac-pacing-leads-market-size-share-and-growth-forecast-2023-2030/
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