Canada Pacemaker Market to Grow with a CAGR of 3.99% through 2030
Canada
Pacemaker Market will be driven by the increasing prevalence of cardiovascular
diseases in the forecast period 2026-2030.
According to TechSci Research report, “Canada Pacemaker Market - By
Region, Competition, Forecast and Opportunities, 2030F”, the Canada Pacemaker Market stood at USD 405.10 million in 2024 and is anticipated to grow with a CAGR of 3.99% in the forecast period through 2030. This can be ascribed to the rise in
geriatric populace and the rising occurrences of CVDs across the region.
Similarly, inflating cost of cardiovascular illnesses, ideal government
approaches, and the sendoff of mechanically progressed pacemakers, for example,
the MRI safe pacemakers and leadless pacemakers, will further drive the growth
of the market during the forecast period. Additionally, growing cases of
hypertension, smoking, and rising consumption of alcohol will escalate the
growth in coming years. Besides, advancement of innovation in the medical
services industry and decreasing medical services costs, along with further
developing patient experience, will further support the market growth.
However, pacemakers
are expensive medical devices, and their high cost can be a barrier for many
patients to access it. While government-funded healthcare systems cover the
cost of pacemakers for eligible patients, some patients may still face
out-of-pocket expenses or may not be eligible for coverage, leading to lower
demand and slower growth of the market. Similarly, while technological advances
have driven the growth of the pacemaker industry, they also create challenges
for manufacturers. Companies must continually invest in research and development
to stay competitive, which can be expensive and time-consuming. Failure to keep
up with the latest technological advances can lead to reduced market share and
slower growth. Also, there have been ethical and legal issues related to
pacemaker implantation, including informed consent, patient privacy, and
medical malpractices, which can further restrict the growth of Canada Pacemaker
Market.
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Canada Pacemaker
market can be segmented by Type, Technology, Product Type, Application, End
User and by Region.
Based on end user, The Cardiac Care Centers segment shows the fastest growth during the forecast period on account of the rising development of hospital and cardiac care centers, growing development of reimbursement policies for the treatment cardiac diseases, along with reducing healthcare costs and improving patient experience. Also, growing healthcare expenditure and favorable initiatives by government bodies are expected to create lucrative growth of Canada Pacemaker market during the forecast period.
Based on Region, Quebec is emerging as one of the fastest-growing regions in Canada's pacemaker market, driven by a combination of demographic trends, healthcare infrastructure development, and provincial initiatives. The province has witnessed a significant increase in its aging population, with individuals aged 65 and over constituting approximately 20% of the population in 2023. This demographic shift correlates with a higher prevalence of cardiovascular diseases, thereby increasing the demand for pacemaker implants. The provincial government has been proactive in enhancing healthcare services, allocating substantial funds towards the modernization of medical facilities and the adoption of advanced medical technologies. For instance, investments have been made to equip hospitals with state-of-the-art cardiac care units, facilitating timely diagnosis and treatment of heart conditions. Additionally, Quebec's emphasis on research and development in the medical field has fostered collaborations between academic institutions and medical device manufacturers, promoting innovation in pacemaker technologies.
Major companies operating in Canada Pacemaker market are:
- Medtronic of Canada Ltd
- Abbott Medical Canada Inc
- Biotronik Canada Inc
- LivaNova Canada
- Microport Scientific Corporation
- Spectramedx Inc.
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“Increasing number of
heart-related surgeries are further contributing to demand for Pacemaker market.
Besides, while increasing development of advanced products and growing
technologies to compete with existing products is being on the rise, other
companies are acquiring and partnering with other companies trending in the
market in the region. It is further expected to create lucrative opportunities
for the market growth”, said Mr. Karan Chechi, Research Director of TechSci
Research, a research based global management consulting firm.
“Canada
Pacemaker
Market, By Type (Implantable and External), By
Technology (Dual Chamber, Single Chamber, Biventricular Chamber), By Product
Type (MRI Compatible and Conventional), By Application (Arrythmias, Congestive
Heart Failure, Others), By End User (Hospitals, Cardiac Care Centers,
Ambulatory Surgical Centers), By Region, Competition, Forecast and Opportunities, 2020-2030F”, has evaluated the future growth potential of Canada Pacemaker
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Canada Pacemaker Market.
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