Singapore Cardiac Pacemakers Market Report 2023 to 2030

Singapore Cardiac Pacemakers Market Analysis

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The Singapore Cardiac Pacemakers Market was valued at $4.86 Mn in 2023 and is predicted to grow at a CAGR of 3.8% from 2023 to 2030, to $6.31 Mn by 2030. The key drivers of this industry include increasing prevalence, healthcare expenditure, and a rising aging population. The industry is primarily dominated by players such as Abbott Laboratories, Biotronik, Boston Scientific, and Medtronic among others.

ID: IN10SGMD013 CATEGORY: Medical Devices GEOGRAPHY: Singapore AUTHOR: Aashwi Mehta

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Singapore Cardiac Pacemakers Market Executive Summary

The Singapore Cardiac Pacemakers Market was valued at $4.86 Mn in 2023 and is predicted to grow at a CAGR of 3.8% from 2023 to 2030, to $6.31 Mn by 2030.

A pacemaker is a small device designed to treat certain types of arrhythmias. Arrhythmias can cause the heart to beat too fast (tachycardia), too slow (bradycardia), or irregularly. When the heart beats too slowly, it can lead to inadequate oxygen supply to the body and brain, resulting in symptoms like lightheadedness, fatigue, fainting spells, and shortness of breath. Pacemakers send electrical pulses to maintain a normal heart rate and rhythm. Additionally, they can help synchronize the heart chambers, improving blood pumping efficiency, which is particularly beneficial for those with heart failure.

In Singapore, cardiovascular disease, which includes heart disease and stroke, causes the death of 23 individuals daily. In 2022, cardiovascular disease accounted for 31.4% of all deaths, meaning nearly one-third of deaths in Singapore are attributed to heart disease or stroke. The market is driven by significant factors like increasing prevalence, healthcare expenditure, and a rising aging population. However, rising pacemaker infections, the cost of pacemaker implantation, and the preference for alternative treatment restrict the growth and potential of the market.

Prominent players in this field include Abbott Laboratories, Biotronik, Boston Scientific, and Medtronic among others.

Singapore Cardiac Pacemakers Market Report 2023 to 2030

Market Dynamics

Market Growth Drivers

Increasing Prevalence: In Singapore, heart disease has a lifetime prevalence of 2.8%, and heart failure affects 4.5% of the population, higher than rates in the US and Europe. This increased prevalence drives demand for cardiac pacemakers as essential interventions for managing these conditions effectively. As more individuals require advanced cardiac care, the market for pacemakers in Singapore expands to meet this growing healthcare need.

Healthcare Expenditure: Singapore's Ministry of Health forecasts that national health spending will reach $43 Bn by 2030, with healthcare expenditure expected to account for 5.9% of GDP initially and potentially rise to 9%. This substantial increase in healthcare investment serves as a strong market driver for the cardiac pacemaker market in Singapore, facilitating greater accessibility to advanced cardiac treatments, including pacemaker implants.

Rising Aging Population: By 2030, as nearly one-quarter of Singapore's population reaches age 65 and above, there is a rising demand for cardiac pacemakers to address increased cardiovascular health needs among older adults. This demographic shift fuels growth in Singapore's pacemaker market as healthcare providers strive to meet the growing demand for advanced cardiac care, including pacemaker implants.

Market Restraints

Rising Pacemaker Infections: Rising pacemaker infections constrain market growth in Singapore by undermining patient trust in device reliability and increasing treatment costs, potentially reducing demand for cardiac pacemakers.

Cost of Pacemaker Implantation: High expenses linked to pacemaker implantation procedures and hospital stays could restrict patient accessibility to these devices in Singapore, serving as a market restraint for the cardiac pacemaker market.

Preference for Alternative Treatment: Some patients in Singapore might choose alternative treatments such as medications or lifestyle adjustments over pacemaker implantation, posing a restraint on the cardiac pacemaker market.

Regulatory Landscape and Reimbursement Scenario

Singapore's Health Sciences Authority (HSA) oversees the regulation of pharmaceuticals, healthcare goods, and medical devices to ensure they meet safety, efficacy, and quality standards. Cardiac pacemakers are classified as high-risk medical devices (Class D) and must undergo registration with HSA before being authorized for sale in Singapore. MediShield Life, the national health insurance scheme, includes coverage for pacemaker implantation procedures, providing financial support for significant hospital expenses, and selected expensive outpatient treatments.

Competitive Landscape

Key Players

Here are some of the major key players in the Cardiac Pacemaker Market:

Abbott Laboratories
Biotronik
Boston Scientific
Medtronic
Siemens Healthineers
LivaNova
Cardinal Health
MicroPort Scientific Corporation
Edwards Lifesciences
OSYPKA Medical

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Singapore Cardiac Pacemakers Market Segmentation

By Product Type

Single chamber
Dual chamber
Bi ventricular

By Application

Bradycardia
Tachycardia
Other Arrhythmia

By End Users

Hospitals
Ambulatory Surgical Centers

Methodology for Database Creation

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