Global Pacemaker Market Anticipated to Garner $6,791.2 Million, Growing at a 3.5% CAGR in the 2022-2031 Timeframe | [270-Pages] Study by Research Dive
NEW YORK, May 23, 2023 /PRNewswire/ -- The global pacemaker market is expected to grow primarily due to an increase in need for minimally invasive surgical procedures. Implantable pacemaker sub-segment is expected to flourish immensely. The Asia-Pacific region is predicted to grow at a high CAGR by 2031.
Global Pacemaker Market Forecast Analysis:
As per the report published by Research Dive, the global pacemaker market is expected to register a revenue of $6,791.2 million by 2031 at a CAGR of 3.5% during the forecast period 2022-2031.
Segments of the Pacemaker Market
The report has divided the pacemaker market into the following segments:
- Type: single chamber pacemaker, dual chamber pacemaker, and biventricular/CRT pacemaker
- Dual Chamber Pacemaker – Highest market share in 2021
An increase in the incidence of bradycardia, the presence of significant players, and a rise in the elderly population are expected to boost the sub-segment in the 2022–2031 timeframe.
- Product: implantable pacemaker and external pacemaker
- Implantable Pacemaker – Most profitable in 2021
Growth in demand for implantable pacemakers, an increase in the prevalence of bradycardia, and developments in healthcare R&D activities are expected to propel the sub-segment forward.
- End User: hospitals & cardiac centers and ambulatory surgical centers
- Hospitals and Cardiac Centers – Most lucrative in 2021
An increase in the prevalence of cardiovascular disorders, which has led to a rise in hospital visits and admission rates, is anticipated to push the sub-segment forward.
- Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – Significant market share in 2021
Increasing funding from commercial and public organizations for the healthcare business, growing demand for minimally invasive procedures, and a rise in the prevalence of cardiovascular disorders are predicted to propel the market in the forecast period.
Dynamics of the Global Pacemaker Market
The increasing prevalence of cardiovascular disease worldwide is expected to make the pacemaker market a highly profitable one in the forecast period. Additionally, the growing need for less expensive surgery and post-surgical costs is predicted to propel the market forward. However, the lack of knowledge of cardiovascular diseases among the people in poor countries, the high cost of treatment, and the frequent product recalls due to faulty products might become a restraint in the growth of the market.
Rapid technological progress in the development of high-end pacemakers is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increased government funding and grants are expected to propel the pacemaker market forward in the coming period.
COVID-19 Impact on the Global Pacemaker Market
The COVID-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The pacemaker market, too, was negatively impacted due to the pandemic. The market suffered greatly from the cancellation or postponement of cardiovascular procedures, which resulted in weak sales of cardiac pacemaker devices. Moreover, the Centres for Medicare and Medicaid Services (CMS) had to postpone all elective surgeries, non-essential medical procedures, and dental procedures because of the pandemic. These factors significantly hindered the market growth amidst the pandemic.
Key Players of the Global Pacemaker Market
The major players of the market include
- Zoll Medical Corporation
- Boston Scientific Corporation
- MicroPort Scientific Corporation
- LivaNova PLC.
- Cook Medical
- MEDICO SpA
- Osypka Medical GmbH
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in February 2022, Abbott, a pioneer in healthcare around the world that promotes healthier living at all ages, announced the world's first patient implants of a dual-chamber leadless pacemaker system in its AVEIR DR i2i™ pivotal clinical programme. The implantation of Abbott's investigational Aveir™ dual-chamber leadless pacemaker marks a significant advancement in leadless pacing technology and is the first to take place globally within the pivotal trial.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Pacemaker Market:
- How do Advanced Pacemakers Become a Reliable Solution for Individuals Struggling with Irregular Heart Rhythms?
- Growing Applications of Pacemakers in the Healthcare Sector to Foster the Growth of the Global Pacemaker Market by 2031
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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