Global Pacemakers Market Size
- Industry Trends & Forecast Report
2027
Summary
Global Pacemakers Market, By Type (Implantable, External), Application (Arrhythmias, Congestive Heart Failure, Others), End Users (Hospitals, Ambulatory, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Trend Analysis, Competitive Market Share & Forecast, 2021-2027
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global pacemakers market was worth USD 4.4 Billion in the year 2020. The market is estimated to grow at a CAGR of 3%, earning revenue of USD 5.4 Billion by the end of 2027. The global pacemakers market is being driven by an aging population and rising incidences of cardiac ailments, as well as technological advancements in the healthcare sector. Furthermore, the government is shaping the global pacemakers sector by taking fruitful steps and increasing reimbursement policies on a global scale. However, over the forecast period, the market is expected to be restrained by high treatment costs, and a high incidence of product recalls due to glitches in existing pacemakers.
lobal Pacemakers Market Size - Industry Trends & Forecast Report 2027 The global pacemakers market was worth USD 4.4 Billion in 2020 and is further projected to reach USD 5.4 Billion by 2027, at a CAGR of 3.0 % during 2021-2027 (forecast period). The demand for pacemakers has been increasing due to increasing incidences of cardiovascular diseases. Other factors contributing to
market growth include increased patient awareness and technological innovation in pacemakers, such as leadless pacemakers and MRI-safe pacemakers. Additionally, the increasing demand for pacemakers among patients with improved and minimally invasive procedures is also driving the market growth.
Global Pacemakers Market Overview:
A pacemaker is an electrical device generally used when the heartbeat runs too fast, too slowly, or with an uneven rhythm. People suffering from arrhythmias can function normally with the assistance of a pacemaker. Pacemakers are the preferred choice of treatment for cardiovascular diseases due to their non-invasive nature. Pacemakers are medical devices that are implanted to help regulate the pulse. They can be temporarily inserted to treat weak or irregular heartbeat following a heart attack, surgery, or drug overdose. The primary factors expected to drive growth in the global pacemakers market include advancements in pacemakers, especially in the materials and technologies used in cardiac pacemakers, as well as increased government initiatives to promote awareness about cardiovascular diseases and treatments. However, high treatment costs are a major factor impeding the development of the global pacemakers industry.
Global Pacemakers Market Forecast and Trends Growth Drivers
Rising heart and cardiovascular diseases
Certain heart conditions, as well as aging, affect the rate of the heartbeat. Such damage can result in slower heartbeats or long pauses between heartbeats. Usually, pacemakers are used to record the heart's electrical activity and heart rhythm. Some new technologically advanced pacemakers are also capable of monitoring blood temperature, breathing rate, and other vital signs, thereby adjusting a patient’s heart rate in response to changes in their movement. Temporary pacemakers and a permanent pacemaker are the two forms of pacemakers. Temporary pacemakers are meant for short-term use during a hospital stay to manage temporary heart rate disorders, such as a slow pulse triggered by heart surgery, heart attack, or a drug overdose. On the other hand, permanent pacemakers are used to monitor long-term heartbeat complications,
Technologically Advance Pacemakers
Because of technological advances in implantable cardiac pacemakers, new product releases by industry players are expected to fuel market growth. High-density batteries, low-power electronics, and revolutionary software designs have all become game-changers in the field of cardiac pacemakers in recent years. The global pacemaker industry is benefiting from such improvements.
Furthermore, several government agencies and private companies are raising awareness about cardiovascular diseases, thereby propelling the industry forward
significantly. MRI is also being offered to patients with cardiac pacemakers at several medical centers. As a result of these trends, MRI-compatible pacemakers are expected to see substantial market growth in the coming years.
Global Pacemakers Market Restraints
High cost and lack of experienced professionals
The high treatment costs are a major stumbling block to the global pacemakers market's growth. Furthermore, product recalls due to erroneous functioning and other challenges are expected to thwart the global pacemakers market's growth over the forecast period. Pacemaker implantation is normally performed under local anesthesia for a number of reasons, including the patient's medical condition, which could require a longer hospital stay. As a result, the overall cost of the pacemaker implantation procedure rises significantly. Additionally, a shortage of trained medical professionals, as well as many risks associated with pacemakers, such as the possibility of bleeding and infection, are limiting market development.
Impact of COVID-19 in the industry
The novel coronavirus had a severe impact on patients with cardiovascular disease. The spread of COVID-19 has had a huge economic effect on the medical device industries, including pacemakers.
Pacemakers are used to treat medical problems like arrhythmia, heart block, and Long QT syndrome. The increasing prevalence of arrhythmia and the lack of specific therapy for controlling cardiac rhythm contributed to the growing need for pacemaker devices throughout the pandemic. The resource allocation and priority setting policies, such as the conversion of many hospitals into COVID-only facilities, have led to the postponement of elective cardiac procedures, which has had a negative effect on the pacemaker device industry.
Global Pacemakers Market: By Type
Based on service, the pacemakers market is divided into Implantable, and External. The implantable type accounted for the largest market share in 2020 and is predicted to dominate the market during the forecast period as well. The pacemaker and leads are implanted through an incision in the chest. The lead(s) are threaded through the incision and into a vein before being directed to the heart using a fluoroscopy device. The high market share of implantable pacemakers can be attributed to the growing demand for cardiac pacemaker implantation, which has improved the quality of life for many patients around the world. Furthermore, the presence of multiple leads that enable physiological functioning of the heart is usually also funding for market development.
Global Pacemakers Market: By Application
Based on Application, the pacemakers market is divided into Arrhythmias, Congestive Heart Failure, and others. Among all these segments, Arrhythmias
accounted for the largest share in 2020 and is likely to maintain its dominance even during the forecast period. The heart normally beats too fast, too slow, or in an erratic rhythm during an arrhythmia. In this medical condition, the heart does not normally pump enough blood to the rest of the body, resulting in exhaustion and fainting. Pacemakers are electronic devices that are used when the heartbeat is too fast, too slow, or has an irregular rhythm. Therefore, people suffering from arrhythmias can lead to everyday life with the help of a pacemaker.
Global Pacemakers Market: By End-Users
Based on end-users, the global pacemaker market is segmented into hospitals, ambulatory surgical centers and others. Because of the higher rate of implants in the hospital segment, the hospital segment is projected to account for the largest share of the cardiac pacemaker market over the forecast period. Furthermore, the reimbursement rates provided by hospitals are higher than those provided by ambulatory surgical centers. Additionally, to get a pacemaker, one needs to stay in the hospital for a few hours or overnight. Therefore, hospital admitting facilities and the availability of 24-hour medical staff influence the growth of the hospital segment.
Global Pacemakers Market – Regional Insights
Based on region, the pacemakers market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among all the regions, North America holds the largest market share owing to the rising occurrence of heart diseases and technological advancements in the region. Additionally, the Asia Pacific is also likely to witness the highest growth during the forecast period, followed by Europe. China and India are expected to be the fastest-growing pacemaker markets in the APAC region. A large pool of patients, increasing government support, and improving healthcare facilities are some of the major motivators of the pacemakers market in developing countries.
Recent Developments in Global Pacemakers Market
In April 2021, BIOTRONIK unveiled the newest suite of tools for the more specialized implanting procedures in the His-bundle cardiac conduction system. They introduced new conduction system pacing tools for added flexibility during implantation.
In October 2020, Medtronic Private Limited, a wholly-owned subsidiary of Medtronic plc (an American-Irish registered medical device company), announced the introduction of the AzureTM pacemaker with BlueSyncTM technology, making it India's first and only pacemaker capable of interacting directly with patients' smartphones and tablets.
Global Pacemakers Market Competitive Landscape
Key players in the global pacemakers market are Medtronic, BIOTRONIK, Inc., Boston Scientific Corporation, St.Jude Medical, ZOLL Medical Corporation, MEDICO S.p.A., Vitatron, Pacetronix, Cordis, Inc., and other key manufacturers.
With extensive infrastructure, marketing plans, distribution networks, and R&D provision, important international players are likely to grow their footprint in the market. Thus, small and developing vendors find it progressively difficult to race with them in innovation, brand image, technology, and value.
Scope
Attribute Details
Years Considered Historical data – 2017-2020
Base Year – 2020
Forecast – 2021 – 2027
Facts Covered Revenue in USD Million
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, AUAE, South Africa, Saudi Arabia
Product/Service Segmentation By Type, By Application, By End Users, By
Region
Key Players Key players for global pacemakers market are Medtronic,BIOTRONIK Inc.,Boston Scientific Corporation,St. Jude Medical,ZOLL Medical Corporation,MEDICO S.p.A.,Vitatron,Pacetronix and Cordis, Inc. and other key manufacturers.
· By Type o Implantable o External · By Application o Arrhythmias
o Congestive Heart Failure o Others
o Hospitals o Ambulatory o Others · By Region o North America o Latin America o Europe o Asia Pacific o Middle East o Africa FAQs
1. What is the current size of the global pacemakers market?
Answer: Global pacemakers market has reached USD 4.4 Billion in 2020.
2. What are the major factors driving the growth of the global pacemakers market?
Answer: Increasing heart and other cardiovascular diseases. Increasing awareness among patients and the technological advancement pacemakers such as leadless pacemakers and MRI safe pacemakers are the primary factors contributing to the market growth.
3. Who are the key players in the global pacemakers market?
Answer: The key players in the global pacemakers are Medtronic, BIOTRONIK Inc., Boston Scientific Corporation, St. Jude Medical, ZOLL Medical Corporation, MEDICOS.p.A., Vitatron, Pacetronix and Cordis, Inc., and other key manufacturers and other key manufacturers.
4. Which application segment accounted for the largest share in the global pacemakers market?
Answer: Arrhythmias segment, by service, accounted for the largest share in the global pacemakers market.
5. Which end-user segment accounted for the largest share in global pacemakers market?
Answer: The hospital segment is growing at a higher rate in the global pacemakers market.
About us
Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us info@blueweaveconsulting.com
