The global pacemaker market is estimated to expand at a considerable CAGR during the forecast period, 2021 – 2028. According to a research conducted by the Pan-African Society of Cardiology (PASCAR), the pacemaker implantation rate in 31 countries in Africa was noted to be 2.66 per Mn population from 2011 to 2016. Rising prevalence of heart diseases is expected to drive the growth of the market.
A pacemaker is a battery-operated compact device that identifies whether the heartbeats are erratic. The pacemaker signals the heart by delivering electrical pulses to correct the pace of the heartbeats to maintain the normal heart rate, when required. Pacemakers can be temporarily used post-surgery, during medication overdose, and after a heart attack; or implanted permanently to assist heart patients or people suffering from arrhythmias.
In a single chamber pacemaker, electrical impulses are transferred to the right ventricle; whereas, a dual chamber pacemaker transports electrical impulses to the right atrium and the right ventricle. Biventricular pacemaker is designed for patients suffering from heart failure with anomalous electrical systems. It invigorates the lower right and left ventricles of the heart improving the heartbeat efficiency. Electrocardiogram (ECG) is typically used by physicians to measure electrical impulses by placing sensor pads on chest and limbs.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising lifestyle-related disorders and increasing geriatric population across the globe are anticipated to fuel the market.
- Favorable reimbursements and technological progressions are driving the growth of the market.
- Shifting preference from the conventional pacemakers to ultrasound-based pacemakers and implantable cardioverter defibrillator (ICD) is estimated to offer several opportunities for the pacemaker market.
- Key challenges in the market include the availability of alternative treatments such as cardioverter defibrillators to manage tachycardia.
- Lofty prices of pacemakers is a big restraint on the growth of the market.
Scope of Pacemaker Market Report
The report on the global pacemaker market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Pacemaker Market Segment Insights
Implantable segment to grow at a rapid pace
On the basis of product types, the global pacemaker market can be divided into implantable and external. The implantable segment secured a key market share and is anticipated to develop at a substantial growth rate during the forecast period. The implantable pacemakers can be mainly classified into single chamber, dual chamber, and biventricular pacemakers.
The expansion of the implantable segment is due to diminishing post-surgical complexities and the presence of several leads. Thus, the implantable segment is anticipated to grow significantly during the forecast period.
Conventional segment prevalent in the market
Based on types, the market can be bifurcated into MRI compatible and conventional. The conventional segment holds a major share of the market. The factors that can be attributed to the growth of the segment during the forecast period are constant improvements in technology, budget-friendliness, compact size, and extended shelf life.
Arrhythmias segment to account for a considerable market share
In terms of applications, the market can be segmented into congestive heart failure, arrhythmias, bradycardia, and tachycardia. The arrhythmias segment holds a considerable revenue share of the market. The factors that can be attributed to the growth of the arrhythmias segment are lifestyle diseases, disproportionate alcohol consumption, constant smoking, and increasing obesity.
North America holds a key share of the global market
Based on regions, the global pacemaker market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds a key share in the global market in terms of revenue. The high pervasiveness of cardiovascular problems and increasing obesity rates are mainly responsible for the growing market size of North America.
The market share of North America is also positively impacted by the consumption of tobacco & alcohol, and sedentary lifestyle which amplify the risk of arrhythmias and subsequently increases the demand for pacemakers in the region. Asia Pacific holds a sizeable market share after North America.
Segments
The global pacemaker market has been segmented on the basis of
Product Types
Technology
- Single-chamber Pacemakers
- Single-chamber Atrial
- Single-chamber Ventricular
- Dual-chamber Pacemakers
- Biventricular/CRT Pacemakers
Types
- MRI Compatible
- Conventional
Applications
- Congestive Heart Failure
- Arrhythmias
- Bradycardia
- Tachycardia
End-uses
- Hospitals
- Cardiac Care Centers
- Ambulatory Surgical Centers
- Clinics
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
Competitive Landscape
Major players in the global pacemaker market include BIOTRONIK, Boston Scientific Corporation, Lepu Medical Technology (Beijing)Co.,Ltd., MEDICO SpA, Medtronic, MicroPort Scientific Corporation, Oscor Inc., Osypka Medical GmbH, Pacetronix, and Vitatron Holding B.V. Companies adopt strategies such as investments in R&D, joint ventures, acquisitions, and product launches to increase their market share and market presence.
BIOTRONIK has offered a technology existingin its latest generation of BIOMONITOR IIIm, to every one of BIOMONITOR III devices in the US. The technology helps physicians to get quick access to vital patient information who have already implanted with preceding device. The step demonstrated BIOTRONIK’s assurance to offer physicians with technology that helps better patient monitoring during the COVID-19 pandemic. This technology helps physicians to monitor vital data trends and provide cardiac arrhythmia data to improve remote treatments.