London, July 14, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “Cardiac Pacemaker Devices Market by Product (Cardiac Pacemaker, Implantable Pacemakers, [Dual Chamber, CRT Pacemaker], External Pacemaker), Indication (Arrhythmia, CHF), End User (Hospital & Clinics, Ambulatory Care Centers) - Forecast to 2028”, published by Meticulous Research®, the cardiac pacemaker devices market is expected to grow at a CAGR of 3.1% from 2021 to reach $4.34 billion by 2028.
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A cardiac pacemaker is an electronic device that is either implanted in the chest or used externally to administer tiny electrical shocks to produce cardiac contraction during periods of bradycardia (low heart rate) when the heart's internal electrical activity is abnormally slow or absent. Technological advancements in pacemaker technology, such as miniaturization of the pacemaker devices, complete magnetic resonance imaging (MRI) compatibility, outstanding longevity with enhanced battery life, wireless remote monitoring features, and launch of innovative leadless pacemakers, are useful aspects for the market growth.
Further, the enormous and increasing burden of cardiovascular diseases among the middle and older age group across the globe and alarming trends in cardiovascular risk profiles of young people propels the adoption of cardiac pacemaker devices in the upcoming years.
Impact of COVID-19 on the Cardiac Pacemaker Devices Market
The COVID-19 pandemic has severely impacted public health services across the world. The pandemic led to a significant decrease in elective cardiovascular (CV) procedures, especially in patients with associated chronic diseases, such as diabetes mellitus. The emergence of the pandemic urged the Centers for Medicare and Medicaid Services (CMS) in March 2020 to postpone all elective surgeries, non-essential medical procedures, and dental procedures. This included all types of invasive and non-invasive cardiovascular exams and procedures, affecting all facets of cardiology departments, from ECG and echo labs to interventional and EP labs and cardiovascular surgeries.
This further impacted the cardiac pacemaker devices market as the total number of pacemaker implantations decreased in 2020 when compared to 2019. For instance, in Hospital Nacional Edgardo Rebagliati Martins in Peru, an average of 33.1 pacemakers were implanted per month in the before COVID-19 period. However, only nine pacemakers per month were implanted on average during the COVID period.
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The pandemic negatively impacted the cardiac pacemaker devices market because hospitals worldwide diverted their resources and workforce to diagnose, treat, and manage COVID-19. Companies operating in the cardiac pacemaker devices market experienced loss of sales as hospitals have de-prioritized, delayed, or canceled cardiovascular surgical procedures.
The overall cardiac pacemaker devices market is segmented on the basis of product type (cardiac pacemakers [implantable pacemakers {single, dual, biventricular}, external pacemaker], pacing leads, pacing analyzer), indication (arrhythmia, congestive heart failure, other indications), end user (hospital & clinics, ambulatory surgery centers, other end users), and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.
Based on product type, the cardiac pacemaker devices market is segmented into cardiac pacemakers, pacing leads, and pacing analyzers. The cardiac pacemakers segment is estimated to grow at the highest CAGR during the forecast period. Based on implant ability, cardiac pacemakers are further segmented into implantable pacemakers and external pacemakers. In 2021, the implantable cardiac pacemakers segment is estimated to account for the largest share due to the widespread use of permanent implantable cardiac pacemakers for the prevention of sudden cardiac deaths (SCD) in patients, as well as the rising incidence of cardiac arrest and atrial fibrillation, rising trends in modern therapies, and rising healthcare awareness in several countries.
Based on indication, the arrhythmia segment is expected to account for the largest share of the overall cardiac pacemaker devices market in 2021 due to changes in the lifestyle among the population, adopting a disease-causing sedentary lifestyle, and excessive alcohol consumption and smoking.
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Based on end user, the hospitals & clinics segment is expected to account for the largest share of the overall cardiac pacemaker devices market in 2021. Being one of the most traditional healthcare settings with a wide presence, easy accessibility, and better healthcare infrastructure, most patients initially visit hospitals for any healthcare concerns. With the rise in the population having any cardiovascular diseases such as hypertension, bradycardia, heart failure, and cardiac arrest, growth in the global geriatric population is expected to further increase the volume of cardiac pacemaker implantations in hospitals & clinics.
The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past four years. The cardiac pacemaker devices market has witnessed several new product launches, approvals, acquisitions, and product enhancements in recent years. For instance, in December 2020, Medtronic (Ireland) received a Health Canada license for Micra AV, the smallest pacemaker for treating atrioventricular (AV) synchrony. With the licensing of Micra AV, more patients will benefit from a new way to implant pacemakers.
The key players operating in the global cardiac pacemaker devices market are Medtronic Public Limited Company (Ireland), Boston Scientific Corporation (U.S.), Biotronik SE & Co. KG (Germany), Abbott Laboratories (U.S.), MEDICO S.p.A. (Italy), Shree Pacetronix Ltd. (India), Lepu Medical Group (China), Osypka Medical GmbH (Germany), OSCOR Inc. (U.S.), and MicroPort Scientific Corporation (China), among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/cardiac-pacemaker-devices-market-3568
Scope of the Report:
Cardiac Pacemaker Devices Market, by Product
- Cardiac Pacemakers
- Implantable Pacemakers
- Single-chamber Pacemakers
- Dual-chamber Pacemakers
- Biventricular Pacemakers
- External Pacemakers
- Implantable Pacemakers
- Pacing Leads
- Pacing Analyzers
Cardiac Pacemaker Devices Market, by Indication
- Arrhythmia
- Congestive Heart Failure
- Other Indications
(Other indications comprise cardiac diagnostics & monitoring, cardiac mapping, hypertrophic cardiomyopathy, and sinus node diseases.)
Cardiac Pacemaker Devices Market, by End User
- Hospitals and Clinics
- Ambulatory Surgery Centers
- Other End Users
(Other end users comprise cardiac care centers and medical institutes.)
Cardiac Pacemaker Devices Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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