New York, USA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- According to Research Dive, the global pacemaker market is estimated to generate a revenue of $6,447.5 million by 2028, and grow at CAGR of 5.5% over the forecast period (2021 to 2028). The comprehensive report provides a brief summary of the present market scenario comprising key aspects of the market such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the pacemaker market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
As per our analysts, the growing geriatric population and the increasing prevalence of cardiovascular diseases among millennial across the globe are the significant factors estimated to foster the growth of the global pacemaker market over the forecast period. Besides, the changes in lifestyle like consuming unhealthy food and less physical exercise is another factor expected to boost the market growth. Moreover, continuous innovations and improvements in the existing pacemaker products and novel product launches by key players are projected to create huge growth opportunities for the pacemaker market over the forecast period. However, high costs associated with pacemaker implantation is estimated to restrict the market growth in the projected timeframe.
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COVID-19 Impact on the Pacemaker Market
The COVID-19 pandemic has had a negative impact on the global pacemaker market growth. The impact on the pacemaker market share and size is majorly due to the high rate of COVID-19 transmission and the rising fear of infection among patients, owing to which many heart patients avoided their regular health checkup and doctor visits. In addition, owing to the increasing number of infection cases, many emergency wards and private clinics occupied by coronavirus affected patients. These factors have drastically impacted the global pacemaker market during the pandemic period.
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Dual Chambered Sub-segment to Garner Maximum Revenue
By type, the dual chambered sub-segment is predicted to have the maximum revenue of $3,271.6 million during the forecast period. The rapid growth of the sub-segment is majorly owing to the increasing demand for dual chamber pacemaker implant due to high benefits of the pacemaker. Besides, the pacemaker is huge in demand as it is helped in correcting the occurrence of slow heartbeat rates, which is expected to boost the sub-segment’s growth in the global pacemaker market.
Implantable Pacemaker Sub-segment to Hold the Largest Market Share
By product type, the implantable pacemaker sub-segment is predicted to account for $3,978.3 million by 2028 and is expected to account for the majority of market share during the analysis period. This is mainly due to the growing cases of cardiovascular diseases across the globe. In addition, the growing preference of implantable pacemaker due to its life span of about 10 to 15 years is another factor predicted to drive the sub-segment’s growth by 2028.
Hospitals & Cardiac Sub-segment to be Most Lucrative
By end user, the hospitals & cardiac sub-segment is estimated to generate a revenue of $4,108.1 million by 2028 and is anticipated to hold the largest market share in the global industry over the forecast period. The rapid sub-segment growth of the global pacemaker market is mainly due to increasing number of cardiovascular disease, which has paced up the hospitalization rate. Besides, the availability of skilled healthcare professional in hospitals to perform critical surgeries have further accelerated the sub segment growth.
North America Region to Dominate in the Industry
By region, the North America pacemaker market is projected to garner a revenue of $2,598.3 million by 2028 and witness dominating growth during the forecast period. The rapid growth of the region can be attributed to the presence of major pacemaker companies in the region, such as Abbott Laboratories, Medtronic Plc., and Boston Scientific. In addition, the growing geriatric population along with the rising prevalence of cardiovascular diseases in the region is further expected to upsurge the market growth by 2028.
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Prominent Market Players
Some of the top players of the global pacemaker market are:
- Boston Scientific Corporation
- Zoll Medical Corporation
- MicroPort Scientific Corporation
- Medtronic
- Cook Medical
- Pacetronix
- MEDICO Spa
- Oscor Inc.
- Osypka Medical GmbH
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
For instance, in June 2021, India Medtronic Pvt. Ltd., a wholly owned subsidiary of Medtronic Plc, announced the launch of a miniaturized, fully self-contained pacemaker, ‘Micra AV’ that delivers advanced pacing technology to AV (atrioventricular) block patients through a minimally invasive approach.
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Related Article Links:
- Acquisitions Like That of Baylis Medical by Boston Scientific to Bolster the Growth of the Global Pacemaker Market
- Pacemaker: A Helping-Agent for Extending the Life-Span of Individuals Having Heart Problems
