New York, USA, May 31, 2022 (GLOBE NEWSWIRE) -- A new report on the global pacemaker market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $6,447.5 million by 2028, rising at a striking CAGR of 5.5% from 2021 to 2028. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
The report segments the global pacemaker market into type, product, end user, and region.
Dual Chambered Pacemaker Sub-Segment to Observe Highest Growth
Among the type segment, the dual chambered pacemaker sub-segment is projected to lead the market and surpass $3,271.60 million during the estimated timeframe. This is mostly because of the increasing demand for dual chamber pacemaker implants among people due to rising presence of issues related to heartbeat rates.
Implantable Pacemaker Sub-Segment to Experience Dominant Growth
Among the product segment, the implantable pacemaker sub-segment is expected to grab highest market share and surpass $3,978.30 million during the forecast period. The growth of this sub-segment is mostly because of the increasing demand for implantable pacemakers among people due to rising cases of cardiovascular diseases across the world.
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Hospitals & Cardiac Centers Sub-Segment to Witness Maximum Growth
Among the end user segment, the hospitals & cardiac centers sub-segment is projected to grab foremost market share and garner $4,108.10 million during the estimated timeframe. This is mostly because of the significant surge in the number of visits and admission rate in hospitals due to rising number of cardiovascular patients across the globe.
Asia-Pacific Pacemaker Market to Observe Rapid Growth
The report analyzes the global pacemaker market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe speedy growth and hit $1,431.30 million in the forecast period. The growth of the region market is mainly because of the growing investments by market players in novel pacemaker solutions to cure the huge number of cardiovascular patients in this region.
Impact of COVID-19 Pandemic on the Pacemaker Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global pacemaker market. The implementation of stringent rules and lockdown restrictions across the world has ceased the functioning of various sectors. Several cardiovascular patients have reduced the number of visits to hospitals to avoid COVID-19 infection and curb the spread of virus. Many medical professionals have also delayed several heart surgeries amidst the pandemic, as heart patients are more prone to COVID-19 virus. All these factors are greatly hampering the growth of the pacemaker market amidst the pandemic period.
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Factors Impacting the Pacemaker Market Growth:
The key factors boosting the growth of the global pacemaker market are the rising prevalence of cardiovascular diseases, especially in millennial, owing to poor lifestyle such as reduced physical workout and unhealthy eating habits. Moreover, growing technical developments and novel launch of improved pacemakers are projected to open doors to beneficial opportunities for the growth of the market in the forecast period. However, huge costs involved in the implantation of pacemakers and likelihood of getting infections at the implantation area is expected to obstruct the market growth.
Leading Players of the Pacemaker Market:
The report lists some of the foremost players operating in the global industry including Pacetronix
- Boston Scientific Corporation
- Medtronic
- Osypka Medical GmbH
- MicroPort Scientific Corporation
- Cook Medical, Abbott Laboratories
- Zoll Medical Corporation
- MEDICO Spa
- Oscor Inc.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in June 2021, Medtronic, a global frontrunner in medical technology, services, and solutions, launched Micra™ AV, the world's smallest pacemaker with Atrioventricular (AV) Synchrony for treating heart block in patients in India.
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- Pacemaker: A Helping-Agent for Extending the Life-Span of Individuals Having Heart Problems
- Acquisitions Like That of Baylis Medical by Boston Scientific to Bolster the Growth of the Global Pacemaker Market
