New York, USA, May 11, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global pacemaker market is anticipated to rise at a stable CAGR of 3.5%, thereby garnering a revenue of $6,791.2 million in the 2022-2031 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the pacemaker market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: In recent years, there has been a growth in the prevalence of cardiovascular diseases around the world which is expected to become the primary growth driver of the pacemaker market in the forecast period. Additionally, innovations in pacemaker technology are anticipated to push the market forward.
Opportunities: A massive expansion in the applicability of pacemakers in the healthcare sector is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, increased pacemaker research and development is expected to help the market register substantial growth in the coming period.
Restraints: However, according to market analysts, lack of awareness regarding cardiovascular diseases might become a restraint in the growth of the pacemaker market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The pacemaker market, too, was negatively impacted by the pandemic. As the global healthcare sector was focused on curbing the pandemic, almost all operations and treatments related to cardiovascular diseases were postponed. This reduced the demand for pacemakers which brought down the growth rate of the market during the pandemic.
Segments of the Market
The Research Dive report has fragmented the pacemaker market across different segments such as type, product, end user, and region.
Type: Dual Chamber Sub-segment to Grow Immensely
The dual chamber sub-segment is expected to be one of the most dominant by 2031. Growing demand for dual chamber pacemakers due to their tighter approximation of sinus rhythm is predicted to help in the growth of this sub-segment.
Product: Implantable Pacemaker Sub-segment to be Highly Lucrative
The implantable pacemaker sub-segment is predicted to witness rapid growth by 2031. Rise in incidence of bradycardia across the globe is predicted to boost the growth of this sub-segment.
End User: Hospitals and Cardiac Centers Sub-segment to Have a Significant Market Share
The hospitals and cardiac centers sub-segment is expected to be highly dominant by 2031. An increase in hospital visits and admission rates due to growth in the number of cardiovascular diseases among people is predicted to help in the growth of this sub-segment.
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Market in the North America Region to be the Most Profitable
The pacemaker market in the North America region is anticipated to be the most lucrative in the forecast period. Increased demand for minimally invasive procedures is predicted to be the main growth drivers of the market in this region.
Prominent Market Players
Some prominent players in the pacemaker market are
- Boston Scientific Corporation
- MicroPort Scientific Corporation
- Pacetronix
- Zoll Medical Corporation
- Cook Medical
- Osypka Medical GmbH
- Medtronic
- MEDICO SpA
- LivaNova PLC.
- BIOTRONIK
- lepumedical.com
These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market.
For instance, in June 2021, Medtronic, a global medical device giant, announced the launch of the world’s smallest pacemaker to treat heart blocks. Micra AV, as it is called, can sense atrial activity in the upper chamber of the heart and uses a minimally invasive approach to treat atrioventricular blocks. This product launch is predicted to offer numerous growth opportunities for Medtronic in the coming period.
Finally, this comprehensive report also summarizes many crucial facets of the pacemaker market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Pacemaker Market:
- How do Advanced Pacemakers Become a Reliable Solution for Individuals Struggling with Irregular Heart Rhythms?
- Growing Applications of Pacemakers in the Healthcare Sector to Foster the Growth of the Global Pacemaker Market by 2031
