SELBYVILLE, Del., Sept. 16, 2021 (GLOBE NEWSWIRE) -- According to the latest report "Pacemaker Market by Product (Implantable Pacemakers, External Pacemakers), Technology (Single-chamber Pacemakers, Dual-chamber Pacemakers, Biventricular/CRT Pacemakers), Application (Congestive Heart Failure, Arrhythmias, Bradycardia, Tachycardia), End-use (Hospitals, Cardiac Care Centers, Ambulatory Surgical Centers, Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of pacemakers will cross $4.5 billion by 2027.
Growing life expectancies and an aging population are projected to propel the market growth during the forecast period. Age is one of the crucial determinants of cardiovascular health, as it plays an anchoring role in the deterioration of cardiovascular functionality. As a result, the aging population is increasingly susceptible to cardiovascular disorders. According to the Journal of Cardiovascular Development and Disease 2019 article, the incidence of cardiovascular diseases in the U.S. was approximately 40% among people aged 40-59 years, around 75% among people 60-79 years, and 86% in those aged 80 and older. The American Heart Journal's Heart Disease and Stroke Statistical Update, in 2019, stated that the incidence of cardiovascular disorders was reported to be more than 77.2% in males and 78.2% in females, aged 60-79 years in the U.S. Additionally, the incidence of cardiovascular ailments was significantly higher among population aged above 80 years accounting for 89.3% in males, and 91.8% in females. The frequency of cardiac conditions and rhythm abnormalities in elderly adults is high, further driving the prevalence of conditions such as atrial fibrillation, bradyarrhythmias that hamper the normal cardiac output and augment the need for pacemakers.
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The implantable pacemaker market is slated to reach USD 4 billion by 2027. Implantable pacemakers aid in relieving the symptoms of irregular heart rhythm by revamping the normal cardiac output and restoring adequate blood circulation. Technological advancements in implantable pacemakers such as the development of leadless pacemakers, MRI compatible devices, cardiac pacing systems featuring wireless connectivity and remote monitoring are further expected to surge the device adoption rates. MRI-conditional models enable the patients to complement MR imaging procedures without damaging or changing the device settings.
The biventricular/CRT pacemakers segment will cross USD 328 million by 2027, owing to the increasing prevalence of congestive heart failure. Biventricular/CRT pacemakers are primarily used in the treatment of abnormal ventricle contractions that occur in people suffering from advanced heart failure.
The bradycardia segment captured 35% of the pacemaker market share in 2020, led by the rising incidence of bradycardia. Bradyarrhythmia or bradycardia is a type of heart arrhythmia that is characterized by abnormal cardiac rhythm and is a serious health concern. People suffering from bradycardia usually have slowed heart rate with less than 50 beats per minute.
The pacemaker market for the cardiac care centers segment held 13% of revenue share in 2020 and will witness a 5.4% growth rate till 2027. This fastest segment growth is attributed to its ease of service, availability of medical specialists, and specialized cardiac care & CVD management. These medical facilities offer more specialized care to patients, on the basis of disease assessment and approved nursing care plans. These centers employ specially trained medical personnel and provide constant monitoring for critical patients. A host of cardiac procedures such as heart seizure, open-heart surgery, myocardial infarction, pulmonary care, and pacemaker implantation among others are performed in these centers.
China's pacemaker market will account for over USD 368 million by 2027, due to the rising prevalence of cardiovascular disorders such as atrial fibrillation, arrhythmias, heart failure, along with the growing geriatric population in the country. Rapid socio-economic development has significantly hampered cardiovascular health in China, with increasing risk factors such as obesity, hypertension, smoking and diabetes among others. Consequently, with lifestyle transition, urbanization, and an accelerated aging population, the risk of cardiovascular diseases has surged steadily. The incidence of cardiovascular diseases has been rising continuously and this upward trend is estimated to continue in the coming years. The surging burden of cardiovascular diseases has become a stern public health issue that has increased mortality rates. The tremendous cardiovascular disease burden in China affecting a high number of people is set to prove conducive for the market, further fostering pacemakers' acceptance rate for managing these diseases.
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Some of the major players operating in the pacemaker market are Medtronic, Boston Scientific Corporation, Abbott Laboratories, BIOTRONIK, Lepu Medical, LivaNova, and Oscor, Inc. These companies are engaged in adopting multiple strategic initiatives such as distribution agreements, new market development, penetration and vertical integration to strengthen their industry position.
Table of Contents (ToC) of the report:
Chapter 3 Pacemaker Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By technology
3.4.3 By application
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Porter's analysis
3.7 Competitive landscape, 2020
3.7.1 Company matrix analysis, 2020
3.8 PESTEL analysis
Browse the Complete Table of Contents (ToC) at
https://www.gminsights.com/toc/detail/pacemaker-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Related Images
Image 1: Pacemaker Market Growth Predicted at 4.2% Through 2027: GMI
Major pacemaker market players include Medtronic, Boston Scientific Corporation, Abbott Laboratories, BIOTRONIK, Lepu Medical, LivaNova, and Oscor, Inc.
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