New York, USA, March 14, 2022 (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 a 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.
Pacemaker Market Dynamics
As per our analysts, the growing geriatric population and the increasing prevalence of cardiovascular diseases among millennials 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 are 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 checkups and doctor visits. In addition, owing to the increasing number of infection cases, many emergency wards and private clinics are occupied by coronavirus-affected patients. These factors have drastically impacted the global pacemaker market during the pandemic period.
Dual Chambered Sub-segment to Garner Maximum Revenue
By type, the dual-chambered sub-segment is predicted to have a 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 implants due to the 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 the 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 pacemakers due to their 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 the increasing number of cardiovascular diseases, which has paced up the hospitalization rate. Besides, the availability of skilled healthcare professionals in hospitals to perform critical surgeries has 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 Pacemaker 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 stronghold in the global industry. - Inquire to Get access to Detailed Top Companies Development Strategy Report
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.
Related Top Articles:
- 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
- The Pacemaker Market Projected To Grow At A CAGR Of 5.5% And Garner A Revenue Of $6,447.5 Million In The 2021-2028 Timeframe
