New York, USA, June 13, 2023 (GLOBE NEWSWIRE) -- Pacemaker Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Pacemaker Market Information By Implantability, Technology, Type, End User And Region - Forecast till 2030", the market is projected to reach USD 4.2 Billion in 2030 and expected to register a 3.60% CAGR during the forecast period.
Market Scope:
A pacemaker is a medical device that sends brief electrical impulses to the heart's muscles to regulate the heartbeat or stimulate the lower chambers. Syncope, hypertrophic cardiomyopathy, and congestive heart failure are all conditions it is used to treat. Epicardial or endocardial surgery is a minimally invasive procedure used to implant the pacemaker. The patient's chest is cut open in this procedure, and the pacemaker leads are inserted. The market share leader is currently implanted cardiac pacemakers. During the forecast period, they are expected to grow most profitably. The three main types of pacemakers installed are dual chambers, single chambers, and biventricular pacemakers. Having fewer postoperative complications may result in partial growth.
Biventricular pacemakers are anticipated to become more popular due to the availability of multiple tracks. These devices consist of three tracks installed within the left and right atriums and the ventricle, allowing them to be installed in various locations. Due to their many advantages in treating conditions like ventricular dyssynchrony, these biventricular pacemakers can be extremely beneficial. The pacemaker provides brief pacing without surgical extraction and is portable, battery-free, and fully implantable. As a result, the market is growing due to major players in the healthcare medical device industry, favorable government regulations for the development of advanced pacemakers, and an increase in the prevalence of hypertension.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 4.2 Billion |
| CAGR | 3.60% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Implantability, Technology, Type And End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising healthcare expenditure for cardiovascular disorders is driving market growth |
| Increasing research and development for pacemakers |
Pacemaker Market Competitive Landscape:
- Lepu Medical (China)
- Shree Pacetronix (India)
- Medtronic (Dublin, Ireland)
- Abbott Laboratories (US)
- Boston Scientific (US)
- Biotronik (Germany)
- Livanova (UK)
- Osypka Medical (Germany)
- Medico Spa (Italy)
- Oscor (US)
Pacemaker Market Trends:
Market Drivers:
Increased demand for minimally invasive procedures, greater resources from discrete & government agencies for the health care industry, and an increase in the number of cases of cardiovascular diseases are the main factors driving the upward trajectory of the international pacemaker market. The adoption of cardiac surgical procedures such as epicardial or endocardial for the insertion of pacemakers and the rise in demand for minimally invasive surgery together drive the growth of the global market. Additionally, advancements in pacemakers fuel the market's expansion. The market is expanding primarily due to rising CVD incidences, rising cardiac disease management costs, supportive policies by the government, and the introduction of modern pacemakers like leadless and MRI-safe pacemakers.
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One of the major drivers of the market's expansion is the burden of cardiovascular disease, which is on the rise. One of the main causes of CVD deaths worldwide is coronary heart disease. Additionally, businesses are increasingly focused on producing sophisticated pacemakers that cater to personalized care. These developments improve accuracy, add new tools to improve workflow, and promote error reduction.
Restraints
Pacemaker prices are high, and adverse reimbursement scenarios could impede market expansion during the anticipated time frame.
COVID 19 Analysis
The COVID-19 outbreak is predicted to have a detrimental effect on expanding the pacemaker market globally. The COVID-19 pandemic hindered the cardiovascular market's expansion. Many nations are struggling and continue to burden their budgets and healthcare systems significantly due to the high infection rate and lack of treatment. Due to limitations on travel, many nations had previously closed their borders and stopped doing business with each other, which caused a global slowdown for big businesses. The COVID-19 pandemic is causing a strain on the global healthcare infrastructure. To increase the number of beds available for patients with COVID-19 diagnoses, a significant number of hospitals and clinics around the world underwent restructuring. This results in the cancellation of numerous unnecessary surgical procedures throughout the world. Patients with cardiovascular disease have suffered serious effects from the novel coronavirus. The healthcare and medical device industries had experienced a tremendous economic impact due to COVID-19's spread. The primary factor fueling the pacemaker market's expansion is the growing demand to enhance patient outcomes with different pacemaker implantations through enhanced and minimally invasive procedures.
Pacemaker Market Segmentation
By technology, the market includes dual-chamber pacemakers, single-chamber pacemakers, and biventricular/CRT pacemakers.
By implantability, the market includes implantable pacemakers and external pacemakers.
By type, the market includes MRI-compatible pacemakers and conventional pacemakers.
By end user, the market includes hospitals & cardiac centers, and ambulatory surgical centers.
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Pacemaker Market Regional Insights
In terms of revenue, North America was found to be the largest regional market. Its enormous market size is largely due to the elevated incidence of cardiovascular disease, excessive obesity, and favorable revenues. The demand for heart disease equipment, monitoring equipment, and diagnostic equipment is brought on by the prevalence of heart diseases. As a result, there is a critical need for better medical technology, which could drive the market under study. As a result of these factors, the North American heart market is anticipated to grow significantly during the forecast period. Due to the rising number of people suffering from cardiovascular diseases like arrhythmia, technological advancements in diagnostic tools, and an increase in demand for pacemaker minimally invasive implantation in the region, Europe accounted for a sizeable portion of the pacemaker market and is predicted to maintain its leadership during the forecast period.
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