Pacemakers have been used for decades and are a reliable and effective treatment option for many patients with heart conditions. It is a small, battery-powered device that is implanted under the skin of the chest or abdomen. The device delivers electrical impulses to the heart muscle to help it beat at a regular rate. Pacemakers are used to treat a variety of heart conditions, including bradycardia, which is a slow heartbeat, and heart block, which is a problem with the electrical conduction system of the heart.
Today’s pacemakers have more features than the traditional ones. They can be programmed to deliver different types of electrical impulses, depending on the individual’s needs. Some pacemakers even have sensors that can detect changes in the body’s activity levels and adjust the electrical impulses accordingly. Pacemakers are implanted during a minor surgical procedure. The device is placed under the skin of the chest or abdomen and leads (thin wires) are threaded through veins into the heart. The leads are then attached to the pacemaker, which is programmed to deliver electrical impulses to the heart muscle. There are several different types of pacemakers available such as single-chamber pacemakers, dual-chamber pacemakers, and biventricular pacemakers, depending on the individual’s needs.
Forecast Analysis of the Global Pacemaker Market
According to the report published by Research Dive, the global pacemaker market is anticipated to generate a revenue of $6,791.2 million and grow at a CAGR of 3.5% during the forecast timeframe from 2022 to 2031. The growing applications of pacemakers in the healthcare sector owing to the rising demand for lowering surgical and post-surgical spending and the rising prevalence of cardiovascular illnesses among individuals are expected to propel the growth of the pacemaker market during the analysis timeframe. Moreover, the rapid technological advancements in the development of premium pacemakers to reduce error rates and increase workflow accuracy are expected to fortify the growth of the pacemaker market in the forecast period. However, the lack of awareness regarding cardiovascular diseases may hamper the growth of the market throughout the estimated period.
The major players of the pacemaker market include MEDICO SpA, MicroPort Scientific Corporation, Pacetronix, Cook Medical, BIOTRONIK, Osypka Medical GmbH, Medtronic, LivaNova Plc., Zoll Medical Corporation, lepumedical.com, Boston Scientific Corporation, and many more.
Key Developments of the Pacemaker Market
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global pacemaker market to grow exponentially. For instance:
- In April 2021, ZOLL® Medical Corporation, a leading developer and marketer of medical devices and software solutions announced its acquisition of Respicardia, Inc., a leader in innovative technologies. With this acquisition, the companies aimed to develop innovative therapies for patients suffering from heart problems and expertise in cardiac and respiratory care with Respicardia’s novel remed?® System to improve the health and quality of life for many patients.
- In December 2021, LifeTech Scientific Corporation, a leading company specializing in minimally invasive interventional medical devices announced its collaboration with Medtronic an American medical device company. With this collaboration, both companies would extend their agreement on the “HeartTone™ domestic pacemaker project” and start working together on domestically made MRI-conditional pacemakers.
- In February 2022, Abbott, an American multinational medical devices and healthcare company, announced the launch of its new product namely, “AVEIR DR i2i™”, the first patient implant of a dual-chamber leadless pacemaker system. This pacemaker is developed with i2i technology to offer beat-by-beat communication between two leadless pacemakers and regulate the heart rate parallelly.
Most Profitable Region
North America region generated the highest market share in 2021. This is mainly due to the increased demand for minimally invasive procedures and the increasing prevalence of cardiovascular diseases among individuals across the region. Moreover, the increasing funding from private & public organizations for the healthcare industry across the region and the rising adoption of minimally invasive surgery together are expected to boost the regional growth of the North America pacemaker market over the analysis period.
Covid-19 Impact on the of the Pacemaker Market
The rise of the Covid-19 pandemic has devastated several industries, including the pacemaker market. The delay of all elective operations, non-essential medical procedures, and dental procedures due to the spontaneous spread of the deadly virus has decreased the demand for elective cardiovascular procedures during the pandemic period. Moreover, the cancellation and postponement of cardiovascular surgeries led to poor sales of cardiac pacemakers’ devices which caused huge losses to leading market players of cardiac rhythm management devices. All these factors have declined the growth of the market throughout the crisis.