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Pacemaker Market Report

RA00502

Pacemaker Market by Type (Single Chamber Pacemaker, Dual Chamber Pacemaker, and Biventricular/CRT Pacemaker), Product (Implantable Pacemaker and External Pacemaker), End-user (Hospitals & Cardiac Centers and Ambulatory Surgical Centers), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028

RA00502

Pages: 175

Dec 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Pacemaker Market

Global Pacemaker Market Analysis

The global pacemaker market was valued at $4,250.0 million in 2020, and is projected to reach $6,447.5 million by 2028, registering a CAGR of 5.5%.

Market Synopsis

Increased prevalence of cardiovascular diseases among millennial and geriatric population is expected to drive the pacemaker market size in the forecast time period.

However, high cost of treatment and pacemaker implant is likely to restrain the pacemaker market share growth.

According to the regional analysis of the market, the Asia-Pacific pacemaker market is anticipated to grow at a CAGR of 5.80%, by generating a revenue of $1,431.30 million during the review period.

Pacemaker Overview

Pacemaker is an electronic and battery operated device which is widely used to correct heart beats of the patient who experiences slow heartbeat. Pacemaker is generally fitted in the heart patients who suffer from bradycardia or slow heartbeat rate. Whenever the heartbeat rate is slow, the pacemaker sends electrical signal to the heart and it speeds up the pump rate. The pacemaker is of three types- single chamber, dual chamber, and biventricular chamber.

COVID-19 Impact on the Global Pacemaker Market

The occurrence of COVID-19 pandemic has proven to have a negative impact on pacemaker market size growth. As the impact of COVID-19 pandemic has had a severe impact on the health and wellbeing of the people across the world, the fear of infection and its severe symptoms have settled in the patients. Amid high rate of corona virus transmission and prevalence of serious symptoms, many patients have deliberately delayed their regular hospital visits and consultations for any other disease. Also, the healthcare professionals delayed many surgeries and restricted many outpatient visits to contain the deadly virus for transmitting. Such factors are anticipated to decrease the pacemaker market revenue in the coming years.

Increasing Cases of Cardiovascular Diseases to Surge the Market Growth

Rapidly increasing cases of cardiovascular diseases among millennial due to lifestyle changes like less physical exercise and unhealthy food eating habits are expected to drive the pacemaker market share growth in the forecast time span. Many people across the world suffer from various cardiac diseases such as heart attacks and bradycardia. For instance, according to a report published by Center for Disease Control and Prevention, U.S based Healthcare regulation body, in 2021, in the U.S, approximately 805,000 people suffer from heart attack every year. Thus, pacemaker implant is the most popular treatment option for preventing serious heart related diseases. Also, rising number of geriatric population, across the world is further anticipated to raise the growth of pacemaker market size in the next few years.

To know more about global pacemaker market drivers, get in touch with our analysts here.

High Cost of Pacemaker Implantation to Restrain the Market Growth

Pacemaker is an electronic device and its implantation in the patient’s heart is very expensive procedure. Thus, not many patients, especially in the developing nations, can afford such high treatment cost. This factor is likely to hinder the pacemaker market share growth of the next few years. Also, as pacemakers are installed inside the patients’ body, there are high chances of getting some kind of infection at the implantation site which could be a serious matter. Thus, this factor is further expected to impede the market growth in the predicted time period.

Development of Product Portfolio by Major Companies to Fuel the Market Growth

Improvements in the existing pacemaker products and new product launches are expected to drive the pacemaker market share growth in future. Major market players in the pacemaker market have started focusing on developing and launching new products to meet the rising demand for advanced treatment options for cardiovascular diseases. For instance, according to a news published in Health World, an online news portal, on June 16, 2021, Medtronic Private Limited, a global healthcare device manufacturing company, announced the launch of a miniature and highly advanced pacemaker named Micra AV. Such factors are anticipated to drive the pacemaker market size growth in future.

To know more about global pacemaker market opportunities, get in touch with our analysts here.

Pacemaker Market
By Type

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The global pacemaker market by type is segmented into single chamber pacemaker, Dual Chamber Pacemaker, and biventricular/CRT pacemaker. Dual chambered pacemaker sub-segment is projected to generate maximum revenue and single chamber pacemaker is expected to register the fastest growth. Download PDF Sample Report

Source: Research Dive Analysis

The dual chambered pacemaker sub-segment is predicted to have the highest revenue in the global market and register a revenue of $3,271.60 million during the forecast period. The growth is attributed to rising demand of people for dual chamber pacemaker implant owing to high benefits of the pacemaker. The dual chamber pacemaker has two leads and provides electrical impulse to both right atrium and right ventricle simultaneously. Thus, the occurrence of slow heartbeat rates can be corrected by using dual chamber pacemaker. This factor is likely to surge the sub-segment market growth in the future.

The single chamber pacemaker sub-segment is predicted to have the fastest growth in the global market and register a revenue of $1,092.40 million during the forecast period. The growth is attributed to rising cases of cardiovascular diseases among geriatric population. Single chamber pacemaker provides electrical impulse to only one heart chamber and thus it is not much costly compared to other two pacemakers. This factor is likely to stimulate the pacemaker market share growth in future.

Pacemaker Market
By Product

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The global pacemaker market by product is segmented into implantable and external pacemaker. Implantable Pacemaker sub-segment is projected to generate maximum revenue and external pacemaker sub-segment to generate fastest growth.

Source: Research Dive Analysis

The implantable pacemaker sub-segment is predicted to have a dominating market share in the global market and register a revenue of $3,978.30 million during the forecast period. The sub-segment is projected to show an impressive growth in the future owing increasing number of cardiovascular disease cases. Implantable pacemaker are implanted inside the body and are used in the severe disease cases. Also, the life span of implantable pacemaker is almost 10 to 15 years which has also helped in boosting the pacemaker market size.

External pacemaker sub segment is anticipated to have the fastest market growth and market shall generate a revenue from $2,463.50 million in 2028. The increase in the revenue of the sub-segment owes to the wide use of artificial or temporary pacemaker for managing bradycardia. External pacemakers have a life span of about 40 to 80 hours and can easily be serviced regularly. These factors are likely to foresee an exponential growth in the pacemaker market share in the coming years.

Pacemaker Market
By End User

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The global pacemaker market by end-user is segmented into Hospitals & Cardiac Centers and ambulatory surgical centers. Hospitals & Cardiac Centers sub-segment is projected to generate maximum revenue and ambulatory surgical centers sub-segment to generate fastest growth.

Source: Research Dive Analysis

The hospitals & cardiac centers sub-segment is predicted to have a dominating market share in the global market and register a revenue of $4,108.10 million during the forecast period. The sub-segment is projected to show an exponential growth in the future owing increasing number of cardiovascular diseases among people due to which hospital visits and admission rate has increased tremendously. People prefer to visit hospitals for their checkup because hospitals are generally equipped with advanced technology equipment and medical devices. Also, availability of experienced healthcare professionals in the hospitals to perform such critical surgeries have further boosted the sub-segment growth.

Ambulatory surgical centers sub segment is anticipated to have the fastest market growth and the market shall generate a revenue from $2,333.70 million in 2028. The increase in the revenue of the sub-segment owes to the preference of heart patients to visit ambulatory surgical centers for their pacemaker implants. Many people prefer to have specialized and private treatments. At such places, the healthcare professionals give proper attention to the patient and there is no rush. Such factors are likely to flourish the market growth in the forecast time period.

Pacemaker Market
By Region

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The pacemaker market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for Pacemaker in North America to be the Most Dominant

The North America pacemaker market accounted $1,691.50 million in 2020 and is projected to register a revenue of $2,598.30 million by 2028. The growth is attributed to the presence of major pacemaker companies in the region like Abbott Laboratories, Boston Scientific, and Medtronic Plc. Also, growing geriatric population and prevalence of cardiovascular diseases in them is further expected to boost the pacemaker market size growth in the next few years.

The Market for Pacemaker in Asia-Pacific to Observe Fastest Growth

The Asia-Pacific pacemaker market is expected to observe fastest growth and register a revenue of $1,431.30 million in the predicted time span. The growth of the region is subjected to rapidly increasing cases of cardiovascular disorders in the middle aged people. Apart from this, major market players have now started investing in launching new products in the region to boost the healthcare facilities in the region. These factors are likely to flourish the pacemaker market growth in the next few years.

Competitive Scenario in the Global Pacemaker Market

Product launches and acquisitions are common strategies followed by major market players.

Competitive Scenario in the Global Pacemaker Market

Source: Research Dive Analysis

The companies involved in the pacemaker market are Boston Scientific Corporation, Zoll Medical Corporation, Medtronic, MicroPort Scientific Corporation, Cook Medical, Abbott Laboratories, MEDICO Spa, Pacetronix, Oscor Inc., and Osypka Medical GmbH.

Porter’s Five Forces Analysis for the Global Pacemaker Market

  • Bargaining Power of Suppliers: The suppliers in the pacemaker market are high in number. Several companies are working on product innovation and development.
    Thus, the bargaining power suppliers is moderate.
  • Bargaining Power of Buyers: Buyers are growing in number and have huge bargaining power; they demand best and advanced products at low prices. This increases the pressure on the manufacturing companies to offer the best service in a cost-effective way. Thus, buyers can freely choose the product that best fits their preference. 
    Thus, the bargaining power of the buyers is high.
  • Threat of New Entrants: New companies entering the pacemaker market are adopting new pacemaker launches in the market in minimum time frame. 
    Thus, the threat of the new entrants is high.
  • Threat of Substitutes: Since pacemakers are used to control heartbeat rate, no suitable substitutes are available in the market.
    Thus, the threat of substitutes is low.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players. These companies are launching their new products in the international market and strengthening the footprint worldwide. 
    Therefore, competitive rivalry in the market is high.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2028

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Type

  • Single Chamber Pacemaker
  • Dual Chamber Pacemaker
  • Biventricular/CRT Chamber

  Segmentation by Product

  • Implantable Pacemaker
  • External Pacemaker

  Segmentation by End-user

  • Hospitals & Cardiac Hospitals
  • Ambulatory Surgical Centers

  Key Companies Profiled

  • Boston Scientific Corporation
  • Zoll Medical Corporation
  • Medtronic
  • MicroPort Scientific Corporation
  • Cook Medical
  • MEDICO Spa
  • Pacetronix
  • Abbott Laboratories
  • Oscor Inc.
  • Osypka Medical GmbH.

    Frequently Asked Questions
     

    A. Pacemaker is used to pace up the speed of heart beat when it is slow.

    A. No pacemaker is not a major surgery. It is a minor surgery that requires 1 to 2 hours of time.

    A. Implantable and external pacemakers are different types of pacemakers.

    A. The three types of pacemakers are single chamber, dual chamber, and biventricular/CRT pacemaker.

    1.Research Methodology

    1.1.Desk Research
    1.2.Real time insights and validation
    1.3.Forecast model
    1.4.Assumptions and forecast parameters

    1.4.1.Assumptions
    1.4.2.Forecast parameters

    1.5.Data sources

    1.5.1.Primary
    1.5.2.Secondary

    2.Executive Summary

    2.1.360° summary
    2.2.By type trends
    2.3.By product trends
    2.4.By end-users trends

    3.Market overview

    3.1.Market segmentation & definitions
    3.2.Key takeaways

    3.2.1.Top investment pockets
    3.2.2.Top winning strategies

    3.3.Porter’s five forces analysis

    3.3.1.Bargaining power of consumers
    3.3.2.Bargaining power of suppliers
    3.3.3.Threat of new entrants
    3.3.4.Threat of substitutes
    3.3.5.Competitive rivalry in the market

    3.4.Market dynamics

    3.4.1.Drivers
    3.4.2.Restraints
    3.4.3.Opportunities

    3.5.Technology landscape
    3.6.Regulatory landscape
    3.7.Patent landscape
    3.8.Market value chain analysis

    3.8.1.Stress point analysis
    3.8.2.Raw material analysis
    3.8.3.Manufacturing process
    3.8.4.Application analysis
    3.8.5.Operating vendors

    3.8.5.1.Raw material suppliers
    3.8.5.2.type manufacturers
    3.8.5.3.type distributors

    3.9.Strategic overview

    4.Pacemaker Market, by Type

    4.1.Overview

    4.1.1.Market size and forecast, by type

    4.2.Single Chamber

    4.2.1.Key market trends, growth factors, and opportunities
    4.2.2.Market size and forecast, by region, 2020-2028
    4.2.3.Market share analysis, by country 2020 & 2028

    4.3.Dual Chamber

    4.3.1.Key market trends, growth factors, and opportunities
    4.3.2.Market size and forecast, by region, 2020-2028
    4.3.3.Market share analysis, by country 2020 & 2028

    4.4.Biventricular/CRT

    4.4.1.Key market trends, growth factors, and opportunities
    4.4.2.Market size and forecast, by region, 2020-2028
    4.4.3.Market share analysis, by country 2020 & 2028

    5.Pacemaker Market, by Product

    5.1.Overview

    5.1.1.Market size and forecast, by product

    5.2.Implantable Pacemaker

    5.2.1.Key market trends, growth factors, and opportunities
    5.2.2.Market size and forecast, by region, 2020-2028
    5.2.3.Market share analysis, by country 2020 & 2028

    5.3.External Pacemaker

    5.3.1.Key market trends, growth factors, and opportunities
    5.3.2.Market size and forecast, by region, 2020-2028
    5.3.3.Market share analysis, by country 2020 & 2028

    6.Pacemaker Market, by End-user

    6.1.Overview

    6.1.1.Market size and forecast, by end-users

    6.2.Hospitals and Cardiac Centers 

    6.2.1.Key market trends, growth factors, and opportunities
    6.2.2.Market size and forecast, by region, 2020-2028
    6.2.3.Market share analysis, by country 2020 & 2028

    6.3.Ambulatory Surgical Centers

    6.3.1.Key market trends, growth factors, and opportunities
    6.3.2.Market size and forecast, by region, 2020-2028
    6.3.3.Market share analysis, by country 2020 & 2028

    7.Pacemaker Market, by Region

    7.1.Overview

    7.1.1.Market size and forecast, by region

    7.2.North America

    7.2.1.Key market trends, growth factors, and opportunities
    7.2.2.Market size and forecast, by type, 2020-2028
    7.2.3.Market size and forecast, by product, 2020-2028
    7.2.4.Market size and forecast, by end-users, 2020-2028
    7.2.5.Market size and forecast, by country, 2020-2028

    7.2.6.U.S.

    7.2.6.1.Market size and forecast, by type, 2020-2028
    7.2.6.2.Market size and forecast, by product, 2020-2028
    7.2.6.3.Market size and forecast, by end-users, 2020-2028

    7.2.7.Canada

    7.2.7.1.Market size and forecast, by type, 2020-2028
    7.2.7.2.Market size and forecast, by product, 2020-2028
    7.2.7.3.Market size and forecast, by end-users, 2020-2028

    7.2.8.Mexico

    7.2.8.1.Market size and forecast, by type, 2020-2028
    7.2.8.2.Market size and forecast, by product, 2020-2028
    7.2.8.3.Market size and forecast, by end-users, 2020-2028

    7.3.Europe

    7.3.1.Key market trends, growth factors, and opportunities
    7.3.2.Market size and forecast, by type, 2020-2028
    7.3.3.Market size and forecast, by product, 2020-2028
    7.3.4.Market size and forecast, by end-users, 2020-2028
    7.3.5.Market size and forecast, by country, 2020-2028

    7.3.6.Germany 

    7.3.6.1.Market size and forecast, by type, 2020-2028
    7.3.6.2.Market size and forecast, by product, 2020-2028
    7.3.6.3.Market size and forecast, by end-users, 2020-2028

    7.3.7.UK

    7.3.7.1.Market size and forecast, by type, 2020-2028
    7.3.7.2.Market size and forecast, by product, 2020-2028
    7.3.7.3.Market size and forecast, by end-users, 2020-2028

    7.3.8.France

    7.3.8.1.Market size and forecast, by type, 2020-2028
    7.3.8.2.Market size and forecast, by product, 2020-2028
    7.3.8.3.Market size and forecast, by end-users, 2020-2028

    7.3.9.Spain

    7.3.9.1.Market size and forecast, by type, 2020-2028
    7.3.9.2.Market size and forecast, by product, 2020-2028
    7.3.9.3.Market size and forecast, by end-users, 2020-2028

    7.3.10.Italy 

    7.3.10.1.Market size and forecast, by type, 2020-2028
    7.3.10.2.Market size and forecast, by product, 2020-2028
    7.3.10.3.Market size and forecast, by end-users, 2020-2028

    7.3.11.Rest of Europe

    7.3.11.1.Market size and forecast, by type, 2020-2028
    7.3.11.2.Market size and forecast, by product, 2020-2028
    7.3.11.3.Market size and forecast, by end-users, 2020-2028

    7.4.Asia Pacific

    7.4.1.Key market trends, growth factors, and opportunities
    7.4.2.Market size and forecast, by type, 2020-2028
    7.4.3.Market size and forecast, by product, 2020-2028
    7.4.4.Market size and forecast, by end-users, 2020-2028
    7.4.5.Market size and forecast, by country, 2020-2028

    7.4.6.China

    7.4.6.1.Market size and forecast, by type, 2020-2028
    7.4.6.2.Market size and forecast, by product, 2020-2028
    7.4.6.3.Market size and forecast, by end-users, 2020-2028

    7.4.7.Japan

    7.4.7.1.Market size and forecast, by type, 2020-2028
    7.4.7.2.Market size and forecast, by product, 2020-2028
    7.4.7.3.Market size and forecast, by end-users, 2020-2028

    7.4.8.India 

    7.4.8.1.Market size and forecast, by type, 2020-2028
    7.4.8.2.Market size and forecast, by product, 2020-2028
    7.4.8.3.Market size and forecast, by end-users, 2020-2028

    7.4.9.South Korea

    7.4.9.1.Market size and forecast, by type, 2020-2028
    7.4.9.2.Market size and forecast, by product, 2020-2028
    7.4.9.3.Market size and forecast, by end-users, 2020-2028

    7.4.10.Australia 

    7.4.10.1.Market size and forecast, by type, 2020-2028
    7.4.10.2.Market size and forecast, by product, 2020-2028
    7.4.10.3.Market size and forecast, by end-users, 2020-2028
    7.4.10.4.Comparative market share analysis, 2020 & 2028

    7.4.11.Rest of Asia Pacific

    7.4.11.1.Market size and forecast, by type, 2020-2028
    7.4.11.2.Market size and forecast, by product, 2020-2028
    7.4.11.3.Market size and forecast, by end-users, 2020-2028

    7.5.LAMEA

    7.5.1.Key market trends, growth factors, and opportunities
    7.5.2.Market size and forecast, by type, 2020-2028
    7.5.3.Market size and forecast, by product, 2020-2028
    7.5.4.Market size and forecast, by end-users, 2020-2028
    7.5.5.Market size and forecast, by country, 2020-2028

    7.5.6.Latin America  

    7.5.6.1.Market size and forecast, by type, 2020-2028
    7.5.6.2.Market size and forecast, by product, 2020-2028
    7.5.6.3.Market size and forecast, by end-users, 2020-2028

    7.5.7.Middle East 

    7.5.7.1.Market size and forecast, by type, 2020-2028
    7.5.7.2.Market size and forecast, by product, 2020-2028
    7.5.7.3.Market size and forecast, by end-users, 2020-2028

    7.5.8.Africa

    7.5.8.1.Market size and forecast, by type, 2020-2028
    7.5.8.2.Market size and forecast, by product, 2020-2028
    7.5.8.3.Market size and forecast, by end-users, 2020-2028

    8.Company profiles

    8.1.Zoll Medical Corporation 

    8.1.1.Company overview
    8.1.2.Operating business segments
    8.1.3.Product portfolio
    8.1.4.Financial Performance
    8.1.5.Recent strategic moves & developments

    8.2.Medtronic PLC 

    8.2.1.Company overview
    8.2.2.Operating business segments
    8.2.3.Product portfolio
    8.2.4.Financial Performance
    8.2.5.Recent strategic moves & developments

    8.3.Boston Scientific Corporation

    8.3.1.Company overview
    8.3.2.Operating business segments
    8.3.3.Product portfolio
    8.3.4.Financial Performance
    8.3.5.Recent strategic moves & developments

    8.4.Microport Scientific Corporation

    8.4.1.Company overview
    8.4.2.Operating business segments
    8.4.3.Product portfolio
    8.4.4.Financial Performance
    8.4.5.Recent strategic moves & developments

    8.5.Medico Spa

    8.5.1.Company overview
    8.5.2.Operating business segments
    8.5.3.Product portfolio
    8.5.4.Financial Performance
    8.5.5.Recent strategic moves & developments

    8.6.Cook Medicals

    8.6.1.Company overview
    8.6.2.Operating business segments
    8.6.3.Product portfolio
    8.6.4.Financial Performance
    8.6.5.Recent strategic moves & developments

    8.7.Pacetronix

    8.7.1.Company overview
    8.7.2.Operating business segments
    8.7.3.Product portfolio
    8.7.4.Financial Performance
    8.7.5.Recent strategic moves & developments

    8.8.Oscor Inc.

    8.8.1.Company overview
    8.8.2.Operating business segments
    8.8.3.Product portfolio
    8.8.4.Financial Performance
    8.8.5.Recent strategic moves & developments

    8.9.Osypka Medical GmbH

    8.9.1.Company overview
    8.9.2.Operating business segments
    8.9.3.Product portfolio
    8.9.4.Financial Performance
    8.9.5.Recent strategic moves & developments

    8.10.Abbott Laboratories

    8.10.1.Company overview
    8.10.2.Operating business segments
    8.10.3.Product portfolio
    8.10.4.Financial Performance
    8.10.5.Recent strategic moves & developments

    Pacemaker is an electronic device that is effectively used to monitor and correct heartrate and rhythm of the patient who experiences irregular or slow heartbeat. It is a battery-operated device that sends electric signal to the heart, and it further accelerates the pump rate of the heart. Pacemaker is an ideal device for heart patients who suffer from bradycardia or slow heart rate. The device consists of elongated, thin wires that connect it to the heart.

    Forecast Analysis of the Global Pacemaker Market

    Significant increase in the number of cases of cardiovascular diseases among millennials, owing to their sedentary lifestyle, lack of exercise, and consumption of unhealthy food. In addition, surging number of geriatric population across the globe is further expected to drive the growth of the pacemaker market during the forecast period. In addition, pristine innovative product launches and persistent technological advancements is expected to create immense opportunities for the growth of the market during the forecast period. However, extortionate cost of pacemaker implantation in patients is expected to hinder the growth of the pacemaker market during the forecast period.

    According to the report published by Research Dive, the global pacemaker market is expected to generate a revenue of $6,447.5 million by 2028, growing exponentially at a CAGR of 5.5% during the forecast period 2021-2028. The major players of the market include Boston Scientific Corporation, Oscar Inc., MicroPort Scientific Corporation, Medtronic, Cook Medical, MEDICO Spa, Pacetronix, Zoll Medical Corporation, Osypka Medical GmbH, and many more.

    Key Developments

    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 January 2021, Boston Scientific, a global manufacturer of medical devices used in interventional medical specialties, acquired Preventice Solutions, a privately-held company that offers a portfolio of mobile cardiac health solutions and services, in order to provide Boston Scientific with a foothold in the high-growth ambulatory electrocardiography space.

    In April 2021, Medtronic, an American Irish registered medical device company that primarily operates in the United States, joined forces with Sternum, an innovative cybersecurity firm that builds a holistic, highly scalable endpoint security solution for IoT devices, that prevents attacks in real time, in order to protect Medtronic’s pacemakers from hackers.

    In October 2022, Boston Scientific, one of the world’s leading manufacturers of medical devices used in interventional medical specialties, acquired Baylis Medical, a leader in the development and commercialization of innovative medical devices in the fields of cardiology and spine, in order to accelerate Boston Scientific’s electrophysiology and structural heart product portfolios.

    Most Profitable Region of the Market

    The North America region is expected to be most profitable and generate a revenue of $2,598.30 million during the forecast period. Rising number of geriatric populations in this region suffering from acute cardiovascular diseases is expected to stimulate the growth of the pacemaker market during the forecast period. In addition, the presence of illustrious players of the market in this region is further expected to accelerate the growth of the regional pacemaker market during the forecast period.

    COVID-19 Impact on the Market

    The outbreak of coronavirus has had a devastating impact on the growth of the global pacemaker market, owing to the prevalence of lockdowns in various countries across the globe. The extensive transmission of virus and largescale lockdowns consequently delayed the frequent hospital visits and treatments on the patients. Healthcare professionals cancelled numerous surgeries and restricted visiting patients to first treat the patients suffering from the deadly virus. Thus, the pandemic has had a negative impact on the pacemaker market.

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