Pacemaker Market Report
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, 2022-2031
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Impact of covid-19 on Pacemaker Market
Global Pacemaker Market Analysis
The Global Pacemaker Market Size was $4,824.6 million in 2021 and is predicted to grow with a CAGR of 3.5%, by generating a revenue of $6,791.2 million by 2031.
Global Pacemaker Market Synopsis
A tiny device called a pacemaker is inserted into the chest of an individual to control irregular heartbeats. Medical problems such as arrhythmia, atrial fibrillation, heart block, and long QT syndrome are treated using pacemakers. Rising cardiovascular disease rates, innovations in pacemaker technology, and increased pacemaker research and development are the main factors propelling the pacemaker market's expansion. Due to its extensive range of product offerings, introduction of cutting-edge technology, and strong brand recognition, Medtronic is expected to maintain its top position in the worldwide pacemaker market over the forecast period. Together with Boston Scientific Corporation, this company currently controls more than half of the revenue-generating market share for pacemakers worldwide. Abbott, Livenova PLC, MicroPort, Biotronik, and others are the leading companies in the pacemaker market.
However, it is anticipated that the low public awareness of cardiovascular diseases in developing and underdeveloped countries, the high costs of cardiac resynchronization therapy and the rising number of product recalls because of faulty devices, will restrain the growth of the global pacemaker market. Post-operative issues such as infections near the heart where the device is put, is also expected to slow down the pacemaker market's growth.
Increased government financing and grants are the major components fueling the pacemaker market share. For instance, the Global Hearts Initiative for the prevention and control of cardiovascular illnesses was introduced by the Centers for Disease Control and Prevention CDC and the World Health Organization in 2016. This program comprises various packages, such as the HEARTS technological package, which aims to manage cardiovascular disorders in primary healthcare. Additionally, the market is expanding as a result of the rapidly ageing population and rising frequency of cardiovascular illnesses. Experts in the field estimate that 80–85% of pacemakers are installed in elderly people.
According to regional analysis, the Asia-Pacific pacemaker market is estimated to show the fastest growth during the projected timeframe. Several sources estimate that between 500,000 and 3 million Americans have pacemakers implanted. With age, the likelihood of pacemaker implantation drastically rises.
A pacemaker is a tiny device that is implanted in the chest to assist in heartbeat regulation. Pacemaker safeguards against various heart ailments. The placement of a pacemaker in the chest necessitates surgery. An implanted electronic device tracks the heart's rhythm and beat. When the heart does not beat normally, it provides electrical stimulation. It is powered by batteries and is connected to the heart by a long, thin wire also known as a cardiac pacemaker and an artificial pacemaker.
COVID-19 Impact on Global Pacemaker Market
The COVID-19 pandemic severely impacted various economies around the globe affecting the demand for pacemakers. Elective cardiovascular (CV) procedures significantly decreased as a result, particularly in patients with coexisting chronic illnesses like diabetes mellitus. The Centers for Medicare and Medicaid Services (CMS) were forced to delay all elective operations, non-essential medical procedures, and dental procedures in March 2020 due to the pandemic's outbreak, including all forms of invasive and non-invasive cardiovascular evaluations and procedures, thereby influencing all facets of cardiology departments, from ECG and echo laboratories to interventional and Electrophysiology EP labs and cardiovascular surgeries. As a result, the market for cardiac pacemaker devices was further impacted.
In contrast to 2019, fewer pacemakers were implanted in 2020 globally. Additionally, the top market participants for cardiac rhythm management devices suffered significant losses in their CRM Customer Relationship Management categories. The market was significantly impacted by the cancellation or postponement of cardiovascular surgeries, which led to poor sales of cardiac pacemakers' devices. In addition to this, the Covid-19 virus was also linked to cardiac symptom. Sinus bradycardia and total heart block are the most often documented bradyarrhythmia's linked to SARS CoV-2 worldwide. Patients admitted to intensive care units have a higher prevalence of COVID-19 cardiac symptoms, according to reports. The causes of cardiac symptoms in COVID-19 individuals were multifaceted and included elevated inflammatory status, direct viral myocardial injury, hypoxia, and hypotension.
Growing Applications of Pacemaker in HealthCare Sector to Drive the Market Growth
A sizeable portion of the cardiac pacemaker market is accounted for ambulatory surgery facilities. This is explained by pacemaker high consumer penetration and simplicity of use, particularly in rural regions. Ambulatory surgery facilities have also been a reliable choice for help in treatment heart diseases. Additionally, the rising demand for lowering surgical and post-surgical spending as well as the rising prevalence of cardiovascular illnesses are anticipated to be some of the major market factors to boost the demand in the pacemaker market.
To know more about global pacemaker market drivers, get in touch with our analysts here.
Lack of Awareness Regarding Cardiovascular Diseases to Generate Excellent Opportunities
The lack of awareness of cardiovascular illnesses among the populace in developing nations, expensive treatment and a high rate of product recalls because of defective devices are anticipated to impede market expansion throughout the forecast period. Focus on innovative device launch strategies and the creation of quick, reliable, and affordable diagnostic tools will determine the pacemaker market's future landscape.
Rapid Technological Advancements in the Development of Premium Pacemakers to Generate Excellent Opportunities
The production of premium pacemakers (biventricular pacemakers) that completely satisfy every patient's needs and provide individualized care is focus of international corporations. These recent developments are significantly increasing the workflow accuracy and facilitating error reduction rates, which is increasing the demand for pacemakers. The development of numerous pacemaker types, including the acid pacemaker, iPhone 12 pacemaker, micra leadless pacemaker, St. Jude medical pacemaker, single chamber pacemaker, dual-chamber pacemaker, biventricular pacemaker, Abbott pacemaker as well as procedures like electrocardiogram, holter monitoring, and echocardiogram, are significantly promoting the growth of the market as a whole.
To know more about global pacemaker market opportunities, get in touch with our analysts here.
Global Pacemaker Market, by Type
Based on type, the market has been divided into single chamber pacemaker, dual chamber pacemaker, and biventricular/CRT pacemaker. Among these, the dual chamber pacemaker sub-segment accounted for the highest market share in 2021, whereas the single chamber pacemaker sub-segment is estimated to show the fastest growth during the forecast period.
Global Pacemaker Market Size, by Type, 2021
Source: Research Dive Analysis
The dual chamber pacemaker sub-type accounted for the highest market share in 2021. Dual-chamber pacing's tighter approximation of sinus rhythm has a positive clinical impact. Optimizing ventricular filling and cardiac production will typically involve maintaining the regular order of atrial and ventricular activation. Due to an increase in the prevalence of bradycardia, the presence of key players, and an increase in the geriatric population the market is anticipated to see growth. Moreover, the biventricular segment is expected to grow significantly during the forecast period, owing to an increase in demand for remote monitoring services, an increase in the prevalence of hypertension, and an increase in the number of smartphone users.
The single chamber pacemaker sub-segment is anticipated to show the fastest growth by 2031. The growth is attributed to an increase in cardiovascular disease cases among the geriatric population. Because a single chamber pacemaker only stimulates one heart chamber, it is less expensive than the other two pacemakers. This factor is likely to boost pacemaker market share growth in the future.
Global Pacemaker Market, by Product
Based on product, the market has been divided into implantable pacemaker and external pacemaker. Among these, the implantable pacemaker sub-segment accounted for highest revenue share in 2021.
Global Pacemaker Market Share, by Product, 2021
Source: Research Dive Analysis
The implantable pacemaker sub-segment accounted for the highest market share in 2021. Owing to increase in incidence of bradycardia, rise in demand for implantable pacemaker, and advancement in R&D activities in the healthcare sector the market is projected to witness growth. However, the external pacemaker segment is expected to grow significantly during the forecast period, owing to an increase in the prevalence of heart disease, an increase in the geriatric population, and technological advancements in the healthcare industry.
Global Pacemaker Market, by End User
By end user, the market is divided into hospitals & cardiac centers and ambulatory surgical centers. Among these, the hospitals & cardiac centers sub-segment accounted for highest revenue share in 2021.
Global Pacemaker Market Growth, by End User, 2021
Source: Research Dive Analysis
The hospitals and cardiac centers sub-segment accounted for a highest market share in 2021. The sub-segment is expected to grow exponentially in the future due to an increase in the number of cardiovascular diseases among people, which has resulted in an increase in hospital visits and admission rates. People prefer to have their checkups at hospitals because hospitals are generally equipped with advanced technology equipment and medical devices. Furthermore, the availability of experienced healthcare professionals in hospitals to perform such critical surgeries has boosted sub-segment growth.
Global Pacemaker Market, Regional Insights
The pacemaker market was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Global Pacemaker Market Size & Forecast, by Region, 2021-2031 (USD Million)
Source: Research Dive Analysis
The Market for Pacemaker in North America Accounted for Highest Market Share in 2021
The Asia-Pacific pacemaker market accounted for a highest market share in 2021. Increased demand for minimally invasive procedures, increased funding from private & public organizations for the healthcare industry, and an increase in the prevalence of cardiovascular diseases are the main factors driving the development of the North American pacemaker market. The adoption of cardiac surgical procedures such as endocardial or epicardial for the implantation of pacemakers and the rise in demand for minimally invasive surgery together fuel the growth of the global market. For instance, the American multinational healthcare and medical device business, Abbott Laboratories invested over $2.42 billion in R&D in 2020. The World Health Organization (WHO) reports that 17 million people under the age of 70 succumbed to heart attacks in 2019. Additionally, the growth in the geriatric population is anticipated to drive the market during the forecast period. This is explained by the reality that older people are much more susceptible to cardiovascular diseases.
Competitive Scenario in the Global Pacemaker Market
Investment and agreement are common strategies followed by major market players. For instance, on Dec. 16, 2021, LifeTech Scientific Corporation (LifeTech, 01302.HK), prolonged its agreements with Medtronic to advance their strategic partnership on the "HeartToneTM domestic pacemaker project" and to begin working together on pacemakers that are MRI-conditional. These devices will help China's expanding MRI-related therapeutic requirements, along with MRI-conditional leads.
Source: Research Dive Analysis
Some of the leading pacemaker market players are Boston Scientific Corporation, Zoll Medical Corporation, Medtronic, BIOTRONIK, MicroPort Scientific Corporation, Cook Medical, MEDICO SpA, Pacetronix, Osypka Medical GmbH, LivaNova PLC., and lepumedical.com.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Type
Segmentation by Product
Segmentation by End User
Key Companies Profiled
Q1. What is the size of the global pacemaker market?
A. The size of the global Pacemaker market was over $4,824.6 million in 2021 and is projected to reach $6,791.2 million by 2031.
Q2. Which are the major companies in the pacemaker market?
A. Boston Scientific Corporation, Zoll Medical Corporation, Medtronic, BIOTRONIK, are some of the key players in the global Pacemaker market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The North America region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the North America pacemaker market?
A. North America Pacemaker market is anticipated to grow at 3.5% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted by the operating companies in this market.
Q6. Which companies are investing more in R&D practices?
A. Boston Scientific Corporation, Zoll Medical Corporation, Medtronic, and BIOTRONIK, are the companies investing more on R&D activities for developing new products and technologies.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
1.5.Market size estimation
2.2.Key objectives of the study
2.5.Overview of the impact of COVID-19 on global pacemaker market
4.2.Growth impact forces
4.3.Market value chain analysis
4.3.1.List of raw material suppliers
4.3.2.List of manufacturers
4.3.3.List of distributors
4.4.Innovation & sustainability matrices
4.5.Porter’s five forces analysis
4.5.1.Bargaining power of suppliers
4.5.2.Bargaining power of consumers
4.5.3.Threat of substitutes
4.5.4.Threat of new entrants
4.5.5.Competitive rivalry intensity
4.7.Impact of COVID-19 on pacemaker market
4.7.1.Pre-covid market scenario
4.7.2.Post-covid market scenario
5.Pacemaker Market Analysis, by Type
5.2.Single Chamber Pacemaker
5.2.1.Definition, key trends, growth factors, and opportunities
5.2.2.Market size analysis, by region, 2021-2031
5.2.3.Market share analysis, by country, 2021-2031
5.3.Dual Chamber Pacemaker
5.3.1.Definition, key trends, growth factors, and opportunities
5.3.2.Market size analysis, by region, 2021-2031
5.3.3.Market share analysis, by country, 2021-2031
5.4.1.Definition, key trends, growth factors, and opportunities
5.4.2.Market size analysis, by region, 2021-2031
5.4.3.Market share analysis, by country, 2021-2031
5.5.Research Dive Exclusive Insights
6.Pacemaker Market Analysis, by Product
6.1.1.Definition, key trends, growth factors, and opportunities
6.1.2.Market size analysis, by region, 2021-2031
6.1.3.Market share analysis, by country, 2021-2031
6.2.1.Definition, key trends, growth factors, and opportunities
6.2.2.Market size analysis, by region, 2021-2031
6.2.3.Market share analysis, by country, 2021-2031
6.3.Research Dive Exclusive Insights
6.4.Pacemaker Market Analysis, by End-user
6.5.Hospitals and Cardiac Centers
6.5.1.Definition, key trends, growth factors, and opportunities
6.5.2.Market size analysis, by region, 2021-2031
6.5.3.Market share analysis, by country, 2021-2031
6.6.Ambulatory Surgical Centers
6.6.1.Definition, key trends, growth factors, and opportunities
6.6.2.Market size analysis, by region, 2021-2031
6.6.3.Market share analysis, by country, 2021-2031
6.7.Research Dive Exclusive Insights
7.Pacemaker Market, by Region
188.8.131.52.Market size analysis, by Type, 2021-2031
184.108.40.206.Market Size analysis, by product, 2021-2031
220.127.116.11.Market size analysis, by End user, 2021-2031
18.104.22.168.Market size analysis, by Type, 2021-2031
22.214.171.124.Market Size analysis, by product, 2021-2031
126.96.36.199.Market size analysis, by End user, 2021-2031
188.8.131.52.Market size analysis, by Type, 2021-2031
184.108.40.206.Market Size analysis, by product, 2021-2031
220.127.116.11.Market size analysis, by End user, 2021-2031
7.1.4.Research Dive Exclusive Insights
18.104.22.168.Market size analysis, by Type, 2021-2031
22.214.171.124.Market Size analysis, by product, 2021-2031
126.96.36.199.Market size analysis, by End user, 2021-2031
188.8.131.52.Market size analysis, by Type, 2021-2031
184.108.40.206.Market Size analysis, by product, 2021-2031
220.127.116.11.Market size analysis, by End user, 2021-2031
18.104.22.168.Market size analysis, by Type, 2021-2031
22.214.171.124.Market Size analysis, by product, 2021-2031
126.96.36.199.Market size analysis, by End user, 2021-2031
188.8.131.52.Market size analysis, by Type, 2021-2031
184.108.40.206.Market Size analysis, by product, 2021-2031
220.127.116.11.Market size analysis, by End user, 2021-2031
18.104.22.168.Market size analysis, by Type, 2021-2031
22.214.171.124.Market Size analysis, by product, 2021-2031
126.96.36.199.Market size analysis, by End user, 2021-2031
7.2.6.Rest of Europe
188.8.131.52.Market size analysis, by Type, 2021-2031
184.108.40.206.Market Size analysis, by product, 2021-2031
220.127.116.11.Market size analysis, by End user, 2021-2031
7.2.7.Research Dive Exclusive Insights
18.104.22.168.Market size analysis, by Type, 2021-2031
22.214.171.124.Market Size analysis, by product, 2021-2031
126.96.36.199.Market size analysis, by End user, 2021-2031
188.8.131.52.Market size analysis, by Type, 2021-2031
184.108.40.206.Market Size analysis, by product, 2021-2031
220.127.116.11.Market size analysis, by End user, 2021-2031
18.104.22.168.Market size analysis, by Type, 2021-2031
22.214.171.124.Market Size analysis, by product, 2021-2031
126.96.36.199.Market size analysis, by End user, 2021-2031
188.8.131.52.Market size analysis, by Type, 2021-2031
184.108.40.206.Market Size analysis, by product, 2021-2031
220.127.116.11.Market size analysis, by End user, 2021-2031
18.104.22.168.Market size analysis, by Type, 2021-2031
22.214.171.124.Market Size analysis, by product, 2021-2031
126.96.36.199.Market size analysis, by End user, 2021-2031
7.3.6.Rest of Asia Pacific
188.8.131.52.Market size analysis, by Type, 2021-2031
184.108.40.206.Market Size analysis, by product, 2021-2031
220.127.116.11.Market size analysis, by End user, 2021-2031
7.3.7.Research Dive Exclusive Insights
18.104.22.168.Market size analysis, by Type, 2021-2031
22.214.171.124.Market Size analysis, by product, 2021-2031
126.96.36.199.Market size analysis, by End user, 2021-2031
188.8.131.52.Market size analysis, by Type, 2021-2031
184.108.40.206.Market Size analysis, by product, 2021-2031
220.127.116.11.Market size analysis, by End user, 2021-2031
18.104.22.168.Market size analysis, by Type, 2021-2031
22.214.171.124.Market Size analysis, by product, 2021-2031
126.96.36.199.Market size analysis, by End user, 2021-2031
188.8.131.52.Market size analysis, by Type, 2021-2031
184.108.40.206.Market Size analysis, by product, 2021-2031
220.127.116.11.Market size analysis, by End user, 2021-2031
7.4.5.Rest of LAMEA
18.104.22.168.Market size analysis, by Type, 2021-2031
22.214.171.124.Market Size analysis, by product, 2021-2031
126.96.36.199.Market size analysis, by End user, 2021-2031
7.4.6.Research Dive Exclusive Insights
8.1.Top winning strategies, 2021
8.3.Market share analysis, 2021
9.1.Boston Scientific Corporation
9.2.Zoll Medical Corporation
9.4.MicroPort Scientific Corporation
9.9.Osypka Medical GmbH
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.
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