Chat with us, powered by LiveChat

Loading...

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

Download Sample   Reports Overview
 

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%.

COVID-19 Impact on the Pacemaker Market

During the prevalence of COVID-19 pandemic, the pacemaker market observed a negative growth. Due to high rate of corona virus transmission, and fear of infection, many heart patients avoided their regular doctor visits and health checkup. Also, due to growing number of infection cases, many private clinics and emergency wards were occupied by corona patients which further restricted normal patients with other diseases to see any healthcare professional. These factors are likely to hamper the pacemaker market share growth in the pandemic time period.

Pacemaker Market Analysis:

Increasing prevalence of cardiovascular diseases among people, especially old age people is expected to drive the pacemaker market size growth in the forecast time period. Cardiovascular disease cases have increased at a rapid rate across the world owing to many factors such as unhealthy lifestyle and unhealthy food eating habits. For instance, according to a report published by World Health Organization, in 2021, approximately 17.9 million deaths occur every year, worldwide, due to cardiovascular disease. Pacemaker is widely preferred by healthcare professionals and surgeons to control and maintain patient’s heartbeat rate. Such factors are likely to flourish the pacemaker market share growth in the next few years.

However, high cost of the pacemaker implant and treatment is likely to restrain pacemaker market size growth. Also, high chances of device failure after implantation and risk of developing infection at the site of implant are further expected to restrict pacemaker market growth rate.

Due to growing demand for advanced and more reliable treatment options for cardiovascular diseases, many companies in the market have got opportunities to launch new medical devices in the market. For instance, according to Asian News International, South Asian news channel, on October 8, 2020, India Medtronic Private limited, healthcare device manufacturing company, launched world's first pacemaker named Azure that can communicate directly with patients' tablets and smartphones. Such factors are likely to boost the pacemaker market size growth in future.

Pacemaker Market Segmentation

The pacemaker market is segmented based on type, product, end-user, and region.

Type:

The global pacemaker market by type is segmented into single chamber pacemaker, dual chamber pacemaker, and biventricular/CRT pacemaker. 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 high specificity of dual pacemaker in maintaining proper heartbeat rate. Also, dual chamber pacemaker provides electrical impulse to both right atrium and ventricle due to which the device is highly effective for managing proper heartbeat rate.

Product

The global pacemaker market by product is segmented into implantable and external pacemaker. External pacemaker sub-segment is anticipated to have the fastest market growth and the market shall generate a revenue of $2,463.50 million in 2028. The sub-segment growth is attributed to the use of external pacemaker for improving heart beat rate on a temporary basis. As the external pacemaker has a life span of 40 to 80 hours, the device can be easily replaced and there are less chances of any infection.

End-user

The global pacemaker market by end-user is segmented into hospitals & cardiac centers and ambulatory surgical centers. 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 growth is due to the presence of large number of hospitals and cardiac centers across the world. Also, patients prefer to visit hospitals for their treatment as they are equipped with all advanced medical devices and technologies for performing surgeries.

Region:

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 regional growth is attributed to the presence of well-established medical device countries in the market and their constant efforts to develop and launch new products. Also, growing prevalence of lifestyle related health issues such as obesity, mental health issues, and high stress level among working professionals due to lack of exercise and workout has increased the prevalence of heart diseases. Such factors are estimated to increase the market growth of pacemaker in the future.

Key Players in the Pacemaker Market

The companies involved in the pacemaker market are

  1. Boston Scientific Corporation
  2. Zoll Medical Corporation
  3. Medtronic
  4. MicroPort Scientific Corporation
  5. Cook Medical
  6. MEDICO Spa
  7. Pacetronix, Oscor Inc.
  8. Abbott Laboratories
  9. Osypka Medical GmbH.

Porter’s Five Forces Analysis for the Pacemaker Market

  • Bargaining Power of Suppliers: The number of suppliers in the pacemaker market are increasing at a rapid pace due to which they have to optimize their product range in order to attract large number of consumers.  
    Thus, the bargaining power suppliers is moderate.
  • Bargaining Power of Buyers: Buyers are high in number. Therefore, they have high choices in choosing the products that best fit their preference. 
    Thus, the bargaining power of the buyers is high.
  • Threat of New Entrants: Since the market is growing rapidly, new companies entering the market have started launching new and advanced pacemaker products to attract the consumers and establish their market presence. 
    Thus, the threat of the new entrants is high.
  • Threat of Substitutes: There is no substitute for pacemaker in the market.
    Thus, the threat of substitutes is low.
  • Competitive Rivalry in the Market: The competitive rivalry is present among the market players as the pacemaker market is growing and there is a huge scope for high growth.
    Therefore, competitive rivalry in the market is high. 
Contact Us

Personalize this research

  •  Triangulate with your own data
  • Get Data as per your format and defination
  • Get a deeper dive on a specific application, geography, customer or competitor
10% Off on Customization