Pacemaker Market Size Projected to Generate a Revenue of $6,791.2 Million by 2031

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The Global Pacemaker Market Size is predicted to be valued at $6,791.2 million by 2031, surging from $4,824.6 million in 2021, at a noteworthy CAGR of 3.5%.

Impact Analysis of COVID-19 on the Pacemaker Market

The COVID-19 outbreak is expected to have a negative impact on the global pacemaker market's growth. The COVID-19 pandemic has stressed the healthcare systems in the world. A large number of clinics and hospitals around the world were restructured to increase hospital capacity for COVID-19 patients. As a result, many unnecessary surgical procedures are cancelled around the world.

According to the American Heart Association's Circulation Journal, 2020, COVID-19 has so far affected 185 countries and over 30,00,000 patients worldwide. There is a high prevalence of CVD among COVID-19 patients. The increasing demand to improve patient outcomes for various pacemaker implantations through improved and minimally invasive procedures is the primary factor driving the pacemaker market's growth. Furthermore, favorable reimbursement procedures, such as the Medicare system in the United States and the NHS in the United Kingdom, are among the key factors driving the market.

Global Pacemaker Market Analysis

The need for pacemakers is expected to increase due to the rising prevalence of cardiovascular diseases, which is anticipated to boost the pacemaker sales. The worldwide disease problem is being exacerbated by the high prevalence of cardiovascular diseases like congenital heart disease, rheumatic heart disease, coronary heart disease, and cerebrovascular disease. The biggest cause of worldwide deaths is due to cardiovascular disease. The significant increase in the prevalence and incidence of cardiovascular illnesses is attributable to behavioral risk factors, including heavy alcohol and cigarette use, obesity, poor diet, and inactivity. Cardiac arrests and strokes account for about 85% of deaths. In the upcoming years, these numbers are expected to rise much higher.

The high price of cardiac medications and pacemakers is anticipated to restrain market expansion. The market for external pacemakers is being hampered by the expensive cost of these devices, competition from pharmacological therapy, lack of qualified labor, and lower per capita income in developing countries.

Increasing customer acceptance of implantable pacemakers and other advantages implantable devices have over external counterparts, will help in developing the business at a faster pace. These devices provide numerous leads, ensuring normal heart physiology, even in the event that one of the leads breaks down. Manufacturers of pacemakers are rapidly incorporating cutting-edge technologies to boost the effectiveness and output of the devices. For instance, Medtronic has created new products with improved features, efficacy, and usefulness, such as leadless pacemakers and rate-responsive pacemakers. Additionally, scientists are working to create piezoelectric technology that can transform the heart's vibrational energy into power and eventually eliminate the need for batteries in pacemaker devices.

Global Pacemaker Market, Segmentation

Type

Based on type, the global pacemaker market is segmented into single chamber pacemaker, dual chamber pacemaker and biventricular/CRT pacemaker. Among these, the dual chamber pacemaker sub-segment accounted for a highest market share in 2021. Dual chamber pacing increases ventricular filling and sustains cardiac output while protecting patients who are predisposed to the development of heart failure. There isn't much proof that dual-chamber pacing improves cardiac function in heart failure. Depending on utilization and the model, pacemakers and ICDs can last anywhere between 5 and 7 years.

Product

The product segment is further classified into implantable pacemaker and external pacemaker. Among these, the implantable pacemaker sub-segment accounted for a dominant market share in 2021. Pacemaker implantation is one of the most frequently performed heart surgeries worldwide. The heart receives electrical pulses from the pacemaker in order to beat consistently and not too slowly. If you struggle with a slow heart rhythm, a pacemaker can greatly enhance your quality of life. For some individuals, the device may even save their lives. A significant driver of market expansion is the increased demand for these devices for the treatment of heart failure and arrhythmias, as well as continuing clinical trials. According to the CDC, atrial fibrillation was the most prevalent type of arrhythmia in 2017, impacting between 2.7 and 6.1 million persons in the United States alone. As a result, the market expansion is being driven by the rising incidence of CVDs.

End-user:

The end-user segment is further classified into hospitals & cardiac centers and ambulatory surgical centers. Among these, the hospitals, and cardiac centers sub-segment accounted for the highest market share in 2021. Hospitals and cardiac centers provide superior care to their patients while they are admitted. In addition, these centers also offer reimbursements during surgeries, thereby driving the growth of the segment. According to the American Heart Association, the number of in-patients due to cardiac arrest is expected to rise by nearly 23.6 million by 2030. The end-use segment is divided into hospitals and cardiac centers, ambulatory surgical centers, and others.

Region:

The pacemaker market in the North America region is projected to show the fastest growth. This growth is majorly attributed to the growing number of elderly people who have heart problems, the existence of key players, quick technological advancements like MRI-viable pacemakers and Bluetooth-enabled pacemakers, as well as ongoing work on administrative endorsements. The prevalence of cardiovascular conditions like heart failures, congestive heart failure, and arrhythmias is rising rapidly in the United States, which is boosting the demand for pacemakers in the region. The market in the area is also being driven by mechanical developments in the medical services sector and an increase in the number of procedures related to the heart.

Key Players in the Global Pacemaker Market

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
• lepumedical.com