New York, Nov. 15, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners new market research study titled ‘Pacemakers Market Size, Share, Growth, Global Analysis and Forecasts by Product Type, Technology, and End User. The global pacemakers market is expected to reach USD 10.9 Bn in 2027 from USD 5.4 Bn in 2018. The market is estimated to grow with a CAGR of 8.1% from 2019-2027. The report highlights the trends prevalent in the global market and the factors driving the market along with those that act as deterrents to its growth.
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Global Pacemakers Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 5.4 Bn in 2018 |
| Market Size Value by | USD 10.9 Bn in 2027 |
| Growth rate | CAGR of 8.1% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
| No. of Pages | 159 |
| Historical data available | Yes |
| Segments covered | Product Type, Technology, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Pacemakers Market: Competitive Landscape and Key Developments
The players in the global market are adopting various inorganic and organic developments for individual growth, and thus, the growth of the market is highly dependent on them. The vital players in the pacemakers market focus on various growth strategies to enroot their presence and garner major market share across the globe.
Some of the notable players in the global pacemakers market include Medico S.p.A., Vitatron, Abbott, Medtronic, OSCOR, LivaNova Plc, Abiomed, Boston Scientific Corporation, Biotronik, Zimmer Biomet, and Lepu Medical among others. The major market players within recent years have been observed to invest a substantial amount towards the development of new products. This implies a bright picture of the type of strategies majorly incorporated by the market players to sustain their positions as well as to generate increased growth revenue in the pacemakers market. The global leaders in the market have been majorly adopting product launches and partnerships as one of the key strategies to improve its product lines in order to build up customer-centric benefits to its end users and enhance its geographic diversification.
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Below is the list of the growth strategies done by the players operating in the pacemakers market:
In April 2022, Abbott announced that the US Food and Drug Administration (FDA) has approved the Aveir single-chamber (VR) leadless pacemaker for the treatment of patients in the US with slow heart rhythms. This marks a significant advancement in patient care and brings new, never-before-seen features to patients and their physicians.
In January 2020, Medtronic plc announced it has received US FDA approval for Micra AV, the world’s smallest pacemaker with atrioventricular (AV) synchrony. Micra AV is indicated for the treatment of patients with AV block, a condition in which the electrical signals between the chambers of the heart (the atria and the ventricle) are impaired.
Pacemakers Market: Key Insights – Impact of COVID-19 Pandemic
The COVID‐19 pandemic has impacted and determined substantial changes in health systems. Many units of different services, including cardiology, have redistributed their spaces to address COVID‐19 patients on priority. The pandemic resulted in a decrease in patients' follow-up and interventions for cardiovascular disease resulted in great reduction in the number of pacemaker procedures and implants. Further, the medical technologies and device segment witnessed a drop in sales due to less number of surgeries and disruption in the supply chain.
Pacemakers are battery-operated medical devices placed in the chest or abdomen to help in regularizing heartbeats. Pacemakers are advised for medical conditions such as bradycardia and heart block. As aging disrupts the normal heart rate, pacemakers are suggested for the elderly. Certain pacemakers come along with sensors that detect body motion or breathing rate and signals the pacemaker to increase the heart rate during exercise to meet the body’s increased need for blood and oxygen.
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The increasing technological advancements have opened more opportunities for developing new and innovative medical implantable pacemakers with advanced electrical properties that can improve the diagnosis and treatment of previously intractable conditions such as cardiovascular diseases (CVD), which include cardiac arrhythmia, and atrial fibrillation. According to American Heart Association, ~19.1 million deaths were attributed to cardiovascular diseases in 2020 globally. The highest mortality rates attributable to CVD in 2020 were in Eastern Europe and Central Asia, with higher levels also seen in Oceania, North Africa, the Middle East, Central Europe, subSaharan Africa, and South and Southeast Asia. Rates were lowest for locations in high-income Asia Pacific and North America, Latin America, Western Europe, and Australia. According to the Centers for Disease Control and Prevention, ~697,000 people in the US died from heart disease in 2020, affecting nearly 1% of births – or about 40,000 births – per year in the United States. The rate of cardiovascular problems, like heart failures, congestive cardiovascular breakdown, and arrhythmias is increasing rapidly in the U.S., which is further driving the interest for pacemakers in the U.S. Additionally, mechanical progressions in the medical services area and the rising number of heart-related medical procedures are driving the market in the locale.
The increasing demand to improve patient results for a range of pacemaker implantations, with advanced and minimally invasive techniques, is one of the factor driving the growth of the pacemaker market. Abbott and Medtronic are among the medical device companies that have recently launched high-end pacemakers. Additionally, assistance from government bodies, favorable reimbursement, and increased government expenditure for research and development, is expected to enhance the market potential in several countries.
Pacemakers Market: Segmental Overview
Based on product type, the pacemaker market is bifurcated into implantable pacemakers and external pacemakers. The external pacemaker segment is expected to show favorable growth during the forecast period due to the easy configuration, improved user interface, and enhanced low battery indicator. Since external pacemakers are noninvasive, there is less risk of post-surgical complications. In addition, the devices are beneficial for patients to track and record daily heart functions. The developing interest in these gadgets for the treatment of cardiovascular breakdown and arrhythmias as well as progressing clinical preliminaries are encouraging growth.
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