Pacemakers Market: Segmented: By Type (MRI Compatible Pacemakers and Conventional Pacemakers), By Product (Single Chamber, Dual Chamber, and Biventricular Chamber), By Application (Arrhythmias, Atrial Fibrillation, Heart Block, Long QT Syndrome, Congestive Heart Failure and Others), By Implant ability (Implantable Pacemaker and External Pacemaker), By End-user (Hospitals & Cardiac Centers, Ambulatory Surgical Centers and Others ) And Region - Global Analysis Of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
[ 170 + Pages Research Report ] Pacemakers Market to surpass USD 6.1 billion by 2031 from USD 4.1 billion in 2021 at a CAGR of 4.1% in the coming years, i.e., 2021-31.
A pacemaker is a medical device that transmits tiny electrical impulses to the cardiac muscles to keep the heart rate in a healthy range or to activate the lower chamber of the heart. Syncope, heart problems, and hypertrophic cardiomyopathy are among the conditions that can be treated with this drug. The pacemaker is put by a minimally invasive surgical procedure called epicardial or endocardial. The cables and pacemaker are implanted through an incision in the patient's chest. Pacemakers are medical equipment that detects irregular cardiac rhythms and are implanted in the chest and abdomen. It is being used to treat arrhythmia, a condition in which the heart beats too quickly, too slowly, or in an irregular rhythm. Electric pulses are generated by pacemakers to keep the heart beating at a normal rate. Pacemakers can be implanted in the body either temporarily or permanently. To secure it from electrical waves, a fixed pacemaker is encased in a metal casing. Temporary pacing can take the form of transcutaneous, intravenous, or epicardial pacing.
Global Pacemakers market is expected to project a notable CAGR of 4.1% in 2031.
Increased desire for minimally invasive procedures, increased financing from private and government organizations for the healthcare industry, and an increase in the frequency of cardiovascular disorders are all driving the worldwide pacemaker market forward. The global market is expected to grow due to rising requirements for minimally invasive surgeries and increased use of cardiac surgical procedures like endocardial and epicardial for pacemaker insertion.
Dual-chamber pacemaker segment to grow with the highest CAGR during 2021-31
Due to an increase in the prevalence of bradycardia, the presence of significant players, and the rise in the senior population, the dual chambers pacemaker segment will dominate the market in the forecast period, and this trend is projected to continue over the forecast period. However, resulting in an increase in demands for network monitoring services, an increase in hypertension, and an increase in the number of smartphone users, the biventricular category is predicted to develop significantly throughout the projection period.
Implantable Pacemaker segment to grow with the highest CAGR during 2021-31
The implantable pacemaker segment held the largest market, and this trend is likely to continue during the projected period, owing to an increase in the incidence of bradycardia, increased demand for implantable pacemakers, and advancements in healthcare R&D. However, due to an increase in the frequency of cardiac disease, the rise in the rising geriatric, and the advancement of technology in healthcare, the externally pacemaker segment is predicted to grow significantly throughout the forecast period.
Hospital and cardiac centers segment to grow with the highest CAGR during 2021-31
The hospital & cardiac centers segment accounted for the largest market by end-user, and this trend is expected to continue during the projected period, thanks to an increase in the number of hospitals and cardiac centers, an increase in the occurrence of cardiac diseases, as well as an increase in the number of cardiovascular surgical procedures. However, due to an increase in the frequency of heart disease, the expansion of ambulatory surgical centers, and government attempts to strengthen the healthcare sector, the ambulatory surgical center's segment is likely to grow significantly throughout the projection period.
Increasing prevalence of cardiovascular diseases
The rise in the prevalence of cardiovascular diseases is expected to increase the need for pacemakers, boosting industry income. The worldwide disease burden is exacerbated by the large prevalence of cardiovascular diseases such as coronary heart disorder, stroke, rheumatic heart disease, & congenital heart disease, among others. Cardiovascular disease is the main cause of death worldwide. Behavioral risk factors such as increased tobacco, alcohol, obesity, bad food, and physical inactivity, among others, have contributed to a significant increase in the prevalence and severity of cardiovascular illnesses. Cardiac arrests & strokes account for over 85% of deaths related to cardiovascular disorders. These figures are expected to rise much more in the following years.
Rising prevalence of congestive heart failure
The increased frequency of congestive heart failure & accompanying fatalities prompted the congestive heart failure category. According to a 2017 article in Radcliffe Cardiology, heart failure is a complex clinical disease characterized by the heart's reduced ability to pump blood. It affects around 26 million people worldwide and is anticipated to affect more people in the coming years. The increased prevalence of heart problems is expected to drive up demand for these cardiac rhythm control devices.
Demand-supply problem and restrictions
High treatment costs, as well as a frequent occurrence of product, recalls owing to defective items are projected to limit market expansion over the forecast period. Furthermore, for factors such as the patient's health condition, which may demand a lengthy stay in the hospital, pacemaker insertion is frequently conducted under local anesthetic. As a result, the cost of the operation, and also the cost of the device and any necessary medications, may rise. In this industry, a scarcity of qualified medical professionals is also a big issue. Aside from that, there are a number of difficulties with pacemakers, like the danger of bleeding & infection, that are limiting market expansion.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Pacemakers market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In the worldwide pacemaker market, North America is by far the most lucrative area. The market in North America is developing due to various factors such as the growing incidence of CVDs, the growing elderly population, rising healthcare expenditures, and also the availability of technology-improved devices. The growing older population with cardiac difficulties, the existence of significant players, quick technology breakthroughs like MRI compatible pacemakers and Bluetooth enabled pacemakers, as well as improving regulatory clearances have all contributed to this expansion.
The COVID-19 pandemic is expected to have a detrimental impact on the pacemaker market's growth. The COVID-19 epidemic has put a strain on the world's healthcare systems. A significant number of hospitals and clinics around the world have been reconfigured to boost hospital capacity for COVID-19 patients. As a result, numerous non-essential surgical treatments are canceled over the world. Several issues confronted the healthcare sector throughout the pandemic period. Due to a lack of healthcare facilities and the fear of contracting the deadly COVID-19 virus, many patients with cardiac problems have postponed their procedures. As a result, the market for pacemakers has plummeted, impeding market growth during the pandemic.
Global Pacemakers is further segmented by region into:
Pacemakers Market Segments:
|Market size value in 2021
|USD 4.1 billion
|Revenue forecast in 2031
|USD 6.1 billion
|CAGR of 4.1% from 2021 to 2031
|Base year for estimation
|Revenue in USD billion and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Product, Type, End-user, Application, Implant ability channel, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|Medtronic, Zoll Medical Corporation, MicroPort Scientific Corporation, MEDICO Spa, Boston Scientific Corporation, Pacetronix, Oscor Inc., Osypka Medical GmbH, Cook Medical, and Other Prominent Players
Pacemakers Market size was estimated at USD 4.1 million in 2021 and is expected to reach USD 6.1 million by 2031
Key players Abbott, Medtronic, Zoll Medical Corporation, MicroPort Scientific Corporation, MEDICO Spa, Boston Scientific Corporation, Pacetronix, Oscor Inc., Osypka Medical GmbH, Cook Medical and Other Prominent Players
Dual chamber pacemaker segment to grow with the highest CAGR during 2021-31 Is anticipated to hold Pacemakers Market
Drivers; Increasing prevalence of cardio vascular diseases and Rising prevalence of congestive heart failure
A pacemaker is a medical device that transmits tiny electrical impulses to the cardiac muscles to keep the heart rate in a healthy range or to activate the lower chamber of the heart. Syncope, heart problems, and hypertrophic cardiomyopathy are among conditions that can be treated with this drug. The pacemaker is put by a minimally invasive surgical procedure called epicardial or endocardial.
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