Rising cases of hearts disorders worldwide is fueling the global pacemaker market growth. The COVID-19 pandemic has negatively impacted the market. The Asia Pacific market is likely to lead the market
NEW YORK, Dec. 15, 2021 /PRNewswire/ -- Research Dive has added a new report to its offerings titled, "Global 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, 2021-2028".
The Global Pacemaker Market is expected to garner $6,447.5 million by 2028, growing at a CAGR of 5.5% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
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Key Segment Findings of the Pacemaker Market:
The market is segmented based on type, product, end-user, and region.
- The dual chambered pacemaker sub-segment of the type segment is anticipated to witness highest growth by surpassing $3,271.60 million in the estimated period. This growth is mainly because of the increasing demand for dual chamber pacemaker implant among patients due to its various benefits.
- The implantable pacemaker sub-segment of the product segment is anticipated to hold highest share of the market and surpass $3,978.30 million in the estimated period. This growth is mainly because of the rising preference for implantable pacemakers by doctors and patients as they have a lifespan of about 10 to 15 years.
- The hospitals & cardiac centers sub-segment of the end-user segment is anticipated to observe highest growth and collect a revenue of $4,108.10 million in the estimated period. This growth is mainly because of the surging cases of cardiovascular diseases across the globe.
- Among region, the Asia Pacific region market is projected to observe accelerated growth and garner $1,431.30 million in the estimated period. The growth of this region market is mostly owing to the growing cases of cardiovascular disorders and rising developments into the pacemakers' technology by market players in this region.
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Pacemaker Market Dynamics
The key factor fueling the growth of the global pacemaker market is a significant rise in the heart disorders owing to unhealthy and sedentary lifestyle as well as unhealthy eating habits among millennial. In addition, increasing developments and novel product launches by pacemaker manufactures is expected to open doors to innovative opportunities for the market growth in the projected period. However, huge costs involved in the implantation of pacemakers is projected to hinder the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Pacemaker Market:
The COVID-19 pandemic has made a negative impact on the growth of the global pacemaker market in 2020. In the pandemic period, the healthcare sectors has witnessed several challenges. Many patients with heart disorders have postponed their surgeries due to the availability of medical facilities and fear of getting infected with the deadly COVID-19 virus. As a result, the demand for pacemakers has greatly declined, which is hindering the market growth amidst the pandemic period.
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Top 10 Companies in Pacemaker Market
The major players of the global pacemaker industry are
1.Abbott Laboratories
2.Medtronic
3.Zoll Medical Corporation
4.MicroPort Scientific Corporation
5.MEDICO Spa
6.Boston Scientific Corporation
7.Pacetronix
8.Oscor Inc.
9.Osypka Medical GmbH
10.Cook Medical
- Inquire to get access for Detailed Top Companies Development Strategy of Pacemaker Market Report
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For instance, in June 2021, India Medtronic Private Limited, a global healthcare technology leader, launched Micra AV - a miniaturized, fully self-contained pacemaker that offers an advanced pacing technology to atrioventricular (AV) block patients by making use of a minimally invasive method.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
More about Pacemaker Market:
- Acquisitions Like That of Baylis Medical by Boston Scientific to Bolster the Growth of the Global Pacemaker Market
- Pacemaker: A Helping-Agent for Extending the Life-Span of Individuals Having Heart Problems
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