The global pacemaker market was valued at $4,667.2 million in 2020, and is projected to reach $6,678.2 million by 2030, registering a CAGR of 3.7% from 2021 to 2030.
The pacemaker is defined as the medical device in the healthcare sector, which sends small electrical impulses to the heart muscle to stimulate the lower chamber of the heart and maintain a suitable heart rate. Three types of pacemakers are available in the market, including single chamber pacemaker, dual chamber pacemaker, and biventricular pacemaker, which are used depending upon the patient conditions, signs, and symptoms. It consists of pulse generators and leads, which produce low energy, electrical pulses to control the rhyme of heart. The implantation of pacemaker for the treatment of arrhythmia is called cardiac resynchronization therapy.
The growth of the global pacemaker market is majorly driven by alarming increase in the prevalence of cardiovascular diseases, such as arrythmia, heart attack, and heart failure; rise in government initiative for development of medical device; surge in demand for minimal invasive procedure; advancements in the technology of healthcare; and rise in adoption of biventricular devices for treatment of heart failure. For instance, according to the World Health Organization (WHO), in 2020, approximately 17.9 million deaths were reported due to various types of cardiovascular diseases. As per the same source, it was observed that 39% of global death is caused due to cardiovascular disease, and 85% of these deaths are due to stroke and heart attack. Moreover, in August 2020, the Government of India launched productive-linked incentive (PLI) scheme to promote domestic manufacturing of medical devices. This scheme is expected to increase manufacturing of medical devices and attract large key players in medical device sector. Furthermore, in May 2019, the National Library of Medicine reported a novel minimal invasive technique of placing a dual chamber permanent pacemaker in children through xiphisternal incision. Thus, increase in demand for minimal invasive procedure and rise in prevalence of arrythmia are expected to propel the growth of the market.
Increase in number of geriatric population and surge in demand to improve patient health for various pacemaker implantation are the major factors that drive the global pacemaker market. Moreover, increase in prevalence of hypertension significantly contributes toward the market growth, owing to the fact that hypertensive patient are more prone to cardiac arrythmia. Technological advancements in pacemaker such as introduction of MRI-safe pacemaker and leadless pacemaker notably contribute toward the growth of the global market. Furthermore, governments are taking multiple initiatives to develop medical devices, which are expected to boost the market growth. Moreover, according to CMC, the National Coverage Determination (NCD) for cardiac pacemaker was implemented. The cardiac pacemakers are covered as prosthetic devices under the Medicare program, regarding clinical goals of pacemaker implantation. In addition, in December 2019, the seven pacemaker implementation procedure is conducted free of cost under the Chief Ministers’ Health Insurance Scheme, in Government Mohen Kumaramangalam Medical College Hospital Cardiology Department, India.
However, high cost of pacemaker implantation procedure and risk associated with pacemaker are anticipated to hinder the market growth during the forecast period. Conversely, the rise in adoption of biventricular devices & biologic pacemaker leads to enhancement of the pacemaker sector. This encourages many key players to enter emerging markets, thus offering lucrative growth opportunity in the pacemaker market.
The global pacemaker market is segmented into technology, implantability, end user, and region. By technology, the market is categorized into single chamber pacemaker, dual chamber pacemaker, and biventricular/cardiac resynchronization therapy (CRT) pacemaker.
On the basis of implantability, the market is categorized into implantable pacemaker and external pacemaker. Depending on end user, it is bifurcated into hospitals & cardiac centers and ambulatory surgical centers. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global pacemaker market are Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, Lepu Medical, Livanova, MEDICO SpA, Medtronic, Oscor Inc., Osypka Medical GmbH, and Shree Pacetronix.
The pacemaker is defined as the medical device in the healthcare sector, which sends small electrical impulses to the heart muscle to stimulate the lower chamber of the heart and maintain a suitable heart rate. Three types of pacemakers are available in the market, including single chamber pacemaker, dual chamber pacemaker, and biventricular pacemaker, which are used depending upon the patient conditions, signs, and symptoms. It consists of pulse generators and leads, which produce low energy, electrical pulses to control the rhyme of heart. The implantation of pacemaker for the treatment of arrhythmia is called cardiac resynchronization therapy.
The growth of the global pacemaker market is majorly driven by alarming increase in the prevalence of cardiovascular diseases, such as arrythmia, heart attack, and heart failure; rise in government initiative for development of medical device; surge in demand for minimal invasive procedure; advancements in the technology of healthcare; and rise in adoption of biventricular devices for treatment of heart failure. For instance, according to the World Health Organization (WHO), in 2020, approximately 17.9 million deaths were reported due to various types of cardiovascular diseases. As per the same source, it was observed that 39% of global death is caused due to cardiovascular disease, and 85% of these deaths are due to stroke and heart attack. Moreover, in August 2020, the Government of India launched productive-linked incentive (PLI) scheme to promote domestic manufacturing of medical devices. This scheme is expected to increase manufacturing of medical devices and attract large key players in medical device sector. Furthermore, in May 2019, the National Library of Medicine reported a novel minimal invasive technique of placing a dual chamber permanent pacemaker in children through xiphisternal incision. Thus, increase in demand for minimal invasive procedure and rise in prevalence of arrythmia are expected to propel the growth of the market.
Increase in number of geriatric population and surge in demand to improve patient health for various pacemaker implantation are the major factors that drive the global pacemaker market. Moreover, increase in prevalence of hypertension significantly contributes toward the market growth, owing to the fact that hypertensive patient are more prone to cardiac arrythmia. Technological advancements in pacemaker such as introduction of MRI-safe pacemaker and leadless pacemaker notably contribute toward the growth of the global market. Furthermore, governments are taking multiple initiatives to develop medical devices, which are expected to boost the market growth. Moreover, according to CMC, the National Coverage Determination (NCD) for cardiac pacemaker was implemented. The cardiac pacemakers are covered as prosthetic devices under the Medicare program, regarding clinical goals of pacemaker implantation. In addition, in December 2019, the seven pacemaker implementation procedure is conducted free of cost under the Chief Ministers’ Health Insurance Scheme, in Government Mohen Kumaramangalam Medical College Hospital Cardiology Department, India.
However, high cost of pacemaker implantation procedure and risk associated with pacemaker are anticipated to hinder the market growth during the forecast period. Conversely, the rise in adoption of biventricular devices & biologic pacemaker leads to enhancement of the pacemaker sector. This encourages many key players to enter emerging markets, thus offering lucrative growth opportunity in the pacemaker market.
The global pacemaker market is segmented into technology, implantability, end user, and region. By technology, the market is categorized into single chamber pacemaker, dual chamber pacemaker, and biventricular/cardiac resynchronization therapy (CRT) pacemaker.
On the basis of implantability, the market is categorized into implantable pacemaker and external pacemaker. Depending on end user, it is bifurcated into hospitals & cardiac centers and ambulatory surgical centers. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global pacemaker market are Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, Lepu Medical, Livanova, MEDICO SpA, Medtronic, Oscor Inc., Osypka Medical GmbH, and Shree Pacetronix.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an in-depth analysis of the global pacemaker market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global pacemaker market.
KEY MARKET SEGMENTS
By Technology
- Single Chamber Pacemaker
- Dual Chamber Pacemaker
- Biventricular/CRT Pacemaker
By Implantability
- Implantable Pacemaker
- Hospital & Cardiac Centers
- Ambulatory Surgical Centers
- External Pacemaker
- Hospital & Cardiac Centers
- Ambulatory Surgical Centers
By End User
- Hospitals & Cardiac Centers
- Ambulatory Surgical Centers
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- Abbott Laboratories
- BIOTRONIK
- Boston Scientific Corporation
- Lepu Medical
- Livanova
- MEDICO SpA
- Medtronic
- Oscor Inc.
- Osypka Medical GmbH
- Shree Pacetronix
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: PACEMAKER MARKET, BY TECHNOLOGY
CHAPTER 5: PACEMAKER MARKET, BY IMPLANTABILITY
CHAPTER 6: PACEMAKER MARKET, BY END USER
CHAPTER 7: PACEMAKER MARKET, BY REGION
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 231 |
| Published | September 2021 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 4667.2 million |
| Forecasted Market Value ( USD | $ 6678.2 million |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | Global |
