New York, US, June 28, 2021 (GLOBE NEWSWIRE) -- Pacemaker Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Pacemaker Market Information by Technology, Type, Implantability, End User, and Region - Forecast till 2027”, the market is predicted to reach USD 5.7 Billion by 2027 at 2.8% CAGR.
Market Scope
The global pacemaker market is likely to grow steadily due to a rise in demand for cardiac pacemakers as artificial heart rhythm management devices. These devices regularize heartbeats with electrical impulses, and the advanced technology-assisted pacemakers are identified to gain momentum. In addition, the growing demand for external pacemakers during surgeries as temporary pacing devices to maintain heartbeat rhythms are observed to gain traction. External pacemakers require a robust clinical facility, and a well-equipped healthcare base can add to market growth. The rising adoption of implantable pacemakers and the availability of favorable reimbursement policies from governments. As modern cardiac care solutions become affordable, people prefer to undergo implantation procedures, thereby supporting the market for expansion. Moreover, physicians preferring implant pacemakers contributes to the rapid growth of the implantable pacemaker market compared to external pacemakers. Besides, increasing age and the ongoing prevalence of arrhythmia can underpin the market rise.
On the contrary, recent advances in implantable cardiac defibrillators and their growing popularity can restrain the expansion of cardiac pacemakers on a global scale. As per the Centres for Disease Control and Prevention, several Americans died from cardiac malaises each year. The World Health Organization (WHO) finding reveals that around 82% of the total deaths occur in low- and middle-income regions. Thus, according to these data, the surging demand for pacemaker in the Americas as well as middle-income region can favor the market upsurge to counter the challenge.
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Pacemaker Market Competitive Landscape
Some of the eminent players in the worldwide pacemaker market are
- ATS Medical (U.S.)
- Biotronik GmbH & Co. KG (Germany)
- Boston Scientific Corporation (U.S.)
- Edwards Lifesciences (U.S.)
- Medtronic Plc (U.S.)
- Sorin Group, St. Jude Medical Inc. (U.S.)
- Vitatron Holding B.V. (the Netherlands)
- Zoll Medical Corporation (U.S.)
These players are interested in implementing and developing modern pacemakers contributing to the advancements in neuromodulation and neurostimulation technologies. BIOTRONIK, a privately held biomedical MNC in Berlin, received CE approval for cardiac resynchronization therapy pacemakers and Edora pacemakers. Biotronik is leading in the global cardio- and endovascular medical technology represented in over 100 countries. Many patients use the company’s implants to offer high-quality solutions in peripheral and coronary vascular intervention products. Established in 1963, Biotronik has engineered several innovations, such as; Magmaris, Pulsar 18, Home Monitoring, Orsiro, and the first hybrid drug-eluting stent. They have also introduced heart failure therapy devices and implantable cardioverter defibrillators with ProMRI technology. Thus, the diversified product portfolios of different key companies can influence the competitive landscape of the pacemaker market.
Market Drives
The increasing prevalence of cardiac disorders among the geriatric population and the rising affordability of healthcare solutions are primary causes that can drive the expansion of the global pacemaker market.
The launch of innovations and technical developments in heart rhythm management devices can promote the market rise, alongside create lucrative business prospects in the forecast tenure.
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Market Restraints
High installation costs and tight regulatory government controls on the approval of new solutions can hinder the rise of the pacemaker market.
COVID 19 Analysis
The COVID-19 pandemic effect not only impacts the immune system but damages cardiovascular processes. The increasing rush of COVID-19 patients to emergency wards requiring treatment for cardiac conditions has resulted in strained health care services. As the need for high-quality medical care increases, the same appears challenging amidst the unprecedented healthcare crisis.
Pacemaker Market Segmentation
The segment study of the global pacemaker market is based on implantability, type, technology, and end users.
The implantability-based segments of the global market of pacemakers are external pacemakers and implantable pacemakers.
The technology-based segments of the global market of pacemakers are dual-chamber pacemakers, biventricular/CRT pacemakers, and single-chamber pacemakers.
The type-based segments of the global market of pacemakers are conventional pacemakers and MRI compatible pacemakers.
The end user-based segments of the pacemaker market are ambulatory surgical centers and hospitals & cardiac centers.
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Pacemaker Market Regional Insights
In the Americas, the pacemaker market can retain its hegemony due to the increase in many aging populations suffering from cardiovascular disorders. In addition, the stressful lifestyle of earning adults can contribute to the growing number of hypertensive and arrhythmia disorders, which, in turn, can impact the pacemaker market rise in the Americas.
On the other hand, in Europe, the pacemaker market is anticipated to expand rapidly due to the surge in health problems, such as; stress, hypertension, obesity, and changing lifestyles. Moreover, the increasing demand for CVD and high initiatives to generate awareness can drive EU pacemaker market.
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