The global pacemaker market size is expected to grow USD 5.86 billion by 2026 from USD 4.79 billion in 2021, growing at a CAGR of 4.12% from 2021 to 2026.
A pacemaker is a small device that is fitted inside the body to control the heartbeats. It is used to maintain heartbeats and help our heartbeat more regularly if the person has slow heartbeats. Pacemakers are used in medical conditions such as Arrhythmia, Atrial fibrillation, Heart block, and Long QT syndrome. The development of technology in this field is the key to growth in the future.
The key factors driving the growth of the global pacemaker market are the increase in the geriatric population and the high prevalence of cardiovascular diseases among people due to an unhealthy lifestyle.
The lack of therapy to maintain the heart's rhythm increases the pacemaker's usage and positively contributes to the global pacemaker market growth. Pacemaker devices are non-invasive devices and thus are very useful in nature. The high cost of cardiovascular surgeries makes it unaffordable for many to opt for it and thus increases the importance of pacemaker device for the regular functioning of the heart. The increase in research and development in pacemaker technology will propel the market growth during the forecast period. The pacemakers now made are MRI protected and thus, the side effects reducing is a significant boost for the market.
The major restraint for the global pacemaker market is the high cost of pacemaker devices, making them unaffordable to many people.
The other significant factor hindering the market's growth is the lack of healthcare facilities in various regions, making it less accessible. The lack of awareness among lower sections of society causes less demand and needs to be addressed. A significant challenge in the pacemaker market is alternative treatments such as cardiac ablation-catheters and cardioverter-defibrillators used in tachycardia management.
Impact of COVID-19 on the global pacemaker market:
COVID-19 has positively impacted the pacemaker devices market around the world. When it infects the person, and the coronavirus affects the heart's functioning severely and significantly in a history of cardiovascular diseases. The rising instances of positive corona diseases have increased the demand for pacemaker devices. The COVID-19 has led the entry of new companies to fulfill the increasing demand for these devices. It will lead to further advancement in pacemaker technology and improve market dynamics. Although the lockdown implemented hurt the supply chain, it is showing improvement as time progresses.
Market Size Available
2020 to 2026
2021 to 2026
By Product, Application, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa
This research report on the global pacemaker market has been segmented and sub-segmented based on its application and region.
Pacemaker Market - By Product:
Based on the product, the implantable pacemaker segment had the largest market share in 2019, with a 60% market size, and is expected to grow at a healthy rate during the forecast period. The Implantable Pacemaker is further subdivided into the single chamber, double chamber, and bi-ventricular pacemakers. Implantable pacemakers are driven by increasing cardiovascular diseases and arrhythmias, along with further development in clinical trials.
External pacemakers had the second-largest revenue share in 2019 and are expected to grow at a reasonable rate during the forecast period. The main features of external pacemakers are an easy user interface and low battery indicators. These pacemakers are also useful in tracking the activity of the heart.
Pacemaker Market - By Application:
Pacemaker Market - By Region
Geographically, the global pacemaker market was dominated by North America due to increasing cardiac diseases. However, the Asia Pacific is expected to grow at a fast pace, followed by Europe.
The North America region had the highest market share in 2019 and is expected to grow at 4.2% CAGR during the forecast period. The increasing aged population and the growing prevalence of unhealthy lifestyles have increased cardiovascular disease cases and improved the region’s growth.
The European market had the second-largest share in the global pacemaker devices market in 2019, with a promising growth rate predicted for the future. The increasing geriatric population, along with improving healthcare facilities, are the significant growth driving factors.
Asia Pacific region is expected to grow at the fastest pace during the forecast period. The increasing population in countries like India and China is the main contributing factor.
NOTABLE PLAYERS IN THE MARKET:
Key market participants leading the global pacemaker market profiled in this report are Medtronic, Sorin Group, Biotronik GmbH & Co. KG., Boston Scientific Corporation, Vitatron, St. Jude Medical, Inc., and Zoll Medical Corporation.
RECENT HAPPENINGS IN THE GLOBAL PACEMAKER MARKET:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.4 Y-o-Y Growth Analysis, By Product
5.1.5 Market Attractiveness Analysis, By Product
5.1.6 Market Share Analysis, By Product
5.2.4 Y-o-Y Growth Analysis, By application
5.2.5 Market Attractiveness Analysis, By application
5.2.6 Market Share Analysis, By application
5.3 End User
5.3.3 Cadiology clinics
5.3.4 Y-o-Y Growth Analysis, By End User
5.3.5 Market Attractiveness Analysis, By End User
5.3.6 Market Share Analysis, By End User
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Product
184.108.40.206 By Application
220.127.116.11 By End User
6.1.4 Market Attractiveness Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Product
126.96.36.199 By application
188.8.131.52 By End User
6.1.5 Market Share Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Product
18.104.22.168 By application
22.214.171.124 By End User
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Sorin Group
8.3 Biotronik GmbH & Co. KG
8.4 Boston Scientific Corporation
8.6 St. Jude Medical, Inc.
8.7 Zoll Medical Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures