Pacemakers Market Report

Market Insights

The Pacemakers Market is estimated to grow from USD 4.8 billion in 2020 to USD 5.7 billion by 2026 at a healthy CAGR of 2.8% during the forecast period.

Figure: Pacemakers Market Size, 2020-2026 (USD Billion)

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What are pacemakers?

Pacemakers are medical devices that are placed in the chest or abdomen to detect abnormal heart rhythms. Pacemakers are mainly used to treat arrhythmias, a condition, wherein the heart beats very fast or very slow, or at an irregular rate. Pacemakers create electric pulses to make the heartbeat at a normal pace.

Key Players

Key players operating in the pacemakers market are-

• Medtronic (Ireland)
• Abbott Laboratories (US)
• Boston Scientific (US)
• Biotronik (Germany)
• Livanova (UK)
• Lepu Medical (China)
• Shree Pacetronix (India)
• Osypka Medical (Germany)
• Medico Spa (Italy)
• Oscor (US).

Market Dynamics

Increasing incidences of Cardiovascular Diseases (CVDs), favorable government policies, the rising cost of cardiac disease management, and the emergence of technologically advanced pacemakers such as leadless pacemakers and MRI safe pacemakers are significantly propelling the market growth. The growing burden of CVDs is one of the key factors spurring product demand. Also, coronary heart disorder is one of the primary reasons for CVD deaths across the globe, which highlights the great need for these devices.

Segments' Analysis

Application Trends

Based on application, the pacemakers market is classified into arrhythmias, congestive heart failure, others. The arrhythmias segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. The segment is further segmented into atrial fibrillation, heart block, and long QT syndrome. The segment growth is mainly attributed to excessive alcohol consumption, smoking, lifestyle disorders, and obesity which are contributing to the prevalence of cardiac arrhythmia. 

Regional Trends

By region, the North American market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to its well-established healthcare industry. Also, the presence of key players, the growing elderly population with cardiac problems, rapid technological advancements such as MRI compatible pacemakers and Bluetooth enabled pacemakers and improving regulatory approvals, further proliferates the regional market growth.

COVID-19 Impact on Pacemakers Market

The COVID-19 outbreak has positively influenced the pacemakers industry. The novel coronavirus had severely affected patients suffering from cardiovascular disease. The spread of COVID-19 had triggered a severe economic impact on the healthcare sector. Among patients with COVID-19, there is a high prevalence of cardiovascular diseases, thus driving the market growth amid the pandemic.

Critical Questions Answered in the Report

• What are the key trends in the global pacemakers market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on global pacemakers? 
• What are the key strategies adopted by the major vendors to lead in the global pacemakers market?
• What is the market share of the top vendors?

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Target Audience

Here is the list of the group of customers that the pacemakers market hopes to have the greatest opportunity to convert-

• Pacemakers vendors
• Pacemakers retailers
• Cardiovascular treatment clinics
• Hospitals

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