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  • Pacemakers Market Analysis | 2022-2028

    Pacemakers Market Analysis | 2022-2028

    Pacemakers Market Analysis | 2022-2028
    Report code - SR1416 Delivery - 2 Weeks
    Pacemakers Market Growth, Size, Share, Trends, Forecast, & Industry Analysis: 202 See more...

    Market Insights

    The Pacemakers Market is estimated to grow from USD 4.13 billion in 2021 to USD 5.1 billion by 2028 at a healthy CAGR of 3.20% during the forecast period.

    Pacemakers Market Size

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    What is a pacemaker?

    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.

    Pacemakers Market Report Overview

    Market Size in 2028

    USD 5.1 billion

    Market Size in 2021

    USD 4.13 billion

    Market Growth (2022-2028)

    CAGR of 3.20%

    Base Year of Study

    2021

    Trend Period

    2017-2020

    Forecast Period

    2022-2028

    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.

    COVID-19 Impact

    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.

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    Segment Analysis

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories:

    By Application Type

    • Arrhythmias [Atrial Fibrillation, Heart Block, Long QT Syndrome],
    • Congestive Heart Failure
    • Others

    By Product Type

    • Implantable pacemakers [Single Chamber, Dual Chamber, Biventricular Chamber]
    • External pacemakers

    By End-use Type

    • Hospitals & Cardiac Centers
    • Ambulatory Surgical Centers
    • Others

    By Type

    • MRI Compatible Pacemakers
    • Conventional Pacemakers

    By Region

    • North America
    • Asia-Pacific
    • Europe 
    • Rest of the World.

    Application Trends

    The market is classified into arrhythmias, congestive heart failure, and others. The arrhythmias accounted for a revenue share of nearly 35% in 2021 and are 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, contributing to the prevalence of cardiac arrhythmia.

    Product Trends

    The market has been segmented into Implantable pacemakers [Single Chamber, Dual Chamber, Biventricular Chamber], and External pacemakers). The Implantable pacemakers segment accounted for a revenue share of nearly 55% in 2021.

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    By Type

    The market has been segmented into (MRI Compatible Pacemakers, and Conventional Pacemakers). The Conventional Pacemakers segment accounted for a revenue share of nearly 50% in 2021.

    End-Use Trends

    The market has been segmented into (Hospitals & Cardiac Centers, Ambulatory Surgical Centers, and Others). The Hospitals & Cardiac Centers segment accounted for a revenue share of nearly 58% in 2021.

    Regional Analysis

    The North American market accounted for a revenue share of nearly 40% in 2021 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 proliferate the regional market growth.

     

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    Target Audience

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

    • Distributors
    • Suppliers
    • Manufacturers
    • Logistics organizations
    • Government bodies

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What deliverables will you get in this report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Pacemakers Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Recent Developments

    In September 2022, Cardiff, Wales-based Ceryx Medical announced that it is now working with Berlin, Germany-based Osypka Medical to develop a bionic heart pacing device designed to pace the heart with real-time modulation. Unlike traditional pacemakers, this device, dubbed the Cysoni, is designed to prompt the heart to beat in line with the patient’s breathing.

    In February 2022, Abbott announced the world's first patient implants of a dual-chamber leadless pacemaker system as part of its AVEIR DR i2i™ pivotal clinical study. The implant of Abbott's investigational Aveir™ dual-chamber leadless pacemaker represents a significant technological milestone for leadless pacing technology and is the first to occur around the world within the pivotal trial.

    Frequently Asked Questions (FAQs)

    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.

    The market was estimated to grow from USD 4.13 billion in 2021 to USD 5.1 billion by 2028.

    The market is expected to witness an impressive growth of 3.20% CAGR in the foreseeable future.

    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).

    The market in North America accounted for the largest market share in 2021, it accounted for a revenue share of nearly 40% in 2021 and is expected to grow at a substantial CAGR in the following years.

    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.

    The Implantable pacemakers & Hospitals & Cardiac Centers segment accounted for the largest market share in 2021 and is projected to register significant growth during the review period.