ID: MRFR/MED/1058-HCR | February 2021 | Region: Global | 90 pages
Pacemaker Market is projected to reach USD 5.7 Billion in 2027 and expected to register a 2.8% CAGR during the forecast period. The pacemaker is a small device implanted in the chest to regulate abnormal heart rhythm. Pacemakers are used in medical conditions such as arrhythmia, atrial fibrillation, heart block, and long QT syndrome. The primary factors driving the growth of Pacemaker Market are rising incidences of cardiovascular disorders, technological advancements in pacemakers, and increasing research and development for pacemakers.
According to the American Heart Association, cardiovascular disorders (CVD) is the leading cause of death globally, accounting for more than 17.6 million deaths per year in 2016. Additionally, the rising healthcare expenditure for cardiovascular disorders is driving market growth. For instance, according to the American Heart Association, CVD and stroke accounted for 14% of total health expenditures in 2016. This rise in cardiovascular cases and rising healthcare expenditure is expected to drive the pacemaker market growth.
However, the high cost of pacemakers and unfavorable reimbursement scenarios may hinder the market growth during the forecasted period.
Pacemaker Market has been segmented into implantability, technology, type, and end users.
By implantability, the global market has been divided into implantable pacemakers and external pacemakers.
On the basis of technology, the global market has been segmented into dual-chamber pacemakers, single-chamber pacemakers, and biventricular/CRT pacemakers.
Based on type, the global market has been bifurcated into MRI compatible pacemakers and conventional pacemakers.
On the basis of end user, the global market has been divided into hospitals & cardiac centers and ambulatory surgical centers.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The pacemaker market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada.
The European market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The pacemaker market in Asia-Pacific has been segmented into Japan, China, India, Latin Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East & Africa has been segmented into the Middle East and Africa.
Medtronic (Dublin, Ireland), Abbott Laboratories (US), Boston Scientific (US), Biotronik (Germany), Livanova (UK), Lepu Medical (China), Shree Pacetronix (India), Osypka Medical (Germany), Medico Spa (Italy), and Oscor (US) are some of the key players operating in the global market.
Regional Market Summary
Geographically, the market has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas dominated the pacemaker market owing to the increasing prevalence of cardiovascular disorders, growing geriatric population, and rapid technological advancements. According to the Centers for Disease Control and Prevention, every year about 735,000 Americans have a heart attack. Additionally, the American Heart Association stated that by 2035 more than 130 million adults or 45.1% of the US population are expected to have some form of CVD in their lifetime.
Europe is expected to be the second-largest region in the pacemaker market owing to the increasing health problems such as hypertension, stress, obesity, and changing lifestyles. Additionally, the increasing cases of CVD and rising initiatives to create awareness is driving the growth of the market in the region. For instance, the European Commission and the European Heart Network (EHN) established the European Heart Health Initiative (EHHI) to prevent cardiovascular diseases (CVDs). Such initiatives promote to drive the growth of the market in Europe.
Asia-Pacific was anticipated to be the fastest-growing region in the pacemaker market. The market in the region is expected to witness growth owing to the increasing population and rising demand for technologically advanced products. The prevalence of CVD is high in developing countries and cities, such as Japan, Hong Kong, and Singapore, which support market growth.
The market in the Middle East & Africa holds a low share in the pacemaker market due to the presence of a low number of healthcare facilities, low per capita income, and limited awareness of upcoming treatment methods in underdeveloped countries. However, the market is expected to witness growth due to increasing hospitals and rising demand for pacemakers in the Middle East.
By End User
|Market Size||USD 5.7 Billion (2027)|
|CAGR||2.8% (2020 - 2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Implantability, Technology, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Medtronic (Dublin, Ireland), Abbott Laboratories (US), Boston Scientific (US), Biotronik (Germany), Livanova (UK), Lepu Medical (China), Shree Pacetronix (India), Osypka Medical (Germany), Medico Spa (Italy), and Oscor (US)|
|Key Market Opportunities||
|Key Market Drivers||The high cost of pacemakers and unfavorable reimbursement scenarios may hinder the market growth during the forecasted period.|
Frequently Asked Questions (FAQ) :
The valuation of the global pacemaker market to reach USD 5.7 BN by 2027.
pacemaker market is projected to grow at approximately 2.8% CAGR during the assessment period (2020-2027).
Rising incidences of cardiovascular disorders, technological advances in pacemakers, and increasing R&D expenses for pacemakers are the major tailwinds pushing the growth of the global pacemaker market.
North America holds the largest share in the global pacemaker market, followed by Europe and the Asia Pacific, respectively.
Biotronik GmbH & Co. KG (Germany), ATS Medical (US), Boston Scientific Corporation (US), Medtronic Plc (US), Edwards Lifesciences (US), Sorin Group, St. Jude Medical Inc. (US), Zoll Medical Corporation (US), and Vitatron Holding B.V. (the Netherlands), are some of the major players operating in the pacemaker market.