The global Pacemaker market gathered revenue around USD 5.0 Billion in 2020 and market is set to grow USD 8.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 4.9% during the prediction period 2021 to 2027.
Growth Factors:
The market increasing cost of cardiac disease management, favorable government policies, and the introduction of technologically advanced pacemakers such as leadless pacemakers and MRI safe pacemakers are primarily driving the market. The rising burden of CVDs is one of the key factors for the growth of the market. Coronary heart disorder is one of the primary reasons for CVD deaths globally. The novel coronavirus had severely affected patients suffering from cardiovascular disease. The spread of COVID-19 had triggered a humongous economic impact on the healthcare and medical device industry.
Increasing demand to improve patient outcomes for various pacemaker implantations, with improved and minimally invasive procedures is the key factor driving the growth of the market. Moreover, favorable reimbursement procedures, such as the Medicare system in the U.S and NHS in the U.K. are among the key factors boosting the market. Medical device companies such as Boston Scientific Corporation and Medtronic are now offering new products that are covered under reimbursement packages, which benefit patients.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Pacemaker market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Pacemaker market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
Report Scope | Details |
Market Size | USD 8.1 Billion by 2027 |
Growth Rate | CAGR of 4.9% From 2021 to 2027 |
Base Year | 2020 |
Forecast Period | 2021 to 2027 |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Segments Covered | Technology, Implantability, End User and Region |
Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
Companies Mentioned | Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, Lepu Medical, Livanova, MEDICO SpA, Medtronic, Oscor Inc., Osypka Medical GmbH, and Shree Pacetronix. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Pacemaker market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Pacemaker Market Segmentation analysis:
The global pacemaker market is segmented into technology, implantability, end user, and region. By technology, the market is categorized into single-chamber pacemaker, dual-chamber pacemaker, and biventricular/CRT pacemaker.
On the basis of implantability, the market is divided into implantable pacemaker and external pacemaker. Depending on end user, it is fragmented into hospitals & cardiac centers and ambulatory surgical centers.
Regional analysis:
North America dominated the market and accounted for a revenue share of 44.1% in 2020. The growth can be attributed to the presence of key players, increasing the elderly population with cardiac problems, rapid technological advancements such as MRI compatible pacemakers and Bluetooth enabled pacemakers, and improving regulatory approvals. Rising incidences of cardiac disorders such as congestive heart failure, arrhythmias, and cardiac arrests are further propelling market growth in the region.
In Asia Pacific, the market is likely to exhibit lucrative growth over the estimated period. Market penetration by the key players and massive untapped opportunities are driving the growth. Furthermore, investments in the healthcare sector, especially in Japan, India, and China have gained traction. Countries are progressively focusing on developing robust healthcare facilities for cardiac diagnosis and treatment. Such factors are expected to lead to market growth in the region in the coming years.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Pacemaker Market include: Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, Lepu Medical, Livanova, MEDICO SpA, Medtronic, Oscor Inc., Osypka Medical GmbH, and Shree Pacetronix.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Technology
By Implantability
By End User
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Pacemaker market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Pacemaker market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Pacemaker markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Pacemaker market Study: