Allied Market Research, the global Pacemaker Market generated $4.66 billion in 2020, and is expected to reach $6.67 billion by 2030, witnessing a CAGR of 3.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, key segments, top investment pockets, value chain, regional landscape, and competitive scenario.
The growth of the global pacemaker market is majorly driven by increase in demand for minimal invasive procedure, rise in funding from private & government organizations for the healthcare sector, and rise in prevalence of cardiovascular diseases. According to Drugs & Diseases, in April 2021, it was reported that permanent pacemaker insertion technique is considered as the minimally invasive procedure.
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Rise in prevalence of cardiovascular diseases, technological advancements, demand for minimally invasive procedures, and development of healthcare infrastructure drive the growth of the global pacemaker market. During the pandemic, the non-essential procedures were postponed due to shift in resources to take care of increasing number of patients suffering from the Covid-19 infection. This led to postponement of surgeries related to pacemakers.
Key Benefits for Stakeholders –
- The study provides an in-depth analysis of the pacemaker market, and the current trends and future estimations to elucidate imminent investment pockets.
- It presents a quantitative analysis of the pacemaker market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the pacemaker market size based on procedures and services assists to understand the trends in the pacemaker industry.
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global pacemaker market. The COVID-19 pandemic has stressed the healthcare systems in the world. A huge number of clinics and hospitals across the globe were restructured to increase the hospital capacity for patients diagnosed with COVID-19. This leads to cancellation of many nonessential surgical procedures across the world. According to the Journal of Arrhythmia, in 2020, it was reported that the pacemaker implantation procedure is decreased by 73% during the COVID-19 pandemic. Moreover, a reduction of 78% of patients with the diagnosis of atrioventricular block and a reduction in the de-novo pacemaker implant were observed. Subsequently, this leads to decrease in demand for pacemaker.
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KEY FINDINGS OF THE STUDY –
By technology, the dual chamber pacemaker segment was the highest contributor to the market in 2020.
On the basis of implantability, the implantable pacemaker segment was the highest contributor to the market in 2020.
Depending on end user, the hospitals & cardiac centers segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
Region wise, Europe garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Europe accounted for a majority of the global pacemaker market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of cardiovascular diseases, such as arrhythmia, advancements in technology in diagnostic instruments, and surge in demand for minimally invasive implantation of pacemaker in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to rise in prevalence of cardiovascular diseases, increase in investment in the healthcare sector, and technological advancements in healthcare facilities for cardiac treatment & diagnosis.
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