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.
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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.
Covid-19 Scenario:
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. However, the surgeries were carried out in extreme cases.
The R&D activities were stopped partially or completely as investments were locked to deal with the economic uncertainties. Moreover, the speed of technological advancements for pacemakers lowered down.
The report offers detailed segmentation of the global pacemaker market based on technology, implantability, end user, and region.
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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.
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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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