New York, United States, June 28, 2021 (GLOBE NEWSWIRE) – Pacemaker Market Overview
According to a comprehensive research report from Market Research Future (MRFR), “Pacemaker Market Information by technology, type, implantability, end user and region – Forecast to 2027The market is expected to reach $ 5.7 billion by 2027 at a CAGR of 2.8%.
The global pacemaker market is likely to grow steadily owing to increased demand for pacemakers as artificial heart rate management devices. These devices regulate the heartbeat with electrical impulses, and advanced technology-assisted pacemakers are being identified to gain momentum. In addition, the increasing demand for external pacemakers during surgeries as temporary pacing devices to maintain heart rhythms is gaining ground. External pacemakers require a robust clinical setup, and a well-equipped healthcare base can help the market grow. The increasing adoption of implantable pacemakers and the availability of favorable reimbursement policies from governments. As modern cardiac care solutions become affordable, people prefer to undergo implantation procedures, thus supporting the expansion of the market. Moreover, physicians preferring implantable pacemakers are contributing to the rapid growth of the market for implantable pacemakers compared to external pacemakers. In addition, the increasing age and the continued prevalence of arrhythmia may support the rise in the market.
On the contrary, recent advances in implantable cardiac defibrillators and their growing popularity may slow the expansion of pacemakers globally. According to the Centers for Disease Control and Prevention, several Americans have died of heart disease each year. Findings from the World Health Organization (WHO) reveal that about 82% of the total number of deaths occur in low- and middle-income regions. Thus, according to these data, the growing demand for pacemakers in the Americas as well as in middle-income regions may encourage the upsurge of the market to counter the challenge.
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Competitive Landscape of the Pacemaker Market
Some of the prominent players in the global pacemaker market are
- ATS Medical (United States)
- Biotronik GmbH & Co. KG (Germany)
- Boston Scientific Corporation (United States)
- Edwards Lifesciences (United States)
- Medtronic Plc (United States)
- Sorin Group, St. Jude Medical Inc. (United States)
- Vitatron Holding BV (Netherlands)
- Zoll Medical Corporation (United States)
These players are interested in the implementation and development of modern cardiac pacemakers contributing to advances in neuromodulation and neurostimulation technologies. BIOTRONIK, a private biomedical multinational in Berlin, has received CE approval for cardiac resynchronization therapy pacemakers and Edora pacemakers. Biotronik is the world leader in cardio and endovascular medical technology represented in more than 100 countries. Many patients use the company’s implants to provide high-quality solutions in peripheral and coronary vascular intervention products. Founded in 1963, Biotronik has designed several innovations, such as; Magmaris, Pulsar 18, Home Monitoring, Orsiro, and the world’s first drug-eluting hybrid stent. They also introduced heart failure treatment devices and automatic implantable defibrillators with ProMRI technology. Thus, the diverse product portfolios of different key companies may influence the competitive landscape of the Pacemaker market.
The increasing prevalence of cardiac disorders among the geriatric population and the increasing accessibility of healthcare solutions are the major causes that can drive the expansion of the global pacemaker market.
The initiation of innovations and technical developments in heart rate management devices may help the market rise, while creating lucrative business opportunities over the anticipated duration.
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High installation costs and strict government controls on the approval of new solutions can hamper the growth of the pacemaker market.
COVID 19 analysis
The pandemic effect of COVID-19 not only affects the immune system, but damages cardiovascular processes. The growing influx of COVID-19 patients to emergency departments requiring treatment for heart problems has put strain on health services. As the need for high quality medical care grows, the same seems difficult amid the unprecedented healthcare crisis.
Segmentation of the pacemaker market
The global pacemaker market segment study is based on implantability, type, technology and end users.
The implantability-based segments of the global pacemaker market are external pacemakers and implantable pacemakers.
The technological segments of the global pacemaker market are dual chamber pacemakers, biventricular / CRT pacemakers, and single chamber pacemakers.
The type-based segments of the global pacemaker market are conventional pacemakers and MRI-compatible pacemakers.
End-user based pacemaker market segments are outpatient surgical centers and hospitals and cardiac centers.
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Regional Overview of Pacemaker Market
In the Americas, the pacemaker market may maintain its hegemony due to the increase in many aging populations with cardiovascular disorders. Additionally, the stressful lifestyle of winning adults may contribute to the growing number of hypertensive disorders and arrhythmias, which in turn may impact the growing market for pacemakers in the Americas.
On the other hand, in Europe, the pacemaker market is expected to grow rapidly due to the increase in health issues, such as; stress, hypertension, obesity and changing lifestyles. In addition, the growing demand for MCV and the numerous awareness initiatives can boost the European pacemaker market.
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