Pacemakers Market: Cardiac Arrest Is Expected To Rise Nearly By 23.6 Million By 2030
Pacemakers Industry Overview
The global pacemakers market size was valued at USD 4.4 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 3.4% from 2022 to 2030. Rising incidences of CVDs, increasing cost of cardiac disease management, favorable government policies, and the launch of technologically advanced pacemakers such as the MRI safe pacemakers and leadless pacemakers are chiefly driving the growth in the market. The rising burden of cardiovascular diseases 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 economic burden of these diseases is anticipated to be more than USD 1,044 billion by 2030, which highlights the great need for cardiac pacing devices.
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. As per the American Heart Association, Circulation Journal, 2020, so far COVID-19 had affected 185 countries and more than 30,00,000 patients globally. Among patients with COVID-19, there is a high prevalence of CVD. 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 pacemaker 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.
Gather more insights about the market drivers, restrains and growth of the Global Pacemakers 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. Furthermore, organizations are more fixated on manufacturing high-end pacemakers catering to customized care. These innovations are enhancing accuracy, providing additional capabilities to enhance the workflow, and facilitating error reduction. For instance, in May 2020, the home monitoring system by BIOTRONIK offered a cost-effective and safe remote management of pacemaker patients at the Large Multi-Center Study. This is a significant move for routine remote follow-ups amidst COVID-19.
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Pacemakers Market Segmentation
Grand View Research has segmented the global pacemakers market on the basis of product, type, application, end-use, and region:
Pacemakers Product Outlook (Revenue, USD Million, 2017 - 2030)
- Implantable pacemakers
- Single Chamber
- Dual Chamber
- Biventricular Chamber
- External pacemakers
Pacemakers Type Outlook (Revenue, USD Million, 2017 - 2030)
- MRI Compatible Pacemakers
- Conventional Pacemakers
Pacemakers Application Outlook (Revenue, USD Million, 2017 - 2030)
- Arrhythmias
- Atrial Fibrillation
- Heart Block
- Long QT Syndrome
- Congestive Heart Failure
- Others
Pacemakers End-use (Revenue, USD Million, 2017 - 2030)
- Hospitals & Cardiac Centers
- Ambulatory Surgical Centers
- Others
Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
June 2021: Medtronic launched the Micra AV, a self-contained, miniaturized pacemaker for delivering advanced pacing technology for atrioventricular (AV) block patients through a minimally invasive approach.
Key Companies profiled:
Some of the prominent players in the pacemakers market include:
- OSYPKA MEDICAL
- Boston Scientific Corporation
- Zoll Medical Corporation, an Asahi Kasei Group Company
- Medtronic
- BIOTRONIK SE & Co. KG
- MicroPort Scientific Corporation
- MEDICO S.R.L.
- Shree Pacetronix Ltd.
- Abbott
- OSCOR Inc
- Lepu Medical Technology(Beijing)Co.,Ltd.
Order a free sample PDF of the Pacemakers Market Intelligence Study, published by Grand View Research.
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