Increasing prevalence of cardiovascular diseases and technological advancement in medical devices are some key factors driving the growth of global pacemaker market.
According to TechSci Research report, “Pacemaker Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global pacemaker market stood at USD5.01 billion in 2021 and is expected to grow at a CAGR of 6.06% during the forecast period on account of the growing prevalence of cardiovascular diseases and technological advancements in medical devices.
The growing demand for pacemakers from various point of care diagnostic centers, hospitals, among others, is expected to support the market growth through 2027. The growing prevalence of various cardiovascular diseases and aging population have significantly increased the patient pool worldwide suffering from these diseases. This, in turn, has significantly increased the demand for various pacemakers in all the countries. Further, increasing expenditure on the healthcare sector and availability of medical coverage are also driving the growth of the global pacemaker market. Technological advancements such as leadless pacemakers and MRI-compatible pacemakers also contribute to the market growth of pacemakers worldwide.
However, the high cost of advanced pacemakers leads to affordability constraints, especially in developing countries of Asia Pacific, South America, and the Middle East & Africa. Also, infection risk through leads and privacy concerns related to advanced pacemakers hinder the growth of the pacemaker market globally. Furthermore, the presence of alternative treatments like cardioverter defibrillators and cardiac ablation-catheters is posing a challenge for the global pacemaker market and hinders its growth during the forecast period.
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The global pacemaker market is segmented on the basis of type, technology, product type, application, end user, company, and regional distribution. In terms of type, the market can be divided into Implantable and External. The implantable pacemaker segment dominated the market in 2020 with around 82.35% because these pacemakers are long-lasting and have fewer post-operative complications than external pacemakers. In terms of technology, the market can be categorized into Dual Chamber, Single Chamber and Biventricular Chamber. The dual chamber technology is expected to dominate the market during the forecast period as it is most common and has two leads that mimic the sequential physiological contraction of the atria and ventricles. Based on product type, the market is divided into MRI Compatible and Conventional. MRI Compatible Pacemakers hold the largest share as all the pacemakers that are available in the market nowadays are MRI Compatible. Conventional Pacemakers are not used by the surgeons and physicians due to the amount of risk associated with it. In terms of application, the market can be fragmented into Arrythmias, Congestive Heart Failure and others. In terms of applications, Arrythmias dominate the market due to the growing prevalence of arrythmias conditions all over the world. Based on end user, the market can be segmented into hospitals, ambulatory surgery centers, and others. Hospitals dominate the market in terms of end users. However, due to COVID-19, the share of hospitals declined as many surgeries were postponed in 2020.
Key market players in the global pacemaker market include:
- Medtronic Inc
- Boston Scientific Corporation
- Sorin Group
- Abbott Laboratories Inc
- Edwards Lifesciences Corporation
- B. Braun Melsungen AG
- Johnson & Johnson
- Philips Healthcare
- GE Healthcare Inc
- Microport Scientific Corp
Medtronic Plc holds the highest market share and is among the top five market players operating in the pacemaker market globally. Boston Scientific Corporation ranks second in terms of market share in the overall pacemaker market. This can be attributed to the company’s strong presence worldwide through subsidiaries, sales offices, distributors, suppliers and other channel partners. Population in emerging countries are also aware of the presence, product portfolio and business of the company and prefer them over other competitor brands.
Additionally, there are other prominent players, such as Abbott Laboratories, Biotronik, Sorin Group, B. Braun Melsungen AG, among others, holding a significant position in the global pacemaker market.
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“The Asia Pacific region is expected to register the highest growth in the Pacemaker market during the forecast period. This can be attributed to the growing incidences of arrythmia, especially in countries like China, India, and Japan. Additionally, countries like China and India are moving towards localization, and in the coming years, it can be witnessed that a lot of domestic players are emerging out from these companies and holding significant market positions.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Pacemaker Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type (Implantable v/s External), By Technology (Dual Chamber, Single Chamber, Biventricular Chamber), By Product Type (MRI Compatible v/s Conventional), By Applications (Arrythmias, Congestive Heart Failure, Others), By End User (Hospitals, Cardiac Care Centers, Ambulatory Surgical Centers), By Company (2021), By Region”, has evaluated the future growth potential of global pacemakers and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global pacemaker market.
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