Number of pages: 120 | Report Format: PDF | Published date: 28 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global pacemaker market was pegged at US$ 4.62 billion in 2020 and is expected to witness a CAGR of 2.5% during the forecast period.
An artificial cardiac pacemaker is a medical device that generates electrical impulses and causes the heart muscle chambers to contract and pumps blood. Doing so, this device replaces and/or regulates the function of the electrical conduction system of the heart. The primary purpose of a pacemaker is to maintain an adequate heart rate, either because the heart's natural pacemaker is not fast enough, or because there is a block in the heart's electrical conduction system.
The global pacemaker market is mainly driven by the rising prevalence of cardiovascular diseases (CVDs), the growing aging population, and technological advancements. Furthermore, growing public and private funding is also likely to play a pivotal role in contributing to the growth of the market globally. However, frequent recall of defective products is likely to restrain market growth to a certain extent.
The global pacemaker market has been analyzed from four perspectives: Implantability, Technology, End User, and Region.
Pacemaker Market by Implantability
Based on implantability, the pacemaker market has been segmented into implantable pacemaker and external pacemaker. The implantable pacemaker segment dominated the market with the largest share in 2020. The growth of the segment can mainly be attributed to an aging population, the growing prevalence of cardiovascular diseases, and increasing life expectancy. The chance of pacemaker implantation increases dramatically with age. Over 70% of all pacemakers are implanted in patients over the age of 65.
Pacemaker Market by Technology
Based on technology, the pacemaker market has been segmented into dual-chamber pacemakers, single-chamber pacemakers, and biventricular/CRT pacemakers. Biventricular/CRT pacemaker is expected to be the fastest-growing segment in the forecast period owing to technological advancements, rising awareness about the device, and growing cardiovascular disorders.
Pacemaker Market by End User
Based on end-user, the pacemaker market has been segmented into hospitals, cardiac care centers, and others (ambulatory care centers, clinics, etc.). The hospital's segment dominated the market with the largest share in 2020, owing to the growing number of patients with cardiac disorders visiting the hospitals, the increasing number of cardiac implant procedures, and better reimbursement policies for pacemakers across developed countries.
Pacemaker Market by Region
Based on region, the global pacemaker market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the pacemaker market, followed by the Asia Pacific. The large share of North America in the global market can be attributed to greater healthcare expenditure, growing prevalence of cardiovascular diseases, ease of access to treatment, and rapid adoption of technologically advanced products.
Some of the prominent players operating in the pacemaker market includes:-