Pacemaker market size was valued at $4.667 billion in 2020, and is estimated to reach $6.678 billion by 2030, growing at a CAGR of 3.7% from 2021 to 2030. Pacemaker is defined as a small, battery-operated medical device, which is implanted in the chest to control the heartbeats. The implantation of pacemaker is used to prevent the heart from slow or irregular beating. It generates electrical impulses, which are delivered by electrodes to contract chambers of heart muscles. The pacemaker aims to regulate the function of the electrical conduction system of the heart. The pacemaker is implanted in the chest through a surgical procedure. It is used for the treatment of chronic irregular, or slow heartbeat, and heart failure. It offers real opportunities to improve medical outcomes and enhance efficiency.
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Abbott Laboratories, BIOTRONIK, Boston Scientific Corporation, Lepu Medical, Livanova, MEDICO SpA, Medtronic, Oscor Inc., Osypka Medical GmbH, and Shree Pacetronix
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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.
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- 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.
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