According to the report published by Allied Market Research, the global Pacemaker Market generated $4.66 billion in 2020, and is expected to reach $6.67 billion by 2030, witnessing a CAGR of 3.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, key segments, top investment pockets, value chain, regional landscape, and competitive scenario.
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COVID-19 Scenario –
The non-essential procedures were postponed due to shift in resources to take care of increasing number of patients suffering from the Covid-19 infection. This led to postponement of surgeries related to pacemakers. However, the surgeries were carried out in extreme cases.
The R&D activities were stopped partially or completely as investments were locked to deal with the economic uncertainties. Moreover, the speed of technological advancements for pacemakers lowered down.
Rise in prevalence of cardiovascular diseases, technological advancements, demand for minimally invasive procedures, and development of healthcare infrastructure drive the growth of the global pacemaker market. During the pandemic, the non-essential procedures were postponed due to shift in resources to take care of increasing number of patients suffering from the Covid-19 infection. This led to postponement of surgeries related to pacemakers.
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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The factors that drive the growth of the pacemaker market include rise in prevalence of cardiovascular diseases such as heart failure, heart attack, bradycardia, atrioventricular (AV) block, and arrhythmia; increase in incidence of hypertension; development of the healthcare sector, and surge in demand for minimally invasive surgical procedure. For instance, according to the American Heart Association, more than 100 million Americans were suffering from hypertension in 2018. Hypertension is one of the most common cardiovascular risk factors, which cause cardiac arrhythmias.
Hypertensive patients are highly prone to supraventricular and ventricular arrhythmias. Market players are focusing on the development of novel approaches for use of pacemaker devices. Moreover, in 2020, Medtronic, Plc., a medical device company, announced that it has received the U.S. Food and Drug Administrative (FDA), approval of Micra AV, which is the world smallest pacemaker with AV synchrony. It is used for the treatment of a patient suffering from AV block. Furthermore, in 2020, Medtronic, a pacemaker company, announced the launch of an Azure pacemaker with the Bluesync technology, which is used for direct communication of doctors with patients through smartphone and tablets.
Increase in prevalence of cardiovascular diseases, rise in demand for advanced pacemaker devices in the healthcare sector, and surge in geriatric population are anticipated to drive the growth of the pacemaker market. In addition, surge in demand to improve patient health has led to the development of innovative technologies in the pacemaker, thereby propelling the growth of the market.
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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.
KEY FINDINGS OF THE STUDY –
- 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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