Cardiac Pacemaker Devices Market is segmented by Product (Cardiac Pacemaker, Implantable Pacemakers, [Dual Chamber, CRT Pacemaker], External Pacemaker, Pacing Leads), Indication (Arrhythmia, CHF), End User (Hospital & Clinics, Ambulatory Care Centers)
The Cardiac Pacemaker Devices Market is expected to reach USD 4.34 billion by 2028, at a CAGR of 3.1% during the forecast period of 2021 to 2028.
A Cardiac Pacemaker Device is a type of cardiac implantable electronic device utilized to monitor heart rate and rhythm as well as giving the heart electrical stimulation in cases it beats irregularly. The growth drivers of this market are, increasing cases of cardiovascular diseases like bradycardia & tachycardia, improvement in life expectancy, prevalence of obesity cases, inactive and unhealthy lifestyle, as well as high consumption of alcohol. Advancements in technology and better reimbursement scenarios are also attributes on the growth of this market.
COVID-19 Impact on the Cardiac Pacemaker Devices Market
The impending dangers of COVID-19 has exponentially affected the Cardiac Pacemaker Devices Market. Governments all over the world imposed higher restrictions and months-long lock downs to contain the spread of the virus; in return, unwanted delays of product delivery and distribution has caused a slight dent in the cardiac peacemaker devices market and since then, has created a negative impact on the production and the supply chain.
There is a high demand for these devices because hospitals and medical facilities are in dire need due to shortages of supply, but the facilities’ operations and distribution of the products are greatly affected since the prohibitions laid out in consonance with the COVID-19 safety guidelines must be followed--the market faces a hindrance in terms of providing supplies to its consumers and end users.
The pandemic has affected the market greatly where it caused a significant decrease in elective cardiovascular procedures since hospitals and clinics postponed elective surgeries in 2020 as well as dental and essential medical procedures. This of course includes invasive and non-invasive cardiovascular tests and procedures, all of which are under the cardiology department. The demand for cardiac pacemaker devices implantations decreased in 2020 compared to the previous year.
Another restraint on the growth of this market, is the probability that the device will malfunction. There is an increase in cases that the cardiac pacemaker devices could have an output failure or capture failure. Another instance is that pacemakers can further malfunction when it cannot detect irregularities in the pacing of the heart. Lead displacement is a common event with pacemakers that causes its malfunction.
Key Findings of the Global Cardiac Pacemaker Devices Market
The implantable pacemakers segment is projected to have the largest share in the market accounted for during the forecast period. Such significant growth is attributed to wide adoption of permanent implantable cardiac pacemakers, new trends in modern therapies, prevalence of cardiac arrest cases and atrial fibrillation, and public’s awareness towards better cardiac care.
The arrhythmia segment is anticipated to have the largest share in the market accounted for in the same forecast period due to the significant changes in lifestyle, adoption of unhealthy lifestyle causing cardiac diseases, smoking and high alcohol consumption. The ambulatory surgery centers segment on the other hand is projected to grow at the highest CAGR. The growth is mainly caused by preference of end users for ambulatory surgeries for pacemaker implantation and other related procedures, and the demand to reduce hospitalization costs.
Regional Market Analysis
North America is projected to account for the largest share of the cardiac pacemaker devices market during the forecast period of 2021-2028; but Asia Pacific is expected to grow at the highest CAGR. The drivers of growth in this market is mainly caused by increasing cases of patients suffering from hypertension and cardiovascular diseases, lifestyle changes, increased public and private spending for a better healthcare infrastructure, and significant concentration on expansion of key players in emerging countries such as India and China.
Share and Competition of Key Players in the Market
Medtronic Public Limited Company (Ireland), Boston Scientific Corporation (U.S.), Biotronik SE & Co. KG (Germany), Abbott Laboratories (U.S.), MEDICO S.p.A. (Italy), Shree Pacetronix Ltd. (India), Lepu Medical Group (China), Osypka Medical GmbH (Germany), OSCOR Inc. (U.S.), and MicroPort Scientific Corporation (China). These Key Players are chartered through competitive landscapes on the basis of an extensive assessment of product portfolio offerings, geographic presence and development strategies adopted by them in the industry in 2020.
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Industry Segmentation and Revenue Breakdown
Product Analysis (Revenue, USD Million, 2021 - 2028)
• Cardiac Pacemakers
• Implantable Pacemakers
• Single-chamber Pacemakers
• Dual-chamber Pacemakers
• Biventricular Pacemakers
• External Pacemakers
• Pacing Leads
• Pacing Analyzers
Indication Analysis (Revenue, USD Million, 2021 - 2028)
• Congestive Heart Failure
• Other Indications
(Other indications comprise cardiac diagnostics & monitoring, cardiac mapping, hypertrophic cardiomyopathy, and sinus node diseases.)
End User Analysis (Revenue, USD Million, 2021 - 2028)
• Hospitals and Clinics
• Ambulatory Surgery Centers
• Other End Users
(Other end users comprise cardiac care centers and medical institutes.)
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Cardiac Pacemaker Devices Industry Research Report
• Europe Cardiac Pacemaker Devices Industry Research Report
• Asia Pacific Cardiac Pacemaker Devices Industry Research Report
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