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.
Portland, OR, Oct. 18, 2021 (GLOBE NEWSWIRE) -- 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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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. However, risks and high cost related to procedures hinder the market growth. Contrarily, surge in R&D activities and advancements in technology present new opportunities in the coming years.
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.
The report offers detailed segmentation of the global pacemaker market based on technology, implantability, end user, and region.
Based on technology, the dual-chamber pacemaker segment held the highest share in 2020, contributing to nearly half of the total share, and is estimated to continue its leadership status during the forecast period. However, the biventricular/CRT pacemaker segment is expected to register the largest CAGR of 5.5% from 2021 to 2030.
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Based on end user, the hospital & cardiac centers segment accounted for the largest share in 2020, contributing to more than four-fifths of the global pacemaker market, and is expected to continue its lead in terms of revenue throughout the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 3.9% from 2021 to 2030. The research also analyzes the ambulatory surgical centers segment.
Based on region, Europe contributed to the highest market share in 2020, accounting for nearly half of the total share, and is estimated to maintain its dominance by 2030. However, Asia-Pacific is expected to witness the fastest CAGR of 4.1% during the forecast period.
Leading players of the global pacemaker market analyzed in the research include Abbott Laboratories, Boston Scientific Corporation, BIOTRONIK, Livanova, Lepu Medical, Medtronic, MEDICO SpA, Osypka Medical GmbH, Oscor Inc., and Shree Pacetronix.
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