Global Pacemakers Market Thriving: Projected to touch USD 5.4 Billion by 2027, growing at the CAGR of 3 % during the forecast period (2021-2027)
Published | May 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global pacemakers market was worth USD 4.4 Billion in the year 2020. The market is estimated to grow at a CAGR of 3%, earning revenue of USD 5.4 Billion by the end of 2027. The global pacemakers market is being driven by an aging population and rising incidences of cardiac ailments, as well as technological advancements in the healthcare sector. Furthermore, the government is shaping the global pacemakers sector by taking fruitful steps and increasing reimbursement policies on a global scale. However, over the forecast period, the market is expected to be restrained by high treatment costs, and a high incidence of product recalls due to glitches in existing pacemakers.
Increasing Technological Advancements
While the pacemaker has stood the test of time, technological innovations are helping to strengthen this life-saving device. With the advancement of technology, many new prospects for developing new and revolutionary medical implantable pacemakers with new and advanced electrical properties have opened up. This could help in the diagnosis and treatment of previously difficult-to-treat conditions like cardiovascular disorders. Many of the limitations associated with existing pacemakers have been targeted by researchers and product developers, and these advancements could bring about a new era of pacemaker technologies.
Rising health-related problems
Cardiovascular diseases have now become the leading cause of death in India. The growing occurrence of abnormal cardiac beat disorders and the rising elderly population, which is prone to arrhythmias, is expected to increase the market growth. Obesity and type 2 diabetes are the major factors contributing to the increase of heart disease. Heart failure is a serious disorder in which the heart is unable to pump enough blood to satisfy the body's demands. A pacemaker is an electrical device usually used when the heartbeat runs too fast, too slowly, or with an uneven rhythm.
Growing Healthcare Market in Developing Countries
The pacemakers market is growing rapidly due to the availability of affordable cardiac pacemakers in developing economies such as China, India, Vietnam, Indonesia, South Korea, and the Philippines. Furthermore, market growth is fueled by increasing government investments and the development of innovative pacemakers in developing economies. Large cities in developing countries have all the required amenities in their healthcare infrastructure. However, such amenities are not present in rural areas. Thus, these massive unexplored areas pose ample revenue generation opportunities for the pacemakers market.
High cost and lack of experienced professionals
Over the forecast period, the market's growth is expected to be constrained by high treatment costs and a high rate of product recalls due to defective products. Furthermore, pacemaker implantation is usually performed under local anesthesia for reasons such as the patient's medical condition, which can necessitate an extended stay in the hospital. This, in turn, can increase the cost of the operation as well as the cost of the device, as well as any necessary medications. A shortage of skilled medical personnel is also a major issue in this industry. Besides that, several issues with pacemakers, such as the risk of bleeding and infection, are limiting the market growth.
Impact of COVID-19 in the industry
Soon after the outbreak of the COVID‐19 pandemic, several hospital wards have been transformed into COVID-19 units to combat the rising wave of the disease. In addition, several support units, including cardiology, have reallocated space and staff to become COVID19 units. The pacemakers market was negatively impacted by resource allocation and priority setting initiatives, such as redirecting personal protective equipment and hospital beds for patients with COVID19 and delaying elective cardiac procedures.
The Arrhythmias segment occupies the largest share of the global pacemakers market
Based on application, the peacemakers market is divided into Arrhythmias, Congestive Heart Failure, and others. Arrhythmias accounted for the largest share of the application segment. In arrhythmia, the heart usually beats too fast, too slow, or with an irregular rhythm. An electrical device is generally used when the heartbeat runs too fast, too slowly, or with an uneven rhythm called a pacemaker. In this medical condition, the heart usually does not circulate enough blood to other parts of the body, which causes fatigue and fainting. As a result, people with arrhythmias are capable of functioning normally with the assistance of a pacemaker.
North America is expected to witness significant growth in the market during the forecast period
The global pacemakers market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa based on the region. Among these regions, North America accounted for the largest market share and is expected to maintain its dominance even during the forecast period. The growing number of surgeries related to health-related problems and the technological innovation in the healthcare sector are the reasons for market growth.
The market in the Asia Pacific is also likely to exhibit lucrative growth over the estimated period. These countries are increasingly focusing on making robust healthcare facilities for cardiac diagnosis and treatment, which in turn is leading to market growth in the region in the coming years.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global pacemakers market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global pacemakers market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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