Pacemaker Market worth over $4.5bn by 2027

Pacemaker Market size is set to surpass USD 4.5 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Availability of favorable reimbursement scenario and government policies for pacemakers & implantation procedures is projected to facilitate the market growth during the forecast period. In the U.S., Medicare and Medicaid programs have promoted reimbursement for remote monitoring of implantable cardiac devices including pacemakers in all states since 2006. Medicare is a government funded national health insurance program that offers coverage to more than 40 million Americans that are 65 years or older and to certain younger people with disabilities. These programs reduce the healthcare expenses and provide high-quality care, further encouraging the patents to opt for essential healthcare services. Constantly evolving CMS (Centers for Medicare and Medicaid Services) Model integrating novel devices under its insurance cover is anticipated to increase the cardiac pacing devices adoption rate.
 

Technological advancements in pacemakers offering effective care will facilitate the market expansion

Technological advancements, incorporating novel modalities in the pacemakers for providing precise monitoring and effective management of cardiac activity is slated to stimulate the pacemaker market progression. Development of leadless pacemaker has revolutionized the cardiac implantable devices industry, as this novel product overcomes the major drawbacks of conventional cardiac pacing implantation techniques. Leadless pacing technology uses a single-chamber system to promote optimal heart rate and is implanted through a minimally invasive approach. These cardiac pacing systems are compatible with magnetic resonance imaging (MRI) and do not require surgical placement. Moreover, prominent players are developing high-end pacemakers that provide data monitoring application to offer clinical information on patient health and device status.
 

Superior versatility and non-invasive approach offered by external pacemakers to spur the market value

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The external pacemakers segment is estimated to reach more than USD 508 million by 2027. External pacemaker, also called as transcutaneous or artificial pacemaker refers to an electrodes-based medical device that is utilized in regulating the contractility of myocardiocytes to ensure optimal heart rate and cardiac output. External cardiac pacing is recommended in maintaining cardiac output in irreversible conditions, wherein an implantable pacemaker cannot be used.
 

Browse key industry insights spread across 250 pages with 318 market data tables & 18 figures & charts from the report, “Pacemaker Market Size By Product (Implantable Pacemakers, External Pacemakers), By Technology (Single-chamber Pacemakers {Single-chamber Atrial, Single-chamber Ventricular}, Dual-chamber Pacemakers, Biventricular/CRT Pacemakers), By Application (Congestive Heart Failure, Arrhythmias, Bradycardia, Tachycardia), By End-use (Hospitals, Cardiac Care Centers, Ambulatory Surgical Centers, Clinics), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pacemaker-market
 

High cost-effectiveness and efficient management of sinus node dysfunction & chronic atrial fibrillation will expand the pacemaker market demand

The single-chambers pacemakers segment held 20% of revenue share in 2020. Single-lead pacing devices are used to foster the right atrium or ventricle. These devices are majorly used in the management of isolated sinus node dysfunction with normal AV conduction, and chronic atrial fibrillation with reduced ventricular response among others. According to the National Centers for Biotechnology Information (NCBI), an evaluation encompassing 18 studies with more than 28,000 patients was performed to assess the electiveness of single-chamber pacing devices. This evaluation inferred that the single-chamber pacing devices used in the sinus node dysfunction successfully prevented ventricular dysfunction and delayed the development of atrial fibrillation & chronic heart failure. As a result, high cost-effectiveness and efficient management of sinus node dysfunction & chronic atrial fibrillation offered by single-chamber pacing devices is poised to augment the industry growth during the forecast timeframe.
 

Growing incidence of arrhythmias to push the demand for pacemakers

The arrhythmias segment in the pacemaker market is predicted to witness 4.4% growth rate through 2027 led by the increasing prevalence of arrhythmias and atrial fibrillation. Cardiac pacing devices are extensively used in the management of cardiac conditions such as atrial fibrillation, bradyarrhythmias, supraventricular arrhythmias, conduction system diseases, ventricular arrhythmias and other forms arrhythmias.
 

Rising preference for ambulatory surgical centers will facilitate the industry expansion

The pacemaker market for ambulatory surgical centers segment will cross USD 1.35 billion by 2027 owing to the increasing number of outpatient surgeries and growing preference for ambulatory surgical centers. Due to low-cost surgeries and reduced waiting time, the demand & preference for these healthcare facilities has been surging in recent years.
 

Increasing incidence and growing hospital admissions associated with cardiovascular conditions in UK to fuel the industry demand

UK pacemaker market is estimated to attain a CAGR of over 4.4% till 2027 impelled by the high prevalence of cardiovascular disorder and rising number of hospital admissions for CVD management. According to the British Heart Foundation statistics, in 2021, more than 7.6 million people are suffering from cardiac & circulatory diseases, accounting for 450 deaths on daily basis. One person suffers from a cardiac arrest every 5 minutes. More than 100,000 hospital admissions occur across the country specifically due to cardiac arrests. Furthermore, favorable initiatives such as the action plan for cardiovascular disease prevention, initiated by the Public Health England is further set to prove beneficial for the industry progression.
 

Players are emphasizing on strategic initiatives and innovative product launch to expand business operations

Some of the major companies operating in the pacemaker market are Medtronic, Boston Scientific Corporation, Abbott Laboratories, BIOTRONIK, Lepu Medical, LivaNova, and Oscor, Inc. These leaders adopt strategic initiatives such as market diversification, collaborations, partnerships and agreements to garner maximum revenue share.