Global Pacemaker Market Projected to Reach USD 7.4 Billion by 2032 with 4% CAGR, Driven by Aging Population and Technological Advancements

The global pacemaker market size was valued at USD 5.2 billion in 2022, and it is projected to reach USD 7.4 billion by 2032, with a compound annual growth rate (CAGR) of 4% during the forecast period. The market growth is primarily driven by an increase in the prevalence of cardiovascular disorders, a surge in the aging population, and advancements in technology. There has been a rise in the incidence of cardiovascular diseases such as heart failure, arrhythmias, and coronary artery disease globally, leading to an increase in the implantation of pacemakers. According to the World Health Organization, cardiovascular diseases are responsible for 31% of all deaths globally, making them the leading cause of mortality worldwide. Thus, the demand for pacemakers is expected to increase significantly during the forecast period.

Moreover, the aging population is more susceptible to cardiovascular diseases, which is driving the demand for pacemakers. The United Nations estimates that by 2050, there will be 1.5 billion elderly individuals worldwide, with developed countries experiencing the highest growth. This rise in the geriatric population is expected to boost market revenue growth during the forecast period. Technological advancements have also led to the development of innovative features such as leadless pacemakers, automatic heart rate correction, and remote monitoring. These advancements have improved patient outcomes and quality of life, leading to an increase in the use of pacemakers. For example, Medtronic launched the Azure Pacemaker in June 2021, which is equipped with BlueSync technology for remote monitoring and specialized care.

Get Free Sample PDF (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.reportsanddata.com/download-free-sample/6393

Segments Covered in the Report

The global pacemaker market is segmented based on product type, technology, end-use, and region.

In terms of product type, the market is segmented into implantable and external pacemakers. The implantable segment dominated the market in 2019 and is expected to maintain its position during the forecast period. This segment is projected to reach USD billion by 2032, with a compound annual growth rate (CAGR) of %. The external pacemaker segment is expected to grow at a significant rate during the forecast period.

Based on technology, the market is segmented into single chamber, dual chamber, and biventricular pacemakers. The single chamber pacemaker segment dominated the market in 2019 and is expected to maintain its position during the forecast period. This segment is projected to reach USD billion by 2032, with a CAGR of %. The dual chamber and biventricular pacemaker segments are expected to grow at a significant rate during the forecast period.

In terms of end-use, the market is segmented into hospitals, cardiac centers, and ambulatory surgical centers. The hospitals segment dominated the market in 2019 and is expected to maintain its position during the forecast period. This segment is projected to reach USD billion by 2032, with a CAGR of %. The cardiac centers and ambulatory surgical centers segments are expected to grow at a significant rate during the forecast period.

Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. In 2019, North America dominated the market, followed by Europe and Asia-Pacific. The North America region is projected to maintain its position during the forecast period. The Asia-Pacific region is expected to grow at a significant rate during the forecast period due to the rising prevalence of cardiovascular diseases, increasing geriatric population, and improving healthcare infrastructure.

Access Full Report Description with Research Methodology and Table of Contents @ https://www.reportsanddata.com/report-detail/pacemaker-market

Strategic development:

The year 2021 saw strategic development in the medical device industry as companies announced acquisitions and product launches aimed at expanding their capabilities and improving patient outcomes. Medtronic's acquisition of UK-based Medicrea was aimed at expanding their spine surgery business and treating complex spinal disorders. Similarly, Abbott Laboratories' acquisition of Walk Vascular aimed to expand its peripheral intervention portfolio and offer advanced treatment options for peripheral artery disease patients. Boston Scientific's acquisition of Preventice Solutions aimed to enhance its digital health offerings and remote patient monitoring capabilities, while LivaNova's acquisition of TandemLife aimed to enhance its cardiac surgery portfolio and expand its critical care market footprint.

In 2021, Medtronic launched the Micra AV, a pacemaker designed to treat patients with AV block. The same year, Abbott Laboratories launched the Gallant Implantable Cardioverter Defibrillator (ICD) and Cardiac Resynchronization Therapy Defibrillator (CRT-D) devices, featuring advanced diagnostic tools and machine-learning algorithms to optimize therapy. In 2020, Boston Scientific launched the Resonate family of ICDs and CRT-Ds, featuring the HeartLogic heart failure diagnostic technology to improve patient outcomes and reduce hospitalizations. LivaNova's Perceval Plus sutureless aortic heart valve, launched in 2020, aimed to simplify surgical procedures and reduce the risk of complications during aortic valve replacement surgery. Finally, Biotronik SE & Co. KG's Acticor and Rivacor ICDs and CRT-Ds launched in 2020 feature advanced diagnostic tools and remote monitoring capabilities to optimize therapy and improve patient outcomes.

Competitive Landscape:

The global medical device market is highly competitive, with several major players dominating the market. These companies are Abbott Laboratories, Boston Scientific Corporation, Medtronic plc, LivaNova PLC, Biotronik SE & Co. KG, Osypka AG, Pacetronix Limited, Zoll Medical Corporation, BIOTRONIK SE & Co. KG, and Shree Pacetronix Ltd.

Abbott Laboratories is a leading player in the medical device market, offering a wide range of products in areas such as cardiovascular and neuromodulation. The company's acquisition of Walk Vascular in 2021 further expanded its peripheral intervention portfolio.

Boston Scientific Corporation is a global medical device company that specializes in interventional medical devices for a range of conditions, including cardiovascular, endoscopy, and urology. In 2020, the company acquired Preventice Solutions, a leader in remote cardiac monitoring and wearable diagnostic technologies, to enhance its digital health offerings.

Medtronic plc is a leading medical device company that specializes in cardiovascular, diabetes, and neuromodulation products. The company's acquisition of Medicrea in 2021 aimed to expand its spine surgery business and capabilities in the treatment of complex spinal disorders.

LivaNova PLC is a global medical device company that specializes in cardiac surgery and neuromodulation. The company's acquisition of TandemLife in 2020 aimed to enhance its cardiac surgery portfolio and expand its footprint in the critical care market.

Biotronik SE & Co. KG is a global medical device company that specializes in cardiac rhythm management, electrophysiology, and vascular intervention. The company launched the Acticor and Rivacor Implantable Cardioverter Defibrillator (ICD) and Cardiac Resynchronization Therapy Defibrillator (CRT-D) devices in 2020, which feature advanced diagnostic tools and remote monitoring capabilities.

In conclusion, these major players are continuously expanding their product portfolio through mergers and acquisitions, and launching innovative products with advanced technologies to stay ahead in the highly competitive medical device market.

Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/6393

In conclusion, the global is highly competitive, with a few major players dominating the market. These companies are actively involved in developing new technologies and products, investing in research and development, and engaging in strategic partnerships and collaborations to maintain their market share and drive revenue growth.

Browse More Reports:

Surgical Instruments Market:@ https://www.digitaljournal.com/pr/news/rising-demand-for-minimally-invasive-surgery-boosts-the-surgical-instruments-market

Insulin Pens Market:@ https://www.digitaljournal.com/pr/news/growing-demand-for-convenient-and-user-friendly-insulin-delivery-systems

Health Information Systems Market:@ https://www.digitaljournal.com/pr/news/emerging-technologies-in-health-information-systems-market-opportunities-and-challenges

Migraine Drugs Market:@ https://www.digitaljournal.com/pr/news/growing-importance-of-non-pharmacological-approaches-to-migraine-treatment

Multivitamins Market:@ https://www.digitaljournal.com/pr/news/analysis-of-multivitamins-market-segmentation-by-type-form-distribution-channel-and-region

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market

Contact Us:

John W
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
LinkedIn | Twitter | Blogs
Read the innovative blog at https://www.reportsanddata.com/blogs
Check out our upcoming research report at https://www.reportsanddata.com/upcoming-reports

This release was published on openPR.