Global Cardiac Pacemaker Market, by Product Type (Single-chamber Pacemaker, Dual-chamber Pacemaker, and Biventricular Pacemaker), by Implantability (Implantable Pacemakers and External Pacemakers), by Distribution Channel (Hospitals, Cardiac Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 4,547.8 Mn in 2022 and is expected to exhibit a CAGR of 3.3% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing product approvals by government organization or regulatory authorities is expected to drive the global cardiac pacemaker market over the forecast period. For instance, on December 21, 2020, Medtronic Canada ULC, a subsidiary of Medtronic plc, a medical device company announced that the Micra AV, the smallest pacemaker with atriventricular (AV) synchrony received a Health Canada license. Micra AV is used to treat AV block, which is a condition, in which the electrical link between the heart's chambers (atria and the ventricle) is disrupted. This license approval will allow company in growing the number of Canadian patients who are eligible for the procedure of implanting cardiac pacemaker.
Global Cardiac Pacemaker Market– Impact of Coronavirus (COVID-19) Pandemic
The most recent epidemic is the coronavirus (COVID-19) pandemic, which was initially detected on December 31, 2019, in Wuhan, China. COVID-19 was declared a pandemic by the World Health Organization on March 11, 2020. According to the World Health Organization's Coronavirus Illness (COVID-19) Epidemiological Update, coronavirus disease (COVID-19) caused approximately 500 million cases and 6,190,349 fatalities globally, till April 13, 2022.
Furthermore, the COVID-19 pandemic is expected to have negative impact on the global cardiac pacemaker market growth, owing to reduced number of cardiac surgeries during COVID pandemic. For instance, on January 30, 2021, an article published in the society of thoracic surgeons stated that there was a 53% decrease nationwide in all adult cardiac surgery volume as compared to 2019 and 65% fewer elective cases in the U.S. COVID also impacted non-elective cases, resulting in a 40% decrease.
Browse 40 Market Data Tables and 48 Figures spread through 197 Pages and in-depth TOC on “Global Cardiac Pacemaker Market”- Global Forecast to 2030, Global Cardiac Pacemaker Market, by Product Type (Single-chamber Pacemaker, Dual-chamber Pacemaker, and Biventricular Pacemaker), by Implantability (Implantable Pacemakers and External Pacemakers), by Distribution Channel (Hospitals, Cardiac Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights related to cardiac pacemaker market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cardiac-pacemaker-market-1765
Moreover, increasing technological advancements in cardiac pacemaker by market players is expected to drive the global cardiac pacemaker market over the forecast period. For instance, on January 15, 2019, Medtronic plc, a medical device company announced the launch of its MyCareLink Heart mobile app to support the portfolio of pacemakers that can communicate directly with patients' smartphones and tablets. It includes Azure pacemaker with Blue Sync technology, which can communicate directly with patients' smartphones and tablets to send device data to the Medtronic CareLink network via smart technology for monitoring or other remote hardware monitoring.
Key Takeaways of the Global Cardiac Pacemaker Market:
- Global cardiac pacemaker Market is expected to exhibit a CAGR of 3.3% during the forecast period owing to increasing research and development for cardiac pacemaker and this is expected to drive growth of the global cardiac pacemaker market during the forecast period. For instance, on February 18, 2022, an article published by the University of Auckland stated about the research conducted at university for cardiac pacemaker, where they developed a revolutionary pacemaker that re-establishes the heart’s naturally irregular beat and it is set to be trialed in New Zealand heart patients in year 2022, following successful results from animal trials.
- Major players operating in the global cardiac pacemaker Market include Medtronic, Boston Scientific Corporation, Abbott, BIOTRONIK SE & Co. KG, Pacetronix, Lepu Medical Technology (Beijing)Co., Ltd. , LIVANOVA PLC, MEDICO S.R.L., OSCOR Inc., MicroPort Scientific Corporation, OSYPKA MEDICAL, and Vitatron Holding B.V.
