Global External Pacemaker Market to Grow with a CAGR of 7.22% During 2021-2028; Market to Grow on Account of Growing Healthcare Expenditure
Kenneth Research published a report titled External Pacemaker Market: Global Demand Analysis & Opportunity Outlook 2028 which delivers detailed overview of the global external pacemaker market in terms of market segmentation by product, device, distribution channel, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global external pacemaker market is anticipated to grow with a CAGR of 7.22% during the forecast period, i.e., 2021 – 2028. The market is segmented by device into single chamber, dual chamber, and triple chamber, out of which, the dual chamber segment is anticipated to garner the largest revenue of USD 1099.92 Million by the end of 2028. Moreover, in the year 2018, the segment generated a revenue of USD 529.84 Million.
The global external pacemaker market is estimated to garner a revenue of USD 1809.94 Million by the end of 2028, up from a revenue of USD 899.15 Million in the year 2018. Increasing developments of advanced life-saving medical equipment, along with the growing research and developments in the field of medical science, backed by the growing healthcare expenditure are some of the major factors anticipated to drive the growth of the market in the coming years.
Geographically, the global external pacemaker market is segmented into six major regions including North America, Europe (excluding Western Europe), Western Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in North America is anticipated to garner the largest revenue of USD 708.78 Million by the end of 2028. Moreover, in the year 2018, the market in the region generated a revenue of USD 346.22 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Incidences of Cardiovascular Diseases to Promote Market Growth
In the year 2019, close to 17.9 Million people died from cardiovascular diseases (CVDs), according to the statistics by the World Health Organization (WHO). Additionally, out of the 17 Million premature deaths due to noncommunicable diseases in the same year, 38% of the deaths were caused by cardiovascular diseases.
Backed by the rising prevalence of cardiovascular diseases, there is a growing need for external pacemakers, which are use to treat CVDs. Few years ago, the pacemakers that were used for the treatment of CVDs were large in size and also were bulky as compared to the pacemakers that are available in the market today. With the advent in technology, modern pacemakers are easy to manage and also have longer lifespan. Such factors are anticipated to drive the growth of the market in the coming years.
However, the high cost of the product and the numerous instances of failure in the functioning of the product are expected to operate as key restraint to the growth of global external pacemaker market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global external pacemaker market which includes company profiling of Biotronik SE & Co. KG, Medtronic PLC, Osypka Medical GmbH, Braile Biomedica, Boston Scientific Corporation, OSCOR Inc., Galix Biomedical Instrumentation, Shree Pacetronix Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global external pacemaker market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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