ASEAN: Pacemaker Market 2024

Pacemaker Market Size in ASEAN

In 2021, after three years of decline, there was significant growth in the ASEAN pacemaker market, when its value increased by 16% to $X. In general, consumption continues to indicate a buoyant increase. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Pacemaker Production in ASEAN

In value terms, pacemaker production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production posted a strong increase. The pace of growth was the most pronounced in 2015 when the production volume increased by 52% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Pacemaker Exports

Exports in ASEAN

In 2021, the amount of pacemakers for stimulating heart muscles (excl. parts and accessories) exported in ASEAN was estimated at X units, approximately equating 2020 figures. In general, exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2014 when exports increased by 75%. The volume of export peaked at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, pacemaker exports reduced remarkably to $X in 2021. Overall, exports saw prominent growth. The most prominent rate of growth was recorded in 2014 when exports increased by 77%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Malaysia (X units) represented the major exporter of pacemakers for stimulating heart muscles (excl. parts and accessories), committing 79% of total exports. It was distantly followed by Singapore (X units), comprising a 21% share of total exports.

Exports from Malaysia increased at an average annual rate of +12.5% from 2012 to 2021. At the same time, Singapore (+16.3%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +16.3% from 2012-2021. From 2012 to 2021, the share of Singapore increased by +4.5 percentage points.

In value terms, Malaysia ($X) remains the largest pacemaker supplier in ASEAN, comprising 67% of total exports. The second position in the ranking was held by Singapore ($X), with a 33% share of total exports.

In Malaysia, pacemaker exports increased at an average annual rate of +6.9% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per unit, declining by -20.3% against the previous year. Overall, the export price saw a noticeable descent. The pace of growth was the most pronounced in 2016 an increase of 39%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Malaysia totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-4.5%).

Pacemaker Imports

Imports in ASEAN

In 2021, overseas purchases of pacemakers for stimulating heart muscles (excl. parts and accessories) increased by 20% to X units, rising for the third consecutive year after two years of decline. Total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +40.8% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 87%. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, pacemaker imports surged to $X in 2021. Total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +62.0% against 2017 indices. The pace of growth was the most pronounced in 2013 with an increase of 75% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, Singapore (X units) represented the main importer of pacemakers for stimulating heart muscles (excl. parts and accessories), making up 56% of total imports. It was distantly followed by Thailand (X units), Malaysia (X units), Vietnam (X units) and the Philippines (X units), together comprising a 39% share of total imports. Indonesia (X units) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to pacemaker imports into Singapore stood at +8.0%. At the same time, the Philippines (+28.3%), Indonesia (+28.0%), Thailand (+9.1%), Malaysia (+5.8%) and Vietnam (+3.6%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +28.3% from 2012-2021. The Philippines (+4.3 p.p.), Indonesia (+2.7 p.p.) and Thailand (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia and Vietnam saw its share reduced by -1.5% and -3.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported pacemakers for stimulating heart muscles (excl. parts and accessories) in ASEAN, comprising 58% of total imports. The second position in the ranking was taken by Thailand ($X), with a 19% share of total imports. It was followed by Malaysia, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Singapore amounted to +6.7%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+8.9% per year) and Malaysia (+15.7% per year).

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, flattening at the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 11%. As a result, import price reached the peak level of $X per unit. From 2015 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Malaysia ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+9.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform