USD 4.35 Billion
Report ID:
SQMIG35A2628 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
115
|Figures:
77
Pacemakers Market size was valued at USD 4.51 Billion in 2022 and is poised to grow from USD 4.67 Billion in 2023 to USD 6.20 Billion by 2031, at a CAGR of 3.6% during the forecast period (2024-2031)
The market is growing primarily due to rising CVD occurrences, rising cardiac disease management costs, supportive government policies, & the introduction of technologically sophisticated pacemakers including leadless pacemakers and MRI safe pacemakers. The prevalence of cardiovascular disease, that is increasing, is one of the key factors driving the market's expansion. One of the primary causes of CVD mortality worldwide is coronary heart disease. By 2030, it is estimated that these diseases will cost more than USD 1,044 billion, underscoring the critical need for cardiac pacing devices.
Cardiovascular disease patients had been adversely impacted by the new coronavirus. The healthcare and medical equipment industries have been greatly impacted financially by the COVID-19 outbreak. The COVID-19 virus has so far afflicted 185 nations and more than 30,00,000 patients worldwide, according to the American Heart Association's Circulation Journal, 2020. There is a high frequency of CVD among COVID-19 patients. The main reason fueling the growth of the pacemaker market is the rising need to enhance patient outcomes for various pacemaker implantations with enhanced and minimally invasive techniques. Additionally, favorable reimbursement processes like the NHS in the U.K. and Medicare in the U.S. are important drivers of the market.
Additionally, there are currently fresh products available from medical device firms like Boston Scientific Corporation & Medtronic that are covered by reimbursement plans, which is advantageous to patients. A growing number of businesses are concentrating on creating advanced pacemakers that can deliver individualized care. These developments enhance accuracy, provide additional possibilities to increase productivity, and support mistake reduction. For instance, the BIOTRONIK home monitoring system offered pacemaker patients a secure and cost-effective remote management solution at the Large Multi-Center Study in 2020.This is a big step for routine remote follow-ups in the COVID-19 situation.
US Pacemakers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.35 Billion
Largest Segment
MRI Compatible Pacemakers
Fastest Growth
MRI Compatible Pacemakers
Growth Rate
3.6% CAGR
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Global Pacemakers Market is segmented on the basis of Product, Type, Application, End-use, and region. Based on Product the market is segmented into Implantable pacemakers, and External pacemakers. Based on Type, the market is segmented into MRI Compatible Pacemakers, Conventional Pacemakers. Based on Application the market is segmented into Arrhythmias, Congestive Heart Failure, Others. Based on End-use the market is segmented into Hospitals & Cardiac Centers, Ambulatory Surgical Centers, Others. Based on region the global Pacemakers Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Pacemakers Market Analysis by Product
The market for pacemakers was dominated by the implantable pacemaker segment in 2022, and it is anticipated to expand at the quickest CAGR of around 3% over the next five years. Additional subcategories of implantable pacemakers include biventricular, dual-chamber, and single chamber models. One of the main factors driving market expansion is the rising demand for these devices for the medical management of heart failure and arrhythmias, as well as continuing clinical trials.
The simple structure, shortened user interface, & improved low battery indicator are projected to contribute to the external pacemaker segments expected to show signs of growth during the forecast year. There is a lower chance of postoperative problems because external pacemakers are noninvasive. Patients can track and record their everyday heart functions with the use of these gadgets as well. The fastest devices now available for synchronizing heart rhythm are external pacemakers, which is another factor anticipated to support industry expansion. Market participants that deal with external pacemakers, such as Medtronic, the Pacetronix, & Oscor Inc., are also anticipated to positively affect category growth.
Pacemakers Market Analysis by Type
The market for traditional pacemakers was the most lucrative in 2022. This growth is brought about by continual advancements, affordability, compactness, and a long shelf life. The market is divided into MRI compatible and traditional pacemakers based on type. The market for pacemakers that are compatible with MRIs is anticipated to expand at a rate of roughly 4%. The substantial percentage can be attributed to the growing popularity of MRI-based diagnoses. According to the Mayo Foundation for Medical Training and Research, over 75% of patients who have an implanted pacemaker will require an MRI at some point in their lives. Consequently, the market is expanding rapidly.
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In 2022, North America held a commanding 42.0% revenue share in the pacemaker market and dominated it. This rise is brought on by an aging population with cardiac issues, the presence of important players, quick technology breakthroughs like Bluetooth-enabled pacemakers and MRI-compatible pacemakers, as well as better regulatory clearances. The incidence of cardiovascular diseases, such as congestive heart failure, cardiac arrests, and arrhythmias, is rising quickly in the United States, which is fueling the need for pacemakers in the country. Technical advancements in the healthcare sector and a rise in the number of heart-related procedures are also driving the market in the area.
The Asia Pacific market is anticipated to grow at an annualized growth rate (CAGR) of roughly 4.0% over the forecasted period. The region's market is expanding as a result of the key players' market penetration as well as several untapped opportunities. Investing in the healthcare sector has also grown in popularity, especially in Japan, China, & India. The development of a strong healthcare system for cardiovascular evaluation and therapy is a growing area of focus for these countries. These elements are anticipated to drive market expansion in the following years. Numerous market opportunities are predicted to arise as a result of the expanding populations and economy of developing countries like China and India.
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Pacemakers Market Drivers
Growing Aging Population
Pacemakers Market Restraints
High Cost of Pacemakers
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To increase their market penetration, key corporations conducted a variety of strategic efforts, including product launches, acquisitions and mergers, partnerships, and collaborations. For instance, in 2021, Medtronic introduced the Micra AV, a self-contained, miniature pacemaker that uses a minimally invasive technique to deliver improved pacing technology to patients with atrioventricular (AV) block.
Pacemakers Market Top Player’s Company Profiles
Pacemakers Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global pacemakers market analysis, rising CVD occurrences, rising cardiac disease management costs, supportive government policies, & the introduction of technologically sophisticated pacemakers including leadless pacemakers and MRI safe pacemakers are the key growth drivers. One of the major drivers of the market's expansion is the burden of cardiovascular disease, which is on the rise. One of the main causes of CVD fatalities worldwide is coronary heart disease. However, Asia Pacific is projected to emerge as the fastest growing region during the forecast period due to the region's market expanding as a result of the key players' market penetration as well as several untapped opportunities. Investing in the healthcare sector has also grown in popularity, especially in Japan, China, & India. The development of a strong healthcare system for cardiovascular evaluation and therapy is a growing area of focus for these countries.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 4.51 Billion |
Market size value in 2031 | USD 6.20 Billion |
Growth Rate | 3.6% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Pacemakers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Pacemakers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Report ID: SQMIG35A2628