Pacemakers Market Size, Share, Growth Analysis, By Product(Implantable pacemakers, and External pacemakers), By Type(MRI Compatible Pacemakers, and Conventional Pacemakers), By Application(Arrhythmias, Congestive Heart Failure, and Others), By End-use(Hospitals & Cardiac Centers, Ambulatory Surgical Centers, and Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2628 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 115 |Figures: 77

Pacemakers Market Insights

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.

Market Snapshot - 2024-2031

Global Market Size

USD 4.35 Billion

Largest Segment

MRI Compatible Pacemakers

Fastest Growth

MRI Compatible Pacemakers

Growth Rate

3.6% CAGR

Global Pacemakers Market ($ Bn)
Country Share for North America Region (%)

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Pacemakers Market Segmental Analysis

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.

Global Pacemakers Market By Type

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Pacemakers Market Regional Insights

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.

Global Pacemakers Market By Geography
  • Largest
  • Fastest

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Pacemakers Market Dynamics

Pacemakers Market Drivers

Growing Aging Population

  • With the global population aging, there is a higher incidence of age-related cardiovascular diseases. Older individuals are more prone to heart rhythm abnormalities, leading to an increased demand for pacemakers.

Pacemakers Market Restraints

High Cost of Pacemakers

  • Pacemakers can be expensive, including the device cost, surgical procedure, and follow-up care. The high cost can limit their affordability, particularly in developing regions, and hinder market growth.

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Pacemakers Market Competitive Landscape

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

  • Medtronic
  • Abbott Laboratories
  • Boston Scientific Corporation
  • Biotronik SE & Co. KG
  • LivaNova PLC
  • MicroPort Scientific Corporation
  • Osypka Medical GmbH
  • Shree Pacetronix Ltd.
  • Cook Medical Inc.
  • Integer Holdings Corporation
  • Edwards Lifesciences Corporation
  • ZOLL Medical Corporation
  • Vitatron Holding B.V.
  • Lepu Medical Technology (Beijing) Co., Ltd.
  • Pacetronix Limited
  • NIHON KOHDEN CORPORATION
  • Oscor Inc.
  • Pacetech Corp.
  • Beijing Carejoy Technology Co., Ltd.
  • Sorin Group

Pacemakers Market Recent Developments

  • In June 2021, Micra AV, a miniature, completely self-contained pacemaker that uses a minimally invasive method to provide patients with atrioventricular (AV) block with sophisticated pacing technology, was introduced by India Medtronic Private Limited. The apparatus is the first pacemaker to be able to detect atrial activity without a lead or other device in the heart's upper chamber.
  • In January 2021, The development company Preventive Solutions, which specializes in remote cardiac monitoring, will be acquired by Boston Scientific Corporation.

Pacemakers Key Market Trends

  • Technological Advancements: The pacemakers market is witnessing continuous technological advancements. Manufacturers are focusing on developing pacemakers with advanced features like remote monitoring, wireless connectivity, MRI compatibility, and longer battery life. These technological advancements enhance patient convenience, improve device performance, and drive market growth.
  • Miniaturization and Implantable Devices: There is a growing trend towards smaller-sized pacemakers that can be implanted through minimally invasive procedures. Miniaturized pacemakers eliminate the need for leads and can be directly implanted into the heart, reducing the risk of complications associated with lead placement. The shift towards implantable devices enhances patient comfort and encourages market growth.
  • Remote Monitoring and Telemedicine: Remote monitoring of pacemakers has gained significant traction in recent years. Pacemakers equipped with wireless connectivity enable healthcare professionals to remotely monitor patient data and detect any abnormalities in real-time. This trend enhances patient care, reduces hospital visits, and improves overall management of cardiac conditions.
  • Growing Preference for MRI-Compatible Pacemakers: MRI scans are often required for the diagnosis of various medical conditions. However, traditional pacemakers were not compatible with MRI machines due to potential risks and device malfunctions. The demand for MRI-compatible pacemakers is increasing as they allow patients to undergo MRI scans without the need for device removal or reimplantation.
  • Rising Demand for Leadless Pacemakers: Leadless pacemakers are an emerging trend in the market. These devices are small in size, self-contained, and directly implanted into the heart without leads. Leadless pacemakers offer advantages such as reduced infection risk, simplified implantation procedures, and improved patient comfort. The demand for leadless pacemakers is expected to grow in the coming years.

Pacemakers Market SkyQuest Analysis

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
  • Product
    • Implantable pacemakers, and External pacemakers
  • Type
    • MRI Compatible Pacemakers, and Conventional Pacemakers
  • Application
    • Arrhythmias, Congestive Heart Failure, and Others
  • End-use
    • Hospitals & Cardiac Centers, Ambulatory Surgical Centers, and Others
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
  • Medtronic
  • Abbott Laboratories
  • Boston Scientific Corporation
  • Biotronik SE & Co. KG
  • LivaNova PLC
  • MicroPort Scientific Corporation
  • Osypka Medical GmbH
  • Shree Pacetronix Ltd.
  • Cook Medical Inc.
  • Integer Holdings Corporation
  • Edwards Lifesciences Corporation
  • ZOLL Medical Corporation
  • Vitatron Holding B.V.
  • Lepu Medical Technology (Beijing) Co., Ltd.
  • Pacetronix Limited
  • NIHON KOHDEN CORPORATION
  • Oscor Inc.
  • Pacetech Corp.
  • Beijing Carejoy Technology Co., Ltd.
  • Sorin Group
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Pacemakers Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Pacemakers Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Pacemakers Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Pacemakers Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

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)

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. 'Medtronic', 'Abbott Laboratories', 'Boston Scientific Corporation', 'Biotronik SE & Co. KG', 'LivaNova PLC', 'MicroPort Scientific Corporation', 'Osypka Medical GmbH', 'Shree Pacetronix Ltd.', 'Cook Medical Inc.', 'Integer Holdings Corporation', 'Edwards Lifesciences Corporation', 'ZOLL Medical Corporation', 'Vitatron Holding B.V.', 'Lepu Medical Technology (Beijing) Co., Ltd.', 'Pacetronix Limited', 'NIHON KOHDEN CORPORATION', 'Oscor Inc.', 'Pacetech Corp.', 'Beijing Carejoy Technology Co., Ltd.', 'Sorin Group'

With the global population aging, there is a higher incidence of age-related cardiovascular diseases. Older individuals are more prone to heart rhythm abnormalities, leading to an increased demand for pacemakers.

Technological Advancements: The pacemakers market is witnessing continuous technological advancements. Manufacturers are focusing on developing pacemakers with advanced features like remote monitoring, wireless connectivity, MRI compatibility, and longer battery life. These technological advancements enhance patient convenience, improve device performance, and drive market growth.

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.

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