Global Pacemaker Market Overview
Pacemaker Market Size was valued at USD 3.63 Billion in 2023. The Pacemaker market industry is projected to grow from USD 3.76 Billion in 2024 to USD 4.81 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.12% during the forecast period (2024 - 2032).Rising healthcare costs for cardiovascular diseases and an increase in cardiovascular cases are the key market drivers accelerating market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
In August, 2022, a pacemaker developed by Cornell University was tested in a mini-donkey that was heavily affected by heart disease. It is used to detect how effective it is in managing cardiac conditions that are fatal. Veterinarians did EEG/echocardiography and put an ECG on the donkey to monitor its heartbeat. That had highly positive results, and in approximately one or two months, the donkey’s condition gradually improved. The New pacemaker by Glenn Cao will be approved by the FDA next month and will be ready for release in the market.
Micra AV was introduced by India Medtronic Private Limited in June 2021 as a miniature, entirely autonomous pacemaker, providing sophisticated pacing technology to atrioventricular (AV) block patients using a less-invasive technique. This device was capable of detecting atrial activity without any other lead or apparatus placed in the upper chamber of the heart before.
For instance, Abbott Laboratories received approval from the US Food and Drug Administration for a Gallant line consisting of implantable cardioverter-defibrillator (ICD) resynchronization therapy defibrillator with Bluetooth technology respectively in July 2020. The segment gets a boost due to advanced features like remote data tracking devices, secure magnetic resonance imaging (MRI) devices and data recording capabilities, among others found within pacemakers.
Pacemaker Market Trends
- Growing cardiovascular cases is driving the market growth
Market CAGR for pacemaker is being driven by the rising cardiovascular cases. A pacemaker is defined as a medical device that delivers minute driving forces to the heart's muscles in order to maintain a normal heartbeat or to activate the lower chambers of the heart. Syncope, congestive cardiovascular failure, and hypertrophic cardiomyopathy are all conditions that it is used to treat. The prevalence of cardiovascular disorders, the adoption of minimally invasive techniques, and the increase in financing from corporate and governmental organizations for the medical services industry are all major factors influencing the growth of the pacemaker market.
Additionally, the adoption rate of pacemakers is projected to increase further as a result of technological developments in implantable pacemakers, such as the creation of leadless pacemakers, MRI-compatible devices, and cardiac pacing systems with wireless communication equipment and remote monitoring. Patients can employ MRI-conditional models to enhance MR imaging therapies without damaging the system or changing its settings. Over the last few decades, pacemaker technology has undergone a number of advancements. The most influential technologies in patient care include longer battery life, technology that helps reduce the need for pacing to conserve battery power, and wireless remote monitoring systems that track device data and patient health. These technologies are anticipated to encourage the use of modern technology, which is anticipated to accelerate the growth rate over the course of the forecast period. The public's low knowledge of cardiovascular illnesses in developing and undeveloped nations, the high costs of therapy, and an increase in product recalls due to device malfunction are projected to constrain the growth of the worldwide pacemaker market throughout the forecast period. Further impeding the market's expansion are post-operative complications related to pacemaker surgery, such as an infection close to the heart where the device is implanted.
For instance, the prevalence of atria and ventricular arrhythmias increases with age without a sign of coronary heart disease, and it has been observed that 50% of patients pass away during the first occurrence of cardiac disease. According to the Centre for Disease Control and Prevention (CDC), there are more than 600,000 sudden cardiac deaths annually. Pacemakers enable patients with arrhythmias to lead active and healthy lives. Thus, result in driving the Pacemaker market revenue.
Pacemaker Market Segment Insights
Pacemaker Implantability Insights
The Pacemaker market segmentation, based on Implantability includes Implantable Pacemakers, and External Pacemaker. The implantable pacemakers category dominated the market in the year 2022. Biventricular pacemakers, dual-chamber pacemakers, and single chamber pacemakers are further categories for implantable pacemakers. The growing need for these devices to treat heart failure and arrhythmias, together with ongoing clinical trials, are two major factors propelling market growth.
Pacemaker Technology Insights
The Pacemaker market segmentation, based on Technology, includes Dual-Chamber Pacemakers, Single-Chamber Pacemakers, and Biventricular/CRT Pacemakers. The biventricular/CRT pacemakerscategory generated the most income in the year 2022. The segment has increased as a result of fewer post-operative complications and the use of numerous leads to guarantee adequate heart physiology.
Pacemaker Type Insights
The Pacemaker market segmentation, based on Type, includes MRI Compatible Pacemakers, and Conventional Pacemakers. The MRI compatible pacemakers category generated the most income in 2022. The high percentage is due to an increase in MRI-based diagnosis; patients who already have implantable pacemakers will require MRI throughout their lives. As a result, the sector is expanding rapidly.
Pacemaker End User Insights
The Pacemaker market segmentation, based on End User, includes Hospitals & Cardiac Centers, and Ambulatory Surgical Centers. The hospitals & cardiac centers category generated the most income in the year 2022. Hospitals and cardiac centres offer the greatest care while a patient is admitted. These facilities also provide reimbursements for procedures, which is what is fueling the segment's expansion. According to the American Heart Association, by 2030, there would be roughly 23.6 million more hospital admissions for cardiac arrest.
Figure1: Pacemaker Market, by End User, 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Pacemaker Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Pacemaker market area will dominate this market. The growing older population with cardiac issues, the existence of important players, the quickening development of technology, such as Bluetooth-enabled pacemakers and MRI-compatible pacemakers, and the improvement of regulatory approvals are all contributing factors to this rise.
Further, the major countries studied in the market report are The US, Germany, Canada, France, the United Kingdom, Italy, Spain, Australia, South Korea, and Brazil.
Figure 2: PACEMAKER MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Pacemaker market accounts for the second-largest market share due to an increase in the prevalence of heart conditions including arrhythmia, technological developments in diagnostic tools, and a growth in the desire for pacemaker insertion that requires just a limited amount of invasive surgery in the area. Further, the German Pacemaker market held the largest market share, and the UK Pacemaker market was the European region's fastest-growing market.
The Asia-Pacific Pacemaker Market is anticipated to see the fastest CAGR between 2024 and 2032. Due to the leading players' market penetration and the vast unexplored prospects that are fueling the expansion, the industry in the region is expanding. Building robust healthcare infrastructure for cardiovascular detection and treatment is a growing priority for these nations. In the upcoming years, these elements are projected to fuel market expansion. Moreover, China’s Pacemaker market held the largest market share, and the Indian Pacemaker market was the fastest growing market in the Asia-Pacific region.
Pacemaker Key Market Players& Competitive Insights
Leading market players are spending a lot of money on research and development in order to expand their product lines, which will help the Pacemaker market, grow even more. Additionally, market participants are engaging in a range of strategic initiatives to increase their worldwide reach, with important market developments such as the introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other organizations. To grow and endure in an increasingly competitive and challenging market environment, Pacemaker industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to produce locally to reduce operational expenses in the Pacemaker industry to benefit clients and increase the market sector. In recent years, the Pacemaker industry has provided some of the most important benefits to medicine. Major players in the Pacemaker market, including Medtronic (Dublin Ireland), Abbott Laboratories (US), Boston Scientific (US), Biotronik (Germany), Livanova (UK), Lepu Medical (China), Shree Pacetronix (India), and others, are investing in research and development operations in an effort to improve market deamand.
Boston Scientific Corporation ("BSC"), founded in Delaware, is a biomedical/biotechnology engineering company and a a producer of medical equipment for interventional specialties, such as interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology, and gynaecology. The Taxus Stent, a drug-eluting stent used to unblock blocked arteries, was created by Boston Scientific, which has earned it widespread recognition. In 2019, To broaden its selection of interventional pain therapies, the business declared it will buy Vertiflex, Inc. Vertiflex developed its main therapy for lumbar spinal stenosis.
Biotronik (BIOTRONIK SE & Co. KG; Biotronik Worldwide) is a limited partnership that conducts international cardiovascular biomedical research and technology. In the areas of vascular intervention, electrophysiology, and cardiac rhythm management, the business provides equipment for diagnostic, treatment, and therapy support. Biotronik Home Monitoring uses tele-monitoring technology to give clinicians the most recent data for implant patients in the area of cardiac rhythm management. The company manufactures all essential parts of its products on-site. Research and development (R&D) is the primary job for one in five employees at its Berlin headquarters. In 2020, At the Large Multi-Center Study, the home checking framework by BIOTRONIK provided pacemaker patients with an economical and secure method of remote administration.
Key Companies in the Pacemaker market include
Pacemaker Industry Developments
July 2020:Abbott's Bluetooth-enabled pacemaker received FDA approval. The Bluetooth device connects to a person's smartphone and tracks patients with risky heart rhythms.
December 2020:Microport Cardio Rhythm Management (CRM) issued an announcement as the business made its maiden debut in the Astral-4LV to gauge the safety and effectiveness of Axone. Patients who require CRT pacemaker implantation (CRT-P) because of heart failure utilise the device.
June 2021:Medtronic launched the Micra AV, a standalone, smaller pacemaker that delivers advanced pacing technology for people with atrioventricular (AV) block using a minimally intrusive manner.
Pacemaker Market Segmentation
Pacemaker Implantability Outlook
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Implantable Pacemakers
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External Pacemaker
Pacemaker Technology Outlook
Pacemaker Type Outlook
Pacemaker End User Outlook
Pacemaker Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 3.63 Billion |
| Market Size 2024 |
USD 3.76 Billion |
| Market Size 2032 |
USD 4.81 Billion |
| Compound Annual Growth Rate (CAGR) |
3.12% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Implantability, Technology, Type, End User, and Region |
| Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered |
The US, Germany, Canada, France, the United Kingdom, Italy, Spain, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Medtronic (Dublin Ireland), Abbott Laboratories (US), Boston Scientific (US), Biotronik (Germany), Livanova (UK), Lepu Medical (China), Shree Pacetronix (India) |
| Key Market Opportunities |
Increasing costs of treating cardiovascular diseases |
| Key Market Dynamics |
Implantable pacemaker technology developments, such as the creation of leadless pacemakers |
Pacemaker Market Highlights:
Frequently Asked Questions (FAQ) :
The size of the worldwide pacemaker market was 3.63 billion USD, projected for 2023.
It is expected that the market will grow throughout 2023 and 2032, at a CAGR of 3.12%.
The biggest percentage of the worldwide market was held by North America.
The main participants in the sector include Medtronic (Dublin Ireland), Abbott Laboratories (US), Boston Scientific (US), Biotronik (Germany), Livanova (UK), Lepu Medical (China), Shree Pacetronix (India).
The Implantable Pacemakers category dominated the market in 2022.
The Biventricular/CRT Pacemakers had the largest share in the market.
