Pacemakers Devices Market Size was valued at USD 4.5 Billion in 2022. The pacemakers devices market industry is projected to grow from USD 4.61 Billion in 2023 to USD 5.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.40% during the forecast period (2024 - 2032). The healthcare business is receiving more funding from the public and commercial sectors, and a growing need for minimally invasive procedures are the key market drivers boosting the expansion of the market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for pacemaker’s devices is being driven by an increase in cardiovascular diseases. A pacemaker is a medical device that stimulates the heart's lower chambers or maintains a proper heart rate by sending tiny impulses to the heart muscles. Hypertrophic cardiomyopathy, congestive heart failure, and syncope are treated with it. A minimally invasive surgical method known as epicardial or endocardial is used to implant the pacemaker. During this surgery, the patient's chest is cut open, and the pacemaker and leads are placed.
Additionally, a major contributing factor is the rising incidence of cardiovascular disorders in the elderly population, including bradycardia, heart block, and arrhythmias. By controlling these conditions, pacemakers play a crucial role in the expansion of the market. The market is growing due to continuous technological advancements in pacemaker devices, such as leadless pacemakers, smaller size, longer battery life, remote monitoring, and more sophisticated programming choices. These advancements also increase patient comfort, safety, and effectiveness. The need for pacemaker devices is expected to rise as the world's population ages and cardiac diseases and heart rhythm problems become more common. Pacemaker implantation may be necessary for heart diseases that older people are more susceptible to.
Patients' and medical professionals' increasing awareness of the benefits of early detection and treatment of cardiac arrhythmias is driving the demand for pacemaker devices. Growth in the market is fueled by improved access to sophisticated medical equipment, such as pacemakers, which is made possible by improvements in the healthcare infrastructure, particularly in emerging economies. The introduction of novel pacemaker technologies, which promote market expansion and increase treatment options, is facilitated by ongoing clinical research and development operations in the fields of cardiology and electrophysiology.
For instance, as per the April 2021 study of Drugs & Diseases, the permanent pacemaker implantation technique is regarded as a minimally invasive treatment. The need for less invasive surgical procedures and the rising use of cardiac surgical techniques, such as endocardial or epicardial for pacemaker implantation, are driving the growth of the market. Thus, result in driving the pacemakers devices market revenue.
The pacemakers devices market segmentation, based on Implantability includes Implantable Pacemaker, and External pacemaker. The implantable pacemaker segment dominated the market. One key driver of the market's expansion is the increasing need for these devices in the treatment of heart failure and arrhythmias, as well as the continuing clinical trials.
The pacemakers devices market segmentation, based on Technology, includes Single Chamber, Dual Chamber, and CRT- P/Biventricular Pacemaker. The CRT- P/biventricular pacemaker category generated the most income. Less post-operative problems and the use of multiple leads to ensure proper heart physiology have led to an increase in the segment.
Figure1: Pacemakers Devices Market, by Technology, 2023&2032(USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The pacemakers devices market segmentation, based on type includes Conventional, and MRI Compatible. The conventional segment dominated the market. This growth can be attributed to constant improvements, low prices, compact size, and extended shelf life. The market is divided into MRI-compatible and conventional pacemakers based on type.
The pacemakers devices market segmentation, based on End User, includes Hospitals and Cardiac Centers, and Ambulatory Surgical Center. The hospitals and cardiac centers category generated the most income. Patients who are hospitalized to hospitals or cardiac clinics receive excellent care during their stay. These facilities also provide compensation for procedures, which fuels the segment's expansion.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American pacemakers devices market area will dominate this market. This increase is due to a number of factors, including an aging population with heart issues, the existence of influential individuals, the rapid advancement of technology, including the development of Bluetooth-enabled and MRI-compatible pacemakers, and improved regulatory clearances.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: PACEMAKERS DEVICES MARKET SHARE BY REGION 2023 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe pacemakers devices market has the second-largest portion of the market. This is due to the increased occurrence of heart-related conditions. Further, the German pacemakers devices market had the biggest market share, and the UK pacemakers devices market was the European market with the quickest rate of growth.
The Asia-Pacific Pacemakers devices Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is due to the major companies' market dominance and the enormous unrealized potential that are fueling the expansion. Moreover, China’s pacemakers devices market had the biggest market share, and the Indian pacemakers devices market was the Asia-Pacific region's fastest-growing market.
Pacemakers Devices Key Market Players& Competitive Insights
Leading market players are putting a lot of money in R&D to expand their product lines, which will help the pacemaker device market, expand even more. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, pacemakers devices industry must provide reasonably priced goods.
Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the pacemakers devices industry to help customers and expand the market segment. In recent years, the pacemakers devices industry has provided some of the biggest benefits to medicine. Major players in the pacemakers devices market, including Medtronic (Ireland), Abbott (US), and Boston Scientific (US), BIOTRONIK (Germany), LivaNova (UK), OSCOR (US), Pacetronix (India), MEDICO (Italy), and others, are engaging in research and development activities in an effort to boost market demand.
Abbott Laboratories is a worldwide medical equipment and healthcare firm. In addition to selling medical equipment, diagnostics, branded generic medications, and nutritional goods, the company was established in 1888 by Chicago physician Wallace Calvin Abbott to develop well-known drugs. In 2013, it divided into AbbVie and separated its research-based pharmaceutical division. In January 2022, Abbott unveiled Lingo, a set of consumer biowearable sensors that gathers biological data to enhance diet and exercise plans.
Boston Scientific was established in Watertown, Massachusetts, forty-four years ago, as a holding company for Medi-Tech, Inc., a medical goods company, with the goal of positioning the latter for expansion into the field of interventional medicine. Itzhak Bentov, a Czech who immigrated to Israel and later the United States, was the driving force behind Medi-Tech. He performed at the Arthur D. Little think tank in the Massachusetts city of Cambridge, and from his rented home in Belmont, Massachusetts, he ran a contract research company that he founded in 1965 with business partner Dan Singer. In September 2023, Relievant Medsystems, Inc. was purchased by Boston Scientific for a $850 million cash payment up front, plus three years' worth of undisclosed contingent payments based on sales performance.
Key Companies in the Pacemakers Devices Market Include
Pacemakers Devices Industry Developments
May 2023: Medtronic plc's industry-leading tiny leadless pacemakers, the Micra AV2 and VR2, have received FDA approval in the United States. The corporation may be able to increase sales and expand their product line thanks to this product approval.
January 2021: Preventice Solutions, a creator of remote cardiac monitoring, will be acquired by Boston Scientific Corporation, it was reported.
January 2019:Microport Scientific Corporation's next-generation pacemaker products was announced by Microport CRM, a business subsidiary. With the support of this project, the business has increased its market share and revenue in the European market.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 4.5 Billion |
| Market Size 2023 | USD 4.6 Billion |
| Market Size2032 | USD 5.6 Billion |
| Compound Annual Growth Rate (CAGR) | 2.40% (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, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | Medtronic (Ireland), Abbott (US), and Boston Scientific (US), BIOTRONIK (Germany), LivaNova (UK), OSCOR (US), Pacetronix (India), MEDICO (Italy), Osypka Medical (Germany), and Lepu Medical (China) |
| Key Market Opportunities | · An increase in cardiovascular disease prevalence |
| Key Market Dynamics | · Government regulations that are advantageous to the development of improved pacemakers |
Frequently Asked Questions (FAQ) :
In 2022, the market for pacemakers worldwide was estimated to be worth USD 4.5 billion.
From 2023 to 2032, It is anticipated that the market will grow at a 4.5% compound annual growth rate (CAGR).
North America held the most market share worldwide.
The leading companies in the market are Boston Scientific (US), Medtronic (Ireland), Abbott (US), BIOTRONIK (Germany), LivaNova (UK), OSCOR (US), and Pacetronix (India).
In 2022, the market was led by the Conventional category.
In the market, hospitals and cardiac centers held the biggest share.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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