Pacemakers Industry Overview
The global Pacemakers Marketsize is anticipated to reach USD 5.94 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 3.4% from 2022 to 2030. This growth is owing to various factors such as technological advancements and the increasing prevalence of cardiovascular devices. Furthermore, the growing sedentary lifestyle coupled with the rising geriatric population is also anticipated to fuel the market growth during the projected period. During the COVID-19 pandemic, the market experienced a decline in revenues. This is owing to the postponement and cancellation of surgeries. According to the National Center for Biotechnology Information (NCBI), there was around a 73% reduction in de-novo pacemaker implantation during the initial months of the pandemic, which heavily impacted the market.
The increasing prevalence of cardiovascular diseases is a key growth driver for the market. As per the CDC in 2017, CVDs account for about 800,000 deaths in the U.S alone. Moreover, coronary heart disease accounts for the highest number of deaths, followed by stroke and heart failure. As per the British Heart Foundation Centre in 2018, nearly 7.4 million individuals are living with circulatory and heart diseases in the U.K. More than 43,000 individuals under 75 years of age die due to cardiac diseases every year in the U.K. To curb the rising prevalence of CVDs is government bodies and key market players are channelizing revenues to offer a potential treatment. This is anticipated by the influx of advanced products in this market space.
As per the CDC, 2020, more than 15% of U.S. adults are physically inactive that shows the prevalence of adult physical inactivity. Technological developments are quickly renovating the pacemaker market. Key players are focusing on expanding their current portfolio as in January 2020, BIOTRONIK launched an injectable cardiac monitor, BIOMONITOR III in Japan. It is intended to measure irregular heart rhythms with increased clarity. The injectable cardiac monitor also documents the unexplained syncope. Moreover, in November 2021, Abbott revealed the latest data for its Aveir leadless pacemaker for the treatment of patients with abnormal heart rhythms. The data demonstrated that the product if approved would provide various benefits during the treatment of slow heart rhythms.
Pacemakers Market Segmentation
Grand View Research has segmented the global pacemakers market on the basis of product, type, application, end-use, and region:
Based on the Product Insights, the market is segmented into Implantable pacemakers and External pacemakers.
- The implantable pacemakers segment held the largest share of more than 60% of the pacemakers’ market in 2021. Implantable pacemakers are further classified into a single chamber, biventricular pacemakers, and dual-chamber. The growing demand for these devices for the treatment of heart failure and arrhythmias as well as ongoing clinical trials is a major factor leading to market growth.
- The external pacemaker segment is expected to show promising growth during the forecast period due to the easy configuration, enhanced user interface, and improved low battery indicator.
Based on the Type Insights, the market is segmented into MRI Compatible Pacemakers and Conventional Pacemakers.
- In terms of revenue, the conventional pacemakers segment dominated the market and accounted for the largest revenue share of over 51.0% in 2021. This growth is owing to continuous upgradations, affordability, small-sized, and elongated shelf life.
- The MRI compatible pacemaker segment is expected to show lucrative growth during the forecast period. The high share is attributable to increased MRI-based diagnosis. As per the Mayo Foundation for Medical Education and Research, 2018, approximately 75% of patients who are currently having an implantable pacemaker will need MRI during their lifetimes. Hence, the segment is witnessing high growth.
Based on the Application Insights, the market is segmented into Arrhythmias, Congestive Heart Failure and Others.
- The arrhythmias segment dominated the pacemakers market and held the largest revenue share of 37.6% in 2021. The segment is further divided into atrial fibrillation, heart block, and long QT syndrome. Factors such as lifestyle disorders, excessive alcohol consumption, smoking, and obesity are contributing to the prevalence of cardiac arrhythmia.
- The congestive heart failure segment is the second-fastest-growing segment during the forecast period. As per the CDC, in December 2019, nearly 6.5 million adults in the U.S. suffer from heart failure. Thus, increasing the incidence of heart failure has fueled the demand for technologically advanced pacemakers during the forecast period.
Based on the End-Use Insights, the market is segmented into Hospitals Cardiac Centers, Ambulatory Surgical Centers and Others.
- The hospitals and cardiac centers segment held a dominant share of around 60.6% in 2021. Hospitals and cardiac centers offer superior care to their patients while they are admitted.
- The ambulatory surgical center segment is expected to show promising growth during the forecast period owing to its advanced market reach especially to rural parts and ease of treatment.
Pacemakers Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile
Key companies undertook various strategic initiatives such as product launches, mergers and acquisitions, and partnerships and collaborations to gain more penetration.
Some prominent players in the global Pacemakers market include
- OSYPKA MEDICAL
- Boston Scientific Corporation
- Zoll Medical Corporation, an Asahi Kasei Group Company
- Medtronic
- BIOTRONIK SE Co. KG
- MicroPort Scientific Corporation
- MEDICO S.R.L.
- Shree Pacetronix Ltd.
- Abbott
- OSCOR Inc
- Lepu Medical Technology(Beijing)Co.,Ltd.
Order a free sample PDF of the Pacemakers Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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