img

Pacemakers Market Size - By Product (Implantable Pacemakers, External Pacemakers), By Technology (Single-chamber, Dual-chamber, Biventricular/CRT), By Application, End-use & Global Forecast, 2024 – 2032


Published on: 2024-07-20 | No of Pages : 240 | Industry : Healthcare

Publisher : MIR | Format : PDF&Excel

Pacemakers Market Size - By Product (Implantable Pacemakers, External Pacemakers), By Technology (Single-chamber, Dual-chamber, Biventricular/CRT), By Application, End-use & Global Forecast, 2024 – 2032

Pacemakers Market Size

Pacemakers Market size was valued at around USD 6.2 billion in 2023 and is anticipated to grow at a CAGR of around 10% between 2024 and 2032. The rising prevalence of cardiovascular diseases, surging incidence of arrhythmias, technological advancement, the growing ageing population, and supportive initiatives adopted by various governments & public organizations.
 

Pacemakers Market

A pacemaker is a medical device that generates electrical impulses to regulate the heartbeat when the heart's natural electrical conduction system is not functioning properly, playing a critical role in cardiac rhythm management. Pacemakers help maintain an appropriate and consistent heart rate, ensuring that the heart beats regularly and at a sufficient rate to meet the body's oxygen and blood flow needs.
 

The high cost of these devices for patients not covered by insurance in the U.S. and patients in other parts of the world along with the cost of implantation procedures. The pacemaker device costs around USD 19,000 – 96,000 or more depending on the type of pacemaker, the location, and the length of stay. The total cost for pacemaker implantation ranges from USD 9,616 to 19,716 with an average cost of USD 14,290. The high cost of the device and procedures remains unaffordable to the low and middle-income patient population in the developing regions.
 

COVID-19 Impact

The onset of the COVID-19 pandemic was an unprecedented event impacting public health and led to an incremental surge in the number of hospitalizations. The COVID-19 pandemic also had a detrimental impact on the medical ecosystem, pushing widespread reallocation of healthcare personnel.
 

Pacemakers Market Trends

The increasing prevalence of cardiovascular diseases is one of the major factors propelling the pacemakers industry gains and the adoption of cardiovascular devices. According to the World Health Organization, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. Of these deaths, 85% were due to heart attack and stroke. The increasing incidence & prevalence of cardiovascular conditions, such as congestive heart failure, arrhythmias, bradycardia, and tachycardia. As per the NCBI article, in 2023, ventricular tachycardia & fibrillation majorly accounts for sudden cardiac death with an estimated rate of 300,000 mortalities every year in the U.S. This accounts for around half of the mortalities associated with cardiac anomalies.
 

  • The surge in these cardiac anomalies is set to drive the number of hospitalizations & medical procedures that in turn is projected to drive the adoption of pacemakers.
     
  • According to the Institute for Health Metrics and Evaluation (IHME), the total prevalent cases of cardiovascular diseases surged exponentially from 271 million in 1990 to more than 520 million as of 2019. Also, the associated mortalities increased from 12.1 million in 1990, to 18.6 million in 2019.
     
  • Moreover, the rising prevalence of cardiac diseases with increasing age further fuels the risk of congestive heart failure (CHF). As per the Cardiac Failure Review, heart failure is a rapidly growing public health issue with an estimated prevalence of 64 million people globally in 2024. The use of pacemakers in the management of CHF plays a major role in improving the heart's pumping ability and regulate its rhythm.
     

Pacemakers Market Analysis

Pacemakers Market Size, By Product, 2021 - 2032 (USD Billion)

Based on product, the market is segmented as implantable pacemakers and external pacemakers. Implantable pacemakers segment was valued at USD 5.7 billion and is projected to expand at a CAGR of 4.6% during the forecast period to reach a market value of USD 8.5 billion by 2032.
 

  • In addition, around 85% of implantable pacemakers are used as compared to 15% of external pacemakers. Moreover, implantable pacemakers are programmable, which means that healthcare providers can adjust the device's settings to meet the specific needs of each patient. This customization allows for precise control of heart rate and rhythm, ensuring that the device responds appropriately to changes in the patient's condition over time. Modern implantable pacemakers are designed to be durable and have a relatively long lifespan.
     
  • Furthermore, many implantable pacemakers come equipped with advanced monitoring features. These devices can record and store data on the patient's heart rhythm and pacing activity, allowing healthcare providers to closely track the patient's cardiac condition and make informed adjustments to their treatment plan.
     

Based on technology, the pacemakers market is segmented as single-chamber pacemakers, dual-chamber pacemakers, and biventricular/CRT pacemakers. The Dual-chamber pacemakers segment garnered around USD 4.8 billion in revenue in 2023.
 

  • Increase in number of people suffering from atrioventricular block will get benefited from the use of dual-chamber pacemaker device. The device has two leads that are placed in the right atrium and right ventricle. After detecting slow heart rate, these leads function synchronously to mimic the actual physiological function of atrium and ventricle.
     
  • By regulating the timing of atrial and ventricular contractions, a dual-chamber pacemaker optimizes blood flow and cardiac output, potentially leading to better oxygenation of the body's tissues and organs.
     

Based on application, the pacemakers market is segmented as bradycardia, congestive heart failure, arrhythmias, tachycardia, and other applications. Application of pacemakers in arrythmias was valued at USD 1.1 billion in 2023.  This is primarily attributable to the growing incidence rate of recurrent arrhythmia due to factors such as sedentary lifestyle disorders and increasing incidence of heart attacks across the globe.
 

  • For instance, as per the Lancet study, in 2021, atrial fibrillation (AF) was the most frequent cardiac arrhythmia worldwide, with 37.6 million cases and an attributable 287,200 deaths in 2017. Moreover, the worldwide prevalence of atrial fibrillation has increased by 33% during the last 20 years, placing a huge burden across the globe.
     
Pacemakers Market Share, By End-use (2023)

Based on end-use, the pacemakers market is segmented into hospitals & clinics, cardiac care centers, ambulatory, surgical centers, and other end-users. The hospitals & clinics segment is projected to reach more than USD 4.9 billion by 2032. The soaring use of pacemakers in hospital settings delivering rapid and reliable outcomes is estimated to surge the patient preference for these healthcare facilities.
 

  • The availability of a broad spectrum of pacemakers for maintaining and regulating cardiac rhythm with proven accuracy is set to drive product preference in hospitals & clinics. Growing admissions with cardiac ailments and growing disease screening initiatives along with the accessibility to board-certified healthcare professionals are some other variables that are augmenting the segment growth positively.
     
  • Furthermore, the rising disease burden in developed economies with enhanced healthcare infrastructure is projected to stimulate the diagnosis & treatment rate at hospitals.
     
North America Pacemaker Market Size, 2020- 2032 (USD Billion)

The U.S. dominated the North American pacemakers market is anticipated to expand at a notable pace to reach more than USD 3.1 billion by 2032.
 

  • This significant industry share is attributed to several factors such as the presence of major industry players, an upsurge in the demand for cardiovascular devices, rise in the prevalence of cardiovascular conditions, and the growing number of hospital admissions across the country among others.
     
  • The rising prevalence of adverse events is anticipated to upsurge the adoption rate for better CVD management including the use of pacemakers and cardiac arrhythmia monitoring devices.
     

Pacemakers Market Share

The pacemakers industry is consolidated in nature, with major companies competing to offer superior pacemakers in this business space. Prominent players such as Medtronic plc hold a significant company industry share.
 

Pacemakers Market Companies

Some of the eminent market participants operating in the pacemakers industry include

  • Abbott Laboratories, Inc.
  • Boston Scientific Corporation
  • Medtronic plc
  • BIOTRONIK SE & Co. KG
  • Lepu Medical Technology
  • Shree Pacetronix Ltd.
  • Osypka Medical
  • MicroPort Scientific Corporation
  • Medico S.R.L.
  • Vitatron
     

Pacemakers Industry News

  • In May 2024, Medtronic plc announced U.S. Food and Drug Administration (FDA) approval of its Micra AV2 and Micra VR2, the next generation of its industry-leading miniaturized, leadless pacemakers. This product approval may help the company to enhance their product portfolio and business revenue.
     
  • In January 2019, Microport CRM, a business unit of Microport Scientific Corporation, announced the European launch of their next-generation pacemaker products. This initiative has helped the company increase their market share and revenue generation in the European market.
     

Pacemakers market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments

Click here to Buy Section of this Report


By Product, 2018 - 2032 (USD Million)

  • Implantable pacemakers
  • External pacemakers

By Technology, 2018 - 2032 (USD Million)

  • Single-chamber pacemakers
    • Single-chamber atrial
    • Single-chamber atrial
  • Dual-chamber pacemakers
  • Biventricular/CRT pacemakers

By Application, 2018 - 2032 (USD Million)

  • Bradycardia
  • Congestive heart failure
  • Arrhythmias
  • Tachycardia
  • Other applications

By End-use, 2018 - 2032 (USD Million)

  • Hospitals & clinics
  • Cardiac care centers
  • Ambulatory surgical centers
  • Other end-users

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East & Africa

 

Table of Content

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )