Global Pacemakers Market Size By Type (Conventional and MRI Compatible), By Product (External and Implantable), By Application (Arrhythmias and Congestive Heart Failure), By Geographic Scope And Forecast

Pacemakers Market Size And Forecast

Pacemakers Market size was valued at USD 4.9 Billion in 2021 and is projected to reach USD 6.8 Billion by 2030, growing at a CAGR of 3.7% from 2023 to 2030.

The market is expanding primarily due to rising CVD occurrences, rising cardiac disease management costs, supportive government policies, and the introduction of technologically sophisticated pacemakers including leadless pacemakers and MRI-safe pacemakers. The Global Pacemakers Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Pacemakers Market Definition

A pacemaker is a small gadget that is implanted in the chest to assist in controlling the heartbeat. To keep the heart from beating too slowly, it is utilised. A surgical operation is necessary to implant a pacemaker in the chest. A cardiac pacing device is another name for a pacemaker. To help the patient manage their heartbeat, a pacemaker is installed. After a heart attack, surgery, or pharmaceutical overdose, a patient may experience a slow heartbeat (bradycardia), yet the doctor may advise temporary pacemaking. In this case, the patient’s heartbeat is still anticipated to recover. To treat heart failure or to fix a persistently slow or irregular heartbeat, a pacemaker may be permanently placed.

The pulse generator, a compact metal container that stores a battery and the electrical circuitry that regulates the frequency of electrical pulses supplied to the heart, is one of the two components of a pacemaker. The other component is called leads (electrodes). The electrical pulses necessary to change the heart rate are delivered through one to three flexible, insulated wires that are individually inserted into one or more heart chambers. Some more recent pacemakers, however, do not require leads. Direct implantation of these leadless pacemakers takes place within the cardiac muscle.

Global Pacemakers Market Overview

The rise in finance from private and governmental organisations for the medical services sector, the popularity of minimally intrusive methods, and the prevalence of cardiovascular diseases all have a big impact on how the pacemaker industry develops globally. Drugs and Diseases reported in April 2020 that the insertion of a super-durable pacemaker is regarded as a minimally intrusive procedure. As a result, increased demand for minimally intrusive surgery and growth in the acceptance of cardiac surgery, such as endocardial or epicardial for the placement of pacemakers, fuel the growth of the global market. According to the World Health Organization (WHO), respiratory failure claimed the lives of 17 Billion persons under the age of 70 in 2019.

Also, geriatric population growth is anticipated to drive market expansion during the projected time range. This is explained by the fact that adult individuals are utterly defenceless against cardiovascular diseases. Additionally, advancements in pacemakers influence market growth. For instance, the smallest pacemaker with atrioventricular (AV) synchronisation, Micra AV, was approved by medical device company Medtronic Plc. in January 2020. The Micra AV is used to treat patients who are suffering from the negative symptoms of an AV block.

However, a number of pacemaker-related product recalls and the expensive price of these devices could have a detrimental effect on the market expansion. Recalls of products linked to adverse events after marketing approval are started by the U.S. FDA. As an illustration, the U.S. FDA recently ordered the recall of Abbott’s Assurity and Endurity cardiac pacing systems due to a risk of moisture intrusion that could result in an electrical short-circuit and short battery life. The use of this item could result in serious injury or even death, making it a Class I recall, which is known as the most dangerous sort of recall. Recalls of products could harm a company’s reputation and brand, which would lower the rate at which pacemakers are adopted.

Furthermore, patients benefit from the new goods that medical device businesses like Boston Scientific Corporation and Medtronic are now selling that are covered by reimbursement plans. Additionally, businesses are increasingly focused on producing sophisticated pacemakers that cater to personalised care. These developments include improving accuracy, adding new tools to improve workflow, and promoting error reduction. For instance, at the Large Multi-Center Study in May 2020, the home monitoring system from BIOTRONIK provided secure and affordable remote supervision of pacemaker patients. These factors positively impacted the pacemakers market globally.

Global Pacemakers Market Segmentation Analysis

The Global Pacemakers Market is segmented on the basis of Type, Product, Application, And Geography.

Pacemakers Market, By Type

• Conventional
• MRI Compatible

Based on Type, the market is segmented into Conventional and MRI Compatible. The conventional pacemakers market category dominated in terms of revenue in 2021. This expansion is the result of ongoing improvements, affordability, small size, and extended shelf life. The market is divided into MRI-compatible and traditional pacemakers based on type. During the projected period, the MRI-compatible pacemaker market is anticipated to expand at a profitable rate. The high percentage is related to increased MRI-based diagnoses.

Pacemakers Market, By Product

• External
• Implantable

Based on Product, the market is segmented into External and Implantable. In 2021, the market for pacemakers was dominated by the implanted pacemaker category. Biventricular pacemakers, dual-chamber pacemakers, and single-chamber pacemakers are further categories for implantable pacemakers. One of the main factors driving market expansion is the rising demand for these devices for the treatment of heart failure and arrhythmias, as well as continuing clinical trials.

Furthermore, due to the simple configuration, improved user interface, and improved low battery indicator, the external pacemaker segment is anticipated to see promising growth during the projection period. External pacemakers are noninvasive, therefore there is a lower chance of problems following surgery. The devices also let patients monitor and record their everyday heart functioning.

Pacemakers Market, By Application

• Arrhythmias
• Congestive Heart Failure

Based on Application, the market is segmented into Arrhythmias and Congestive Heart Failure. Arrhythmias dominated the pacemakers market in 2021. A further division of the section is made into long QT syndrome, heart block, and atrial fibrillation. The prevalence of cardiac arrhythmia is influenced by elements like lifestyle diseases, excessive alcohol use, smoking, and obesity. According to the European Medical Group LTD, 2019, there are approximately 12,32,144 cases of atrial fibrillation and atrial flutter combined in the United Kingdom. The sector for congestive heart failure is expected to grow at the second-fastest rate.

Pacemakers Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

The Global Pacemakers Market is segmented based on geography into North America, Europe, Asia Pacific, Rest of the World. In 2021, North America dominated the pacemaker market and accounted for the largest income share. This development can be explained by the growing number of elderly people who have heart problems, the presence of key players, quick technological advancements like MRI-viable pacemakers and Bluetooth-enabled pacemakers, as well as ongoing work on administrative endorsements. The prevalence of cardiovascular conditions such as heart failure, congestive heart failure, and arrhythmias is rising significantly in the United States, which is boosting demand for pacemakers in the region. The market in the area is also being driven by mechanical developments in the medical services sector and an increase in the number of procedures related to the heart.

Key Players

The “Global Pacemakers Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are BIOTRONIK SE & Co. KG, MicroPort Scientific Corporation, OSYPKA MEDICAL, Boston Scientific Corporation, Abbott, OSCOR Inc., Zoll Medical Corporation, Asahi Kasei Group Company, Medtronic, MEDICO S.R.L., and Shree Pacetronix Ltd.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• In June 2021, The Micra AV, a standalone, smaller pacemaker that delivers advanced pacing technology for people with atrioventricular (AV) block using a minimally intrusive manner, was launched by Medtronic.
• May 2020, At the Large Multi-Center Study, the home checking framework of BIOTRONIK provided cost-effective and secure remote management of pacemaker patients.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Pacemakers Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behaviour of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Pacemakers Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to co