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 basically a tiny electronic helper that gets tucked into your chest to keep your heart ticking regularly. Think of it as a personal heartbeat manager! It's used when your heart's beating too slowly and needs a little nudge. Getting a pacemaker involves a surgical procedure to place it in your chest. You might also hear it called a cardiac pacing device. So, why would someone need one? Well, a slow heartbeat (bradycardia) might happen after a heart attack, surgery, or even a medication issue. Sometimes, a doctor might suggest temporary pacing in those situations, hoping your natural rhythm will return. But, for ongoing problems like heart failure or a consistently slow or irregular heartbeat, a pacemaker can be permanently implanted to keep things running smoothly.

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 pacemaker industry's global growth is really driven by a few key things. First, we're seeing more money flowing into medical services from both private and government sources. Then, there's the growing appeal of methods that are minimally intrusive – people just don't want big operations if they can avoid them! And let's not forget the widespread issue of cardiovascular diseases. In fact, Drugs and Diseases reported in April 2020 that getting a super-durable pacemaker put in is considered a minimally intrusive procedure. Because of this, and with more people accepting heart surgery (like endocardial or epicardial approaches for pacemaker placement), the global market is really taking off. Sadly, the World Health Organization (WHO) reports that respiratory failure took the lives of a staggering 17 Billion people under 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.

But hey, a couple of things could slow down the growth of the pacemaker market. For starters, there have been some product recalls related to pacemakers, and those devices aren't cheap! When the U.S. FDA recalls a product because of issues that pop up after it's already on the market, that's a big deal. Take, for instance, the recent recall of Abbott’s Assurity and Endurity cardiac pacing systems. The FDA called them back because there was a chance moisture could get inside, causing a short circuit and draining the battery fast. Yikes! Using those pacemakers could lead to serious harm or even death, which is why the FDA classified it as a Class I recall – the most dangerous kind. All these recalls can really hurt a company's image and brand, and that might make people think twice about getting a pacemaker.

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

Okay, so when we look at where pacemakers are being used around the world, we divide it into places like North America, Europe, Asia Pacific, and then "the rest of the world." Back in 2021, North America was really the big player, making the most money in the pacemaker market. Why? Well, there are more older folks with heart issues there, plus you've got major companies operating in the area. They're also seeing really fast technological advancements, like pacemakers that are safe for MRIs and even ones that use Bluetooth. Plus, they're constantly working to get these things approved by the government. In the United States, especially, we're seeing more and more people with things like heart failure and arrhythmias, so the demand for pacemakers is going up. Also, there are some cool mechanical developments happening in healthcare and more heart-related procedures are being done, which is all helping the market grow there.

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.

Report Scope

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Reasons to Purchase this Report

We'll dive into the market with both qualitative and quantitative analysis, breaking it down using economic and other important factors. Expect to see market values in USD Billion for every segment and sub-segment. We'll pinpoint the region and segment poised for the biggest boom and market leadership. Our geographic analysis will highlight product/service consumption, revealing the unique factors shaping each region's market. The report will also include a competitive landscape, ranking the major players and covering recent service/product launches, partnerships, expansions, and acquisitions. You'll get extensive company profiles with overviews, insights, product benchmarking, and even a SWOT analysis for the key market players. We'll explore the current and future market outlook, focusing on growth opportunities, drivers, challenges, and restraints in both emerging and developed regions. Our analysis will include a deep dive into the market using Porter's five forces and provide a clear understanding through the value chain. Finally, we'll paint a picture of the market's dynamic scenario and its growth prospects for years to come.