Pacemakers - Market Insights, Competitive Landscape, and Market Forecast - 2030

Pacemakers - Market Insights, Competitive Landscape, and Market Forecast - 2030

Pacemakers Market by Implantability (Implantable Pacemaker [Single-Chamber Pacemaker, Dual-Chamber Pacemaker, and Biventricular/CRT Pacemaker], and External Pacemaker), Device Type (MRI Compatible Pacemaker and Leadless MRI Compatible Pacemaker), End-User (Hospitals, Ambulatory Surgical Centres, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is estimated to grow at an appreciable CAGR forecast till 2030 owing to the increasing number of people suffering from cardiovascular diseases (CVDs) and rising technological advancements.

The pacemakers market was valued at USD 4.88 billion in 2023, growing at a CAGR of 5.85% during the forecast period from 2024 to 2030, to reach USD 6.84 billion by 2030. The demand for pacemakers is primarily motivated due to the rise in cardiovascular diseases (CVDs), superior treatment outcomes of sudden cardiac arrests, and growing technological advancements among others during the forecast period.

Pacemakers Market Dynamics:

One of the key factors influencing the growth of the pacemakers market is the increasing prevalence of various cardiovascular diseases across the globe. According to the American Heart Association 2022, globally, about 244.1 million people were living with coronary (ischemic) heart disease in 2020. As per the data provided by British Heart Foundation 2022, worldwide around 550 million were living with heart and circulatory diseases in 2019 and this includes about 290 million women and around 260 million men. The source mentioned above further stated that coronary (ischemic) heart disease (200 million cases), peripheral arterial (vascular) disease (110 million cases), stroke (100 million cases), and atrial fibrillation (60 million cases) remained the commonest and prevalent cardiovascular conditions worldwide in 2019.

According to Pan American Health Organization (PAHO) 2022, cardiovascular diseases cause more deaths yearly than any other disease. Heart disease and stroke-related fatalities account for more than three-quarters of all deaths in low- and middle-income nations, in 2021. The increasing number of risk factors such as old age, obesity, smoking, and others causing the development of cardiovascular diseases in one or another way further driving the market growth for pacemakers. For instance, according to the data provided by the WHO (2023), in 2020, about one billion people across the world were over the age of 60. The elderly population aged 60 and above is expected to double in number representing about 2.1 billion people by 2050. Also, people in the age group of 80 and above are estimated to triple between 2020 and 2050 to reach 426 million.

Thus, the increasing prevalence and mortality rate from the above-mentioned disorders can be either managed or reduced by providing proper treatment using pacemakers, thereby leading to an increased demand for the device. Therefore, the afore-said factor will propel the overall market of pacemakers in the upcoming years.

However, product recalls and failures due to safety issues and the high cost of pacemakers may act as a restraint in the growth of the pacemakers market.

Pacemakers Market Segment Analysis:

Pacemakers Market by Implantability (Implantable Pacemaker [Single-Chamber Pacemaker, Dual-Chamber Pacemaker, and Biventricular/CRT Pacemaker], and External Pacemaker), Device Type (MRI Compatible Pacemaker and Leadless MRI Compatible Pacemaker), End-User (Hospitals, Ambulatory Surgical Centres, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the implantability segment of the pacemakers market, the dual-chamber pacemaker under the implantable pacemaker category is expected to hold the largest share in the market and this trend is expected to continue during the forecast period. This can be attributed to the wide applicability, properties, technical advantages, and increasing product development activities such as collaborations and regulatory approvals of dual-chamber pacemakers during the given forecast period.

Dual-chamber (DDD) pacemakers have two leads, one in the right atrium and one in the right ventricle, each capable of sensing intrinsic electrical activity to determine the need for pacing in each chamber. The dual chamber pacemakers stimulate both the right atrium and the right ventricle.

Also, dual-chamber pacing reduces the risk of atrial fibrillation, reduces signs and symptoms of heart failure, and slightly improves the quality of life. Overall, dual-chamber pacing offers significant improvement as compared with ventricular pacing.

The dual-chamber pacemaker also resembles cardiac physiology more closely by maintaining atrioventricular (AV) synchrony and dominance of the sinus node, which in turn may reduce cardiovascular morbidity and mortality thus contributing to patient survival and quality of life.

In January 2022, Medtronic received approval from Japan's Ministry of Health, Labor, and Welfare for the sale and reimbursement of the Micra™ AV Transcatheter Pacing System (TPS). Micra Tv is a dual-chamber pacemaker.

Thus, the above-mentioned factors are likely to propel the demand for dual-chamber pacemakers, thereby contributing to the growth of the pacemakers market during the forecast period from 2024 to 2030.

North America is expected to dominate the overall Pacemakers Market:

North America is expected to dominate the overall Pacemakers market during the forecast period. This domination is due to the increasing prevalence of cardiovascular diseases, rising geriatric population base prone to CVDs, and increasing product launches and approvals, among others which will propel the market of pacemakers in the United States.

The Centers for Disease Control and Prevention (CDC) 2022, estimated that about 20.1 million adults aged 20 and older had Coronary artery disease (CAD) in the US, in 2020.

Also, the same source stated that in the United States, someone has a heart attack every 40 seconds. Every year, about 805,000 people in the United States have a heart attack. Out of these, 605,000 are a first heart attack, 200,000 happen to people who have already had a heart attack and about 1 in 5 heart attacks are silent—the damage is done, but the person is not aware of it.

The increasing approvals by the US FDA will also impact the market of pacemakers in the upcoming years. For instance, in April 2022, Abbott announced that the US Food and Drug Administration (FDA) approved the Aveir™ single-chamber (VR) leadless pacemaker for the treatment of patients in the US with slow heart rhythms.

Thus, the above-mentioned factors are likely to propel the growth of the pacemakers market in the region during the forecast period from 2024 to 2030.

Pacemakers Market Key Players:

Some of the key market players operating in the pacemakers market include Medtronic, Inc., St. Jude Medical, Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, LivaNova PLC, Shree Pacetronix Ltd., OSCOR Inc., MEDICO S.p.A., Lepu Medical Technology Co. Ltd., MicroPort Scientific Corporation, and others.

Recent Developmental Activities in the Pacemakers Market:

In June 2021, Medtronic launched the world's smallest pacemaker to treat heart block. Micra AV with atrioventricular synchrony is the first pacemaker that can sense atrial activity without a lead or device in the heart’s upper chamber. The in-house created pacemaker is small enough to go inside the heart via a catheter. This will prove as a game-changer in the Pacemakers market.

In June 2020, Medtronic PLC announced it has received CE Mark for Micra™ AV Transcatheter Pacing System (TPS), the world’s smallest pacemaker with atrioventricular (AV) synchrony.

Key Takeaways from the Pacemakers Market Report Study

Market size analysis for current market size (2023), and market forecast for 6 years (2024 to 2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the Pacemakers Market.

Various opportunities are available for the other competitor in the Pacemakers Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Pacemakers market growth in the coming future?

Target Audience who can be benefited from this Pacemakers Market Report Study

Pacemakers providers

Research organizations and consulting companies

Pacemaker-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders in Pacemakers

Various end-users want to know more about the Pacemakers Market and the latest technological developments in the Pacemakers market.

Frequently Asked Questions for Pacemakers Market:

1. What are Pacemakers?

A pacemaker is a small device placed in the chest or abdomen to help control abnormal heart rhythms. This device uses electrical pulses to prompt the heart to beat at a normal rate. A pacemaker can relieve some arrhythmia symptoms, such as fatigue and fainting. It can also help a person who has abnormal heart rhythms resume a more active lifestyle.

2. What is the market for Pacemakers?

Pacemakers Market was valued at USD 4.88 billion in 2023, growing at a CAGR of 5.85% during the forecast period from 2024 to 2030, to reach USD 6.84 billion by 2030.

3. What are the drivers for Pacemakers?

The major drivers driving the demand for Pacemakers are the rise in cardiovascular diseases (CVDs), superior treatment outcomes of sudden cardiac arrests, growing technological advancements, increasing patient awareness regarding early-stage diagnosis, and increasing geriatric population.

4. What are the key players operating in Pacemakers?

Some of the key market players operating in the Pacemakers market include Medtronic, Inc., St. Jude Medical, Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, LivaNova PLC, Shree Pacetronix Ltd., OSCOR Inc., MEDICO S.p.A., Lepu Medical Technology Co. Ltd., MicroPort Scientific Corporation and others.

5. What region has the highest share in the Pacemakers market?

North America is expected to dominate the overall market during the forecast period, 2024 to 2030. This domination is due to the growing demand for advanced technologies in Pacemakers, the increased cardiovascular diseases in the region are driving the growth of the Pacemakers market.