Pacemakers Market Forecasts to 2030 – Global Analysis By Type (Conventional Pacemaker and MRI Compatible Pacemaker), Implantability (External Pacemaker and Implantable Pacemaker), Technology, Application, End User and By Geography

Pacemakers Market Forecasts to 2030 – Global Analysis By Type (Conventional Pacemaker and MRI Compatible Pacemaker), Implantability (External Pacemaker and Implantable Pacemaker), Technology, Application, End User and By Geography

According to Stratistics MRC, the Global Pacemakers Market is accounted for $4.76 billion in 2023 and is expected to reach $6.97 billion by 2030 growing at a CAGR of 5.6% during the forecast period. Pacemakers are implantable medical devices designed to regulate and maintain a normal heart rhythm. They deliver electrical impulses to the heart to treat irregular heartbeats, ensuring that the heart beats at a steady and healthy rate, thereby improving cardiac function and the overall well-being of the patient. They are crucial for individuals with conditions like bradycardia or heart block, as it prevents symptoms like dizziness and fatigue, enhances cardiac function.

According to the Centers for Disease Prevention and Control (CDC) statistics, in 2020, cardiac disease was the leading cause of mortality in the U.S., accounting for around 697,000 deaths.

Market Dynamics:

Driver:

The rise in ageing population

Older people have an increased risk of acquiring heart-related disorders such as bradycardia and arrhythmias. These conditions often necessitate the use of pacemakers to regulate and restore normal heart rhythms. Furthermore, advancements in medical care and longevity have led to a greater proportion of elderly individuals, amplifying the market's potential. The ageing population not only underscores the importance of pacemakers but also emphasises the need for ongoing innovation and accessibility in cardiac rhythm management, making it a crucial driver in the pacemakers market's growth.

Restraint:

High cost

Pacemakers' expensive cost imposes a lot of pressure on the market and prevents a larger number of people from using them. In addition to the device itself, follow-up treatment, surgical implantation, and any replacement operations are all included in the cost. Healthcare systems may be strained by this financial load, and some patients may be discouraged from obtaining critical care. Furthermore, the expense may be unaffordable for people living in areas with little access to healthcare or for those without enough health insurance. Therefore, it acts as a significant barrier to market growth.

Opportunity:

Technological advancements

The technological innovations have the potential to revolutionise patient care and expand the market's reach. Remote monitoring capabilities allow healthcare providers to continuously track a patient's cardiac health, enabling timely interventions and reducing the need for frequent in-person follow-up visits. Moreover, the integration of artificial intelligence (AI) can enhance pacemaker performance and diagnostic accuracy. As technology evolves, the development of MRI-compatible pacemakers, improved battery life, and smaller device sizes further contribute to enhanced patient outcomes and broader adoption of pacemaker therapies, ultimately driving growth in the market.

Threat:

Alternative Therapies

Advancements in non-invasive or minimally invasive cardiac treatments, pharmaceutical interventions, and lifestyle modifications could reduce the reliance on pacemaker implantations. These alternatives may appeal to patients who have a desire to avoid surgical procedures and the potential complications associated with pacemakers. Additionally, the preference for holistic approaches and the desire to minimise dependence on medical devices can divert some individuals from choosing pacemakers. Thus, these alternatives therapies hinder market expansion.

Covid-19 Impact

The COVID-19 pandemic had a detrimental impact on the medical ecosystem, pushing widespread reallocation of healthcare personnel. A huge number of clinics and hospitals across the globe were restructured to increase hospital capacity for patients diagnosed with COVID-19. This leads to the cancellation of many nonessential surgical procedures across the world. 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. Moreover, the majority of healthcare facilities delayed and postponed non-emergency surgical procedures in outpatient and inpatient settings. This led to a delay in several surgical procedures, including cardiovascular surgeries and implantation procedures.

The MRI Compatible Pacemaker segment is expected to be the largest during the forecast period

The MRI Compatible Pacemaker segment is estimated to hold the largest share. These pacemakers are specialised cardiac devices designed to function safely within the strong magnetic fields of magnetic resonance imaging (MRI) machines. Traditional pacemakers can be negatively affected by the strong magnetic fields in MRI scans, potentially causing device malfunctions or harm to the patient. MRI-compatible pacemakers, on the other hand, are designed with materials and technology that can withstand these magnetic forces, allowing patients with these devices to undergo necessary MRI scans without the risk of complications. This segment addresses a critical need in patient care, especially for individuals with pacemakers who may require diagnostic imaging using MRI technology.

The Dual-chamber Pacemaker segment is expected to have the highest CAGR during the forecast period

The Dual-chamber Pacemaker segment is anticipated to have lucrative growth during the forecast period. A dual-chamber pacemaker is a cardiac device that monitors and paces both the atrium and ventricle of the heart. It is designed to treat heart rhythm disorders. This synchronised pacing helps maintain the natural timing of heart contractions, improving cardiac efficiency and reducing the risk of arrhythmias. Moreover, dual-chamber pacemakers are commonly used for patients with conditions such as atrioventricular block or sick sinus syndrome. Their presence in the market addresses the need for advanced cardiac devices that offer more sophisticated treatment options for individuals with specific heart rhythm issues.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period due to the key players' market penetration and the enormous untapped opportunity, growth is being driven. Moreover, healthcare industry investments have become more popular, particularly in China, India, and Japan. Developing robust healthcare facilities for cardiovascular diagnosis and treatment is a growing priority for these nations. Furthermore, local and international pacemaker manufacturers are actively participating in this dynamic market, catering to diverse healthcare needs. The Asia Pacific region plays a pivotal role in the global pacemakers market as the demand for cardiac rhythm management devices continues to rise.

Region with highest CAGR:

North America is expected to witness profitable growth over the projection period, owing to the rise in prevalence of cardiovascular disease, an increase in investment in the healthcare sector, and technological advancements in healthcare facilities for cardiac treatment and diagnosis. The incidence of cardiovascular disorders, such as cardiac arrests, congestive heart failure, and arrhythmias, is increasing rapidly in the U.S., which is further driving the demand for pacemakers in the region. Major pacemaker manufacturers operate in this region, catering to the growing need for cardiac rhythm management devices, making it a pivotal hub in the global pacemakers market.

Key players in the market

Some of the key players in the Pacemakers Market include Medtronic, Boston Scientific, Abbott Laboratories, Biotronik, Lepu Medical, Livanova, Shree Pacetronix, Medico Spa, Osypka Medical, Oscor Inc., Zoll Medical Corporation, MicroPort Scientific Corporation, Pacetronix, Vitatron and Cook Medical.

Key Developments:

In May 2023, 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 September 2022, Cardiff, Wales-based Ceryx Medical announced that it is now working with Berlin, Germany-based Osypka Medical to develop a bionic heart pacing device designed to pace the heart with real-time modulation. Unlike traditional pacemakers, this device, dubbed the Cysoni, is designed to prompt the heart to beat in line with the patient’s breathing.

In February 2022, Abbott announced the world's first patient implants of a dual-chamber leadless pacemaker system as part of its AVEIR DR i2i™ pivotal clinical study. The implant of Abbott's investigational Aveir™ dual-chamber leadless pacemaker represents a significant technological milestone for leadless pacing technology and is the first to occur around the world within the pivotal trial.

Types Covered:
• Conventional Pacemaker
• MRI Compatible Pacemaker

Implantabilities Covered:
• External Pacemaker
• Implantable Pacemaker

Technologies Covered:
• Single-chamber Pacemaker
• Biventricular/CRT Pacemaker
• Dual-chamber Pacemaker

Applications Covered:
• Arrhythmias
• Heart Block
• Atrial Fibrillation
• Congestive Heart Failure
• Long QT Syndrome
• Other Applications

End Users Covered:
• Ambulatory Surgical Centers
• Hospitals & Cardiac Centers
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements