Number of pages: 120 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global pacemaker market was valued at US$ 4.49 billion in 2022 and is expected to register a revenue CAGR of 3.54% to reach US$ 6.14 billion by 2031.
A pacemaker is a small electronic device that is implanted in the chest to regulate and control the heart's rhythm. It uses electrical pulses to prompt the heart to beat normally and maintain proper blood flow. Over the years, pacemakers have evolved significantly, becoming more advanced and sophisticated, offering improved patient outcomes and enhancing the quality of life for individuals with heart conditions.
The pacemaker market has witnessed remarkable growth due to several factors. The rising prevalence of cardiovascular diseases and an aging population have increased the demand for pacemakers. As the global population continues to age, the incidence of cardiac disorders such as arrhythmias and heart blockages is on the rise. This demographic trend has created a substantial market opportunity for pacemaker manufacturers. Technological advancements have revolutionized the pacemaker industry. Manufacturers have introduced innovative features such as remote monitoring capabilities, wireless connectivity, and MRI compatibility, which have significantly improved patient comfort and convenience. These advancements have increased the adoption of pacemakers and expanded the market potential.
Market players are expanding their geographical presence by entering emerging markets and establishing strategic partnerships with local distributors and healthcare providers. This allows them to access intact markets and leverage the growing demand for pacemakers in developing regions. Additionally, manufacturers are actively engaging in marketing and promotional activities to raise awareness about their products and educate healthcare professionals about the benefits of their pacemaker offerings.
The increasing incidences of cardiac disorders, such as arrhythmia, congestive heart failure, and atrial fibrillation, primarily drive the global pacemaker market. According to the National Centres for Biotechnology Information, the global occurrence of atrial fibrillation was estimated to be 37,574 million cases (0.51% of the world's population) in 2022, which marks a 33% increase over the past two decades. This trend is majorly attributed to the aging population, sedentary lifestyle, and rising prevalence of obesity and diabetes. For instance, in developed countries such as the United States, the aging population is a major contributor to the increasing incidence of cardiac disorders. According to the American Heart Association, in 2022, approximately 2.7 million Americans are living with atrial fibrillation, and this number is expected to increase in the coming years. As a result, there is a growing demand for pacemakers and other cardiac devices that can help manage these conditions and improve patient outcomes.
Furthermore, technological advancements in pacemaker devices, such as wireless remote monitoring, leadless pacemakers, and MRI compatibility, are expected to contribute to the revenue growth of the global pacemaker market. These pacemakers use a self-contained, single-chamber system to pace the right ventricle, eliminating the need for leads. They are implanted through a transcatheter sheath and are recommended for patients requiring right ventricular pacing exclusively.
There are various reimbursement scenarios for pacemakers, depending on factors such as the patient's insurance coverage, the type of pacemaker used, and the hospital or healthcare facility where the procedure is performed. Most insurance plans generally cover pacemaker implantation as a physically necessary procedure, but the amount of coverage and out-of-pocket costs can vary widely. For instance, coverage offered by Medicare has pacemaker implantation fully covered. Additionally, suppose patients choose to have their procedure done at a higher-cost hospital or healthcare facility. In that case, they may incur higher out-of-pocket costs than if they chose a lower-cost option.
Restraining factors in the global pacemaker market include the high cost of pacemaker devices and the availability of alternative treatment options such as medication and lifestyle changes.
The global pacemaker market is analyzed from the following perspectives: type, technology, implantability, end user, and region.
Pacemaker Market by Type
Based on type, the global pacemaker market is segmented into conventional pacemakers and MRI compatible pacemakers.
The MRI compatible pacemakers segment accounted for the majority of the global pacemaker market share. MRI-compatible pacemakers are designed to provide patients with an efficient and reliable cardiac rhythm management system while allowing them to undergo MRI scans without any adverse effects. The demand for these devices is expected to increase further in the forecast years as the adoption of MRI technology becomes more widespread. Additionally, technological advancements in MRI compatible pacemaker devices are expected to drive the revenue growth of the market segment.
Pacemaker Market by Technology
Based on technology, the global pacemaker market is segmented into single chamber pacemakers, biventricular/CRT pacemakers, and dual chamber pacemakers.
The single chamber pacemakers segment accounted for the majority of the global pacemaker market share. Single-chamber pacemakers include a smaller size and simpler design, which makes them more affordable than dual chamber pacemakers. Additionally, single-chamber pacemakers are more suitable for certain patients, such as those with a slower heart rate or those with previous heart surgeries, because they require less lead placement and are less invasive.
Pacemaker Market by Implantability
Based on implantability, the global pacemaker market is segmented into external pacemakers and implantable pacemakers.
The implantable pacemakers segment has dominated the global pacemaker market. Implantable pacemakers are an effective way to treat many cardiovascular diseases. Moreover, implantable pacemakers can be customized to meet the specific needs of each patient. Additionally, implantable pacemakers are designed to be long-lasting and require minimal maintenance, which can help reduce the overall cost of treatment over time.
Pacemaker Market by End User
Based on end user, the global pacemaker market is segmented into ambulatory surgical centers and hospitals & cardiac centers.
The hospitals and cardiac centers segment account for approximately 59.65% of the global pacemaker market share. Hospitals and cardiac centers are the primary healthcare facilities where patients with cardiovascular diseases receive diagnosis, treatment, and surgical interventions. These facilities have specialized cardiac departments equipped with advanced infrastructure and experienced medical professionals who are skilled in implanting and managing pacemakers. The strong presence of hospitals and cardiac centers ensures easy accessibility for patients seeking pacemaker implantation, driving the market share in this segment.
Pacemaker Market by Region
Based on the region, the global pacemaker market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the highest revenue share in 2022, owing to the increasing prevalence of cardiovascular diseases. Heart disease is the top cause of death for men, women, and many racial and ethnic groups in the US. Every 33 seconds, an individual dies from cardiovascular disease in the country. The stats are alarming: 695,000 people in the US lost their lives to heart disease in 2021 alone, which accounts for 1 in 5 deaths. Moreover, the rising geriatric population and sedentary lifestyle contribute to the increasing prevalence of cardiovascular diseases in North America. The geriatric population is more susceptible to heart diseases due to weakened heart muscles and increased risk of hypertension and diabetes. Additionally, a sedentary lifestyle and unhealthy dietary habits are leading to obesity and other risk factors for heart disease. These factors are expected to continue driving the demand for cardiovascular drugs and devices in North America in the coming years.
The Asia Pacific region is expected to register a 4.14% CAGR in the forecast period 2022 to 2031. This growth is attributed to the increasing prevalence of cardiovascular diseases and the growing geriatric population in the region. Additionally, the rising adoption of advanced technologies in healthcare facilities and the increasing healthcare expenditure is also expected to drive the demand for pacemakers in the Asia Pacific region. The major players in the market are focusing on strategic collaborations and partnerships to expand their product portfolio and strengthen their market position. Moreover, introducing innovative products and developing advanced pacemaker technologies are expected to further boost market growth in the region.
Pacemaker Market Competitive Landscape
The pacemaker market is highly competitive, with several major players vying for market share. Some of the key players in the industry include Medtronic, Abbott Laboratories, Boston Scientific Corporation, and BIOTRONIK SE & Co. KG. These companies have established themselves as leaders in the pacemaker market, with a strong presence in both developed and emerging markets. In addition, there are several smaller players in the market that are working to develop innovative technologies and gain a foothold in the industry.
Some of the prominent companies having the largest revenue share in the global pacemaker market are,
A pacemaker is a small electronic device that is implanted in the chest to regulate and control the heart's rhythm.
The global pacemaker market was valued at US$ 6.14 billion by 2031.
The global pacemaker market has witnessed significant growth over the years, owing to the increasing prevalence of cardiovascular diseases and stroke cases worldwide.
The global pacemaker market is expected to register a revenue CAGR of 3.54% by 2031.
North America region dominated the global pacemaker market in 2022.
*Insights on financial performance are subject to the availability of information in the public domain