Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the global pacemaker market was valued at US$ 4.62 billion in 2020 and is expected to register a revenue CAGR of 2.5% to reach 6.06 billion by 2031.

Pacemaker Market Fundamentals

Artificial cardiac pacemaker refers to a medical device that generates electrical impulses and makes the heart muscle chambers contract and pumps blood. Thus, these devices are used to replace and/or regulate the function of electrical conduction system of the heart. The key motive of a pacemaker is to maintain an acceptable heart rate, either when the heart's natural pacemaker is not adequately fast or the presence of a block in the heart's electrical conduction system.

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Pacemaker Market Dynamics

The global pacemaker market is driven by rising prevalence of cardiovascular diseases (CVDs), increasing aging population, and technological advancements. Furthermore, growing public and private funding in R&D activities associated with the healthcare industry is likely to contribute to high revenue growth in the market in the next few years.

However, issues pertaining to frequent defective product recalls are likely to restrain market revenue growth to a certain extent.

Pacemaker Market Ecosystem

The global pacemaker market is analyzed based on four parameters: implantability, technology, end user, and region.

Pacemaker Market by Implantability

Based on the implantability, the pacemaker market is segmented into implantable pacemaker and external pacemaker.

The implantable pacemaker segment dominated the market with the largest revenue share in 2020. This can be attributed to aging population, rising prevalence of CVDs, and improving life expectancy of people from developed and developing countries. The possibilities of pacemaker implantation increase significantly with age. Over 70% of total pacemakers are implanted in patients over 65.

Pacemaker Market by Technology

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Based on the technology, the pacemaker market is segmented into dual-chamber pacemakers, single-chamber pacemakers, and biventricular/CRT pacemakers.

The biventricular/CRT pacemaker segment is likely to be the fastest-growing segment during the forecast period. This can be ascribed to technological advancements, rising awareness about the device, and increasing prevalence of CVDs.

Pacemaker Market by End User

Based on the end user, the pacemaker market is segmented into hospitals, cardiac care centers, and others (ambulatory care centers and clinics).

The hospitals segment dominated the market with the largest revenue share in 2020, owing to increasing number of patients with cardiac disorders visiting hospitals, rising number of cardiac implant procedures, and improved reimbursement policies associated with pacemakers in developed countries.

Pacemaker Market by Region

Based on the region, the global pacemaker market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).

North America dominated the pacemaker market, followed by Asia Pacific. The large revenue share of North America in the global market can be attributed to increase in healthcare expenditure, rise in prevalence of CVDs, easy accessibility to treatment, and rapid adoption of technologically advanced products in the region.

Pacemaker Market Competitive Landscape

The prominent players operating in the pacemaker market include: -

• Medtronic
• Boston Scientific Corporation
• Biotronik
• Abbott
• Lepu Medical Technology (Beijing) Co., Ltd
• Pacetronix
• Osypka Medical
• Medico S.p.A
• Oscor Inc
• MicroPort® CRM

Pacemaker Market Strategic Developments

• In October 2020, India Medtronic Private Limited, a wholly-owned subsidiary of Medtronic plc, launched Azure pacemaker with BlueSync technology - India's first and only pacemaker that can communicate directly with patient's smartphones and tablets
• In April 2020, AtaCor Medical, Inc. announced that it has completed a US$ 25 million Series B financing. The investment supports efforts to reach the U.S. and the EU regulatory clearances for AtaCor’s novel extracardiac temporary pacing system and develop additional extracardiac therapies.

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