Pacemaker Market by Type (Single Chamber Pacemaker, Dual Chamber Pacemaker, and Biventricular/CRT Pacemaker), Product (Implantable Pacemaker and External Pacemaker), End User (Hospitals & Cardiac Centers and Ambulatory Surgical Centers), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031

Global Pacemaker Market Analysis

The Global Pacemaker Market Size was $4,824.6 million in 2021 and is predicted to grow with a CAGR of 3.5%, by generating a revenue of $6,791.2 million by 2031.

Global Pacemaker Market Synopsis

A tiny device called a pacemaker is inserted into the chest of an individual to control irregular heartbeats. Medical problems such as arrhythmia, atrial fibrillation, heart block, and long QT syndrome are treated using pacemakers. Rising cardiovascular disease rates, innovations in pacemaker technology, and increased pacemaker research and development are the main factors propelling the pacemaker market's expansion. Due to its extensive range of product offerings, introduction of cutting-edge technology, and strong brand recognition, Medtronic is expected to maintain its top position in the worldwide pacemaker market over the forecast period. Together with Boston Scientific Corporation, this company currently controls more than half of the revenue-generating market share for pacemakers worldwide. Abbott, Livenova PLC, MicroPort, Biotronik, and others are the leading companies in the pacemaker market.

However, it is anticipated that the low public awareness of cardiovascular diseases in developing and underdeveloped countries, the high costs of cardiac resynchronization therapy and the rising number of product recalls because of faulty devices, will restrain the growth of the global pacemaker market. Post-operative issues such as infections near the heart where the device is put, is also expected to slow down the pacemaker market's growth.

Increased government financing and grants are the major components fueling the pacemaker market share. For instance, the Global Hearts Initiative for the prevention and control of cardiovascular illnesses was introduced by the Centers for Disease Control and Prevention CDC and the World Health Organization in 2016. This program comprises various packages, such as the HEARTS technological package, which aims to manage cardiovascular disorders in primary healthcare. Additionally, the market is expanding as a result of the rapidly ageing population and rising frequency of cardiovascular illnesses. Experts in the field estimate that 80–85% of pacemakers are installed in elderly people.

According to regional analysis, the Asia-Pacific pacemaker market is estimated to show the fastest growth during the projected timeframe. Several sources estimate that between 500,000 and 3 million Americans have pacemakers implanted. With age, the likelihood of pacemaker implantation drastically rises.

Pacemaker Overview

A pacemaker is a tiny device that is implanted in the chest to assist in heartbeat regulation. Pacemaker safeguards against various heart ailments. The placement of a pacemaker in the chest necessitates surgery. An implanted electronic device tracks the heart's rhythm and beat. When the heart does not beat normally, it provides electrical stimulation. It is powered by batteries and is connected to the heart by a long, thin wire also known as a cardiac pacemaker and an artificial pacemaker.

COVID-19 Impact on Global Pacemaker Market

The COVID-19 pandemic severely impacted various economies around the globe affecting the demand for pacemakers. Elective cardiovascular (CV) procedures significantly decreased as a result, particularly in patients with coexisting chronic illnesses like diabetes mellitus. The Centers for Medicare and Medicaid Services (CMS) were forced to delay all elective operations, non-essential medical procedures, and dental procedures in March 2020 due to the pandemic's outbreak, including all forms of invasive and non-invasive cardiovascular evaluations and procedures, thereby influencing all facets of cardiology departments, from ECG and echo laboratories to interventional and Electrophysiology EP labs and cardiovascular surgeries. As a result, the market for cardiac pacemaker devices was further impacted.

In contrast to 2019, fewer pacemakers were implanted in 2020 globally. Additionally, the top market participants for cardiac rhythm management devices suffered significant losses in their CRM Customer Relationship Management categories. The market was significantly impacted by the cancellation or postponement of cardiovascular surgeries, which led to poor sales of cardiac pacemakers' devices. In addition to this, the Covid-19 virus was also linked to cardiac symptom. Sinus bradycardia and total heart block are the most often documented bradyarrhythmia's linked to SARS CoV-2 worldwide. Patients admitted to intensive care units have a higher prevalence of COVID-19 cardiac symptoms, according to reports. The causes of cardiac symptoms in COVID-19 individuals were multifaceted and included elevated inflammatory status, direct viral myocardial injury, hypoxia, and hypotension.

Growing Applications of Pacemaker in HealthCare Sector to Drive the Market Growth

A sizeable portion of the cardiac pacemaker market is accounted for ambulatory surgery facilities. This is explained by pacemaker high consumer penetration and simplicity of use, particularly in rural regions. Ambulatory surgery facilities have also been a reliable choice for help in treatment heart diseases. Additionally, the rising demand for lowering surgical and post-surgical spending as well as the rising prevalence of cardiovascular illnesses are anticipated to be some of the major market factors to boost the demand in the pacemaker market.

To know more about global pacemaker market drivers, get in touch with our analysts here.

Lack of Awareness Regarding Cardiovascular Diseases to Generate Excellent Opportunities

The lack of awareness of cardiovascular illnesses among the populace in developing nations, expensive treatment and a high rate of product recalls because of defective devices are anticipated to impede market expansion throughout the forecast period. Focus on innovative device launch strategies and the creation of quick, reliable, and affordable diagnostic tools will determine the pacemaker market's future landscape.

Rapid Technological Advancements in the Development of Premium Pacemakers to Generate Excellent Opportunities

The production of premium pacemakers (biventricular pacemakers) that completely satisfy every patient's needs and provide individualized care is focus of international corporations. These recent developments are significantly increasing the workflow accuracy and facilitating error reduction rates, which is increasing the demand for pacemakers. The development of numerous pacemaker types, including the acid pacemaker, iPhone 12 pacemaker, micra leadless pacemaker, St. Jude medical pacemaker, single chamber pacemaker, dual-chamber pacemaker, biventricular pacemaker, Abbott pacemaker as well as procedures like electrocardiogram, holter monitoring, and echocardiogram, are significantly promoting the growth of the market as a whole.

To know more about global pacemaker market opportunities, get in touch with our analysts here.

Global Pacemaker Market, by Type

Based on type, the market has been divided into single chamber pacemaker, dual chamber pacemaker, and biventricular/CRT pacemaker. Among these, the dual chamber pacemaker sub-segment accounted for the highest market share in 2021, whereas the single chamber pacemaker sub-segment is estimated to show the fastest growth during the forecast period.

Global Pacemaker Market Size, by Type, 2021

Source: Research Dive Analysis

The dual chamber pacemaker sub-type accounted for the highest market share in 2021. Dual-chamber pacing's tighter approximation of sinus rhythm has a positive clinical impact. Optimizing ventricular filling and cardiac production will typically involve maintaining the regular order of atrial and ventricular activation. Due to an increase in the prevalence of bradycardia, the presence of key players, and an increase in the geriatric population the market is anticipated to see growth. Moreover, the biventricular segment is expected to grow significantly during the forecast period, owing to an increase in demand for remote monitoring services, an increase in the prevalence of hypertension, and an increase in the number of smartphone users.

The single chamber pacemaker sub-segment is anticipated to show the fastest growth by 2031. The growth is attributed to an increase in cardiovascular disease cases among the geriatric population. Because a single chamber pacemaker only stimulates one heart chamber, it is less expensive than the other two pacemakers. This factor is likely to boost pacemaker market share growth in the future.

Global Pacemaker Market, by Product

Based on product, the market has been divided into implantable pacemaker and external pacemaker. Among these, the implantable pacemaker sub-segment accounted for highest revenue share in 2021.

Global Pacemaker Market Share, by Product, 2021

Source: Research Dive Analysis

The implantable pacemaker sub-segment accounted for the highest market share in 2021. Owing to increase in incidence of bradycardia, rise in demand for implantable pacemaker, and advancement in R&D activities in the healthcare sector the market is projected to witness growth. However, the external pacemaker segment is expected to grow significantly during the forecast period, owing to an increase in the prevalence of heart disease, an increase in the geriatric population, and technological advancements in the healthcare industry.

Global Pacemaker Market, by End User

By end user, the market is divided into hospitals & cardiac centers and ambulatory surgical centers. Among these, the hospitals & cardiac centers sub-segment accounted for highest revenue share in 2021.

Global Pacemaker Market Growth, by End User, 2021

Source: Research Dive Analysis

The hospitals and cardiac centers sub-segment accounted for a highest market share in 2021. The sub-segment is expected to grow exponentially in the future due to an increase in the number of cardiovascular diseases among people, which has resulted in an increase in hospital visits and admission rates. People prefer to have their checkups at hospitals because hospitals are generally equipped with advanced technology equipment and medical devices. Furthermore, the availability of experienced healthcare professionals in hospitals to perform such critical surgeries has boosted sub-segment growth.

Global Pacemaker Market, Regional Insights

The pacemaker market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Global Pacemaker Market Size & Forecast, by Region, 2021-2031 (USD Million)

Source: Research Dive Analysis

The Market for Pacemaker in North America Accounted for Highest Market Share in 2021

The North America pacemaker market accounted for a highest market share in 2021. Increased demand for minimally invasive procedures, increased funding from private & public organizations for the healthcare industry, and an increase in the prevalence of cardiovascular diseases are the main factors driving the development of the North American pacemaker market. The adoption of cardiac surgical procedures such as endocardial or epicardial for the implantation of pacemakers and the rise in demand for minimally invasive surgery together fuel the growth of the global market. For instance, the American multinational healthcare and medical device business, Abbott Laboratories invested over $2.42 billion in R&D in 2020. The World Health Organization (WHO) reports that 17 million people under the age of 70 succumbed to heart attacks in 2019. Additionally, the growth in the geriatric population is anticipated to drive the market during the forecast period. This is explained by the reality that older people are much more susceptible to cardiovascular diseases.

Competitive Scenario in the Global Pacemaker Market

Investment and agreement are common strategies followed by major market players. For instance, on Dec. 16, 2021, LifeTech Scientific Corporation (LifeTech, 01302.HK), prolonged its agreements with Medtronic to advance their strategic partnership on the "HeartToneTM domestic pacemaker project" and to begin working together on pacemakers that are MRI-conditional. These devices will help China's expanding MRI-related therapeutic requirements, along with MRI-conditional leads.

Source: Research Dive Analysis

Some of the leading pacemaker market players are Boston Scientific Corporation, Zoll Medical Corporation, Medtronic, BIOTRONIK, MicroPort Scientific Corporation, Cook Medical, MEDICO SpA, Pacetronix, Osypka Medical GmbH, LivaNova PLC., and lepumedical.com.