Pacemakers Market Size, Share & Trends Analysis Report By Product (Implantable, External), By Type (Conventional, MRI Compatible), By Application (Arrhythmias, Congestive Heart Failure), By End-use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global pacemakers market size was valued at USD 4.4 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 3.4% from 2022 to 2030. Rising incidences of CVDs, increasing cost of cardiac disease management, favorable government policies, and the launch of technologically advanced pacemakers such as the MRI safe pacemakers and leadless pacemakers are chiefly driving the growth in the market. The rising burden of cardiovascular diseases is one of the key factors for the growth of the market. Coronary heart disorder is one of the primary reasons for CVD deaths globally. The economic burden of these diseases is anticipated to be more than USD 1,044 billion by 2030, which highlights the great need for cardiac pacing devices.

The novel coronavirus had severely affected patients suffering from cardiovascular disease. The spread of COVID-19 had triggered a humongous economic impact on the healthcare and medical device industry. As per the American Heart Association, Circulation Journal, 2020, so far COVID-19 had affected 185 countries and more than 30,00,000 patients globally. Among patients with COVID-19, there is a high prevalence of CVD. Increasing demand to improve patient outcomes for various pacemaker implantations, with improved and minimally invasive procedures is the key factor driving the growth of the pacemaker market. Moreover, favorable reimbursement procedures, such as the Medicare system in the U.S. and NHS in the U.K. are among the key factors boosting the market.

Medical device companies such as Boston Scientific Corporation and Medtronic are now offering new products that are covered under reimbursement packages, which benefit patients. Furthermore, organizations are more fixated on manufacturing high-end pacemakers catering to customized care. These innovations are enhancing accuracy, providing additional capabilities to enhance the workflow, and facilitating error reduction. For instance, in May 2020, the home monitoring system by BIOTRONIK offered a cost-effective and safe remote management of pacemaker patients at the Large Multi-Center Study. This is a significant move for routine remote follow-ups amidst COVID-19.

Product Insights

The implantable pacemakers segment held the largest share of more than 60% of the pacemakers’ market in 2021. Implantable pacemakers are further classified into a single chamber, biventricular pacemakers, and dual-chamber. The growing demand for these devices for the treatment of heart failure and arrhythmias as well as ongoing clinical trials is a major factor leading to market growth. In 2017 atrial fibrillation was the most common form of arrhythmia, affecting approximately 2.7 to 6.1 million people in the U.S alone as per the CDC. Thus, the market growth is driven by an increasing prevalence of CVDs.

The external pacemaker segment is expected to show promising growth during the forecast period due to the easy configuration, enhanced user interface, and improved low battery indicator. Since external pacemakers are noninvasive, there is less risk of postsurgical complications. In addition, the devices are beneficial for patients to track and record daily heart functions. Furthermore, external pacemakers are the fastest available devices for synchronization of cardiac rhythm, which is also expected to fuel segment growth. The presence of market players such as Medtronic, Pacetronix, and Oscor Inc., dealing in the external pacemakers’ is also anticipated to positively influence segment growth.

Type Insights

In terms of revenue, the conventional pacemakers segment dominated the market and accounted for the largest revenue share of over 51.0% in 2021. This growth is owing to continuous upgradations, affordability, small-sized, and elongated shelf life. Based on type, the market is segmented into MRI compatible and conventional pacemakers. The MRI compatible pacemaker segment is expected to show lucrative growth during the forecast period. The high share is attributable to increased MRI-based diagnosis. As per the Mayo Foundation for Medical Education and Research, 2018, approximately 75% of patients who are currently having an implantable pacemaker will need MRI during their lifetimes. Hence, the segment is witnessing high growth.

Application Insights

The arrhythmias segment dominated the pacemakers market and held the largest revenue share of 37.6% in 2021. The segment is further divided into atrial fibrillation, heart block, and long QT syndrome. Factors such as lifestyle disorders, excessive alcohol consumption, smoking, and obesity are contributing to the prevalence of cardiac arrhythmia. As per the European Medical Group LTD, 2019, the total prevalence of people with atrial fibrillation and atrial flutter is 12,32,144 in the U.K. The congestive heart failure segment is the second-fastest-growing segment during the forecast period. As per the CDC, in December 2019, nearly 6.5 million adults in the U.S. suffer from heart failure. Thus, increasing the incidence of heart failure has fueled the demand for technologically advanced pacemakers during the forecast period.

End-use Insights

The hospitals and cardiac centers segment held a dominant share of around 60.6% in 2021. Hospitals and cardiac centers offer superior care to their patients while they are admitted. In addition, these centers also offer reimbursements during surgeries, thereby, driving the growth of the segment. The American heart association stated that the number of in-patients due to cardiac arrest is expected to rise nearly by 23.6 million by 2030. The end-use segment is divided into hospitals and cardiac centers, ambulatory surgical centers, and others.

The ambulatory surgical center segment is expected to show promising growth during the forecast period owing to its advanced market reach especially to rural parts and ease of treatment. Ambulatory surgical centers have proven to be a competent solution in this scenario. In addition, the growing demand to curb the surgical and post-surgical expenses and the growing prevalence of CVDs are anticipated to be a few of the high-impact rendering drivers for the ambulatory surgical centers segment. Moreover, reducing healthcare costs and improving patient experience are other factors driving the segment.

Regional Insights

North America dominated the market for pacemakers and accounted for the largest revenue share of around 42.4% in 2021. This growth is owing to the increasing elderly population with cardiac problems, the presence of key players, rapid technological advancements such as MRI compatible pacemakers, Bluetooth enabled pacemakers, and improving regulatory approvals. 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. Moreover, technological advancements in the healthcare sector and the increasing number of heart-related surgeries are driving the market in the region.

In Asia Pacific, the market is likely to exhibit a lucrative CAGR of around 4.8% over the estimated period. This growth of the market in the region is owing to market penetration by the key players, and massive untapped opportunities are driving the growth. Furthermore, investments in the healthcare sector, especially in Japan, China, and India have gained traction. These countries are progressively focused on developing vigorous healthcare facilities for cardiovascular diagnosis and treatment. Such factors are anticipated to drive market growth in the coming years. Growing economies and populations in developing countries including China and India are expected to create substantial opportunities for the market in the region.

Key Companies & Market Share Insights

Key companies undertook various strategic initiatives such as product launches, mergers and acquisitions, and partnerships and collaborations to gain more penetration. For instance, in June 2021, Medtronic launched the Micra AV, a self-contained, miniaturized pacemaker for delivering advanced pacing technology for atrioventricular (AV) block patients through a minimally invasive approach. Some of the prominent players in the pacemakers market include:

• Boston Scientific Corporation

• Zoll Medical Corporation

• Medtronic

• BIOTRONIK

• MicroPort Scientific Corporation

• Cook Medical

• MEDICO SpA

• Pacetronix

• Oscor Inc.

• Osypka Medical GmbH

Pacemakers Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this report, Grand View Research has segmented the global pacemakers market report on the basis of product, type, application, end-use, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Implantable pacemakers

    • Single Chamber

    • Dual Chamber

    • Biventricular Chamber

  • External pacemakers

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • MRI Compatible Pacemakers

  • Conventional Pacemakers

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Arrhythmias

    • Atrial Fibrillation

    • Heart Block

    • Long QT Syndrome

  • Congestive Heart Failure

  • Others

• End-use (Revenue, USD Million, 2017 - 2030)

  • Hospitals & Cardiac Centers

  • Ambulatory Surgical Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE