The global pacemaker market size was estimated at USD 4.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 2.9% from 2020 to 2027. Rising incidences of Cardiovascular Diseases (CVDs), increasing cost of cardiac disease management, favorable government policies, and the introduction of technologically advanced pacemakers such as leadless pacemakers and MRI safe pacemakers are primarily driving the market. The rising burden of CVDs 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 1,044.0 billion by 2030, which highlights the great need for these 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 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 of COVID-19.
In terms of revenue, the implantable pacemakers segment dominated the market with around 62.8% share in 2019. Implantable pacemakers are further divided into a single chamber, dual-chamber, and biventricular pacemakers. Increasing the adoption of 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, market growth is driven by an increasing prevalence of CVDs.
The external pacemaker depicts promising growth during the forecast period owing to the enhanced user interface, easy configuration, and improved low battery indicator. As the external pacemakers are noninvasive, there is a low risk of postsurgical complications. Furthermore, the devices are useful for patients to track and record daily heart functions.
In terms of revenue, conventional pacemakers dominated the market and accounted for 51.7% share in 2019. Continuous upgradations, affordability, small-sized, and elongated shelf life are factors driving the segment growth. 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, in 2018, approximately 75.0% of patients having an implantable pacemaker will need MRI during their lifetimes. Hence, the segment is witnessing high growth.
Arrhythmias held the largest revenue share of 37.9% in the pacemaker market in 2019. 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, in 2019, the total prevalence of people with atrial fibrillation and atrial flutter is 12,32,144 in the U.K.
Congestive heart failure is expected to be 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 failures is likely to fuel the demand for technologically advanced pacemakers during the forecast period.
The hospitals and cardiac centers segment dominated and accounted for a revenue share of 61.1% in 2019. Hospitals and cardiac centers offer superior care to their patients and provide reimbursements during surgeries, thus witnessing incredible growth. 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 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. Also, ambulatory surgical centers have proven to be a competent solution in this scenario. Furthermore, the rising demand to curb the surgical and post-surgical expenditure and increasing prevalence of CVD is expected to be some of the high-impact rendering drivers for the ambulatory surgical center segment.
North America dominated the market and accounted for a revenue share of 42.6% in 2019. The growth can be attributed to the presence of key players, increasing the elderly population with cardiac problems, rapid technological advancements such as MRI compatible pacemakers and Bluetooth enabled pacemakers, and improving regulatory approvals. Rising incidences of cardiac disorders such as congestive heart failure, arrhythmias, and cardiac arrests are further propelling market growth in the region.
In Asia Pacific, the market is likely to exhibit lucrative growth over the estimated period. Market penetration by the key players and massive untapped opportunities are driving the growth. Furthermore, investments in the healthcare sector, especially in Japan, India, and China have gained traction. Countries are progressively focusing on developing robust healthcare facilities for cardiac diagnosis and treatment. Such factors are expected to lead to market growth in the region in the coming years.
Key companies undertook various strategic initiatives such as product launches, mergers & acquisitions, and partnerships and collaborations to gain more penetration. For instance, in January 2020, Medtronic received Micra AV. It is the smallest pacemaker with atrioventricular (AV) synchrony. This is expanding the number of potential candidates for groundbreaking technology in the U.S. Also, in April 2018, MicroPort acquired Liva Nova’s cardiac rhythm management business to improve its global market penetration. Some of the prominent players in the pacemaker market include:
Boston Scientific Corporation
Zoll Medical Corporation
Medtronic
BIOTRONIK
MicroPort Scientific Corporation
Cook Medical
MEDICO SpA
Pacetronix
Oscor Inc.
Osypka Medical GmbH
Report Attribute |
Details |
Market size value in 2020 |
USD 4.6 billion |
Revenue forecast in 2027 |
USD 5.8 billion |
Growth Rate |
CAGR of 2.9% from 2020 to 2027 |
Base year for estimation |
2019 |
Historical data |
2016 - 2018 |
Forecast period |
2020 - 2027 |
Quantitative units |
Revenue in USD million and CAGR from 2020 to 2027 |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
Segments covered |
Product, type, application, end-use, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
The U.S.; Canada; Germany; The U.K.; France; Italy; Spain; Japan; China; India; Australia; Brazil; Mexico; South Africa; Saudi Arabia; UAE |
Key companies profiled |
Boston Scientific Corporation; Zoll Medical Corporation; Medtronic; BIOTRONIK; MicroPort Scientific Corporation; Cook Medical; MEDICO SpA; Pacetronix; Oscor Inc.; Osypka Medical GmbH |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global pacemaker market report on the basis of product, type, application, end-use, and region:
Application Outlook (Revenue, USD Million, 2016 - 2027)
Arrhythmias
Atrial Fibrillation
Heart Block
Long QT Syndrome
Congestive Heart Failure
Others
Type Outlook (Revenue, USD Million, 2016 - 2027)
MRI Compatible Pacemakers
Conventional Pacemakers
Product Outlook (Revenue, USD Million, 2016 - 2027)
Implantable pacemakers
Single Chamber
Dual Chamber
Biventricular Chamber
External pacemakers
End-use Outlook (Revenue, USD Million, 2016 - 2027)
Hospitals & Cardiac Centers
Ambulatory Surgical Centers
Others
Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
The U.S.
Canada
Europe
The U.K.
Germany
France
Italy
Spain
Asia Pacific
Japan
China
India
Australia
Latin America
Brazil
Mexico
Middle East & Africa
South Africa
Saudi Arabia
UAE
b. The global pacemaker market size was estimated at USD 4.5 billion in 2019 and is expected to reach USD 4.6 billion in 2020.
b. The global pacemaker market is expected to grow at a compound annual growth rate of 2.9% from 2020 to 2027 to reach USD 5.8 billion by 2027.
b. North America dominated the pacemaker market with a share of 41.85% in 2019. This is attributable to developed healthcare infrastructure, the presence of planned reimbursement structure, greater per capita healthcare spending, and higher awareness among the population about advanced technologies.
b. Some key players operating in the pacemaker market include Medtronic; BIOTRONIK, Inc.; Boston Scientific Corporation; St. Jude Medical; ZOLL Medical Corporation; MEDICO S.p.A.; Vitatron; Pacetronix; and Cordis, Inc.
b. Key factors that are driving the market growth include increasing prevalence of cardiovascular diseases (CVDs), technological advancement, and availability of reimbursement for implantation of pacemakers.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.