Pacemaker Market Size, Share & Trends Analysis Report By Product (Implantable Pacemakers, External Pacemakers), By Type, By Application, By End Use (Hospitals & Cardiac Centers, Ambulatory Surgical Centers), And Segment Forecasts, 2020 - 2027

Report Overview

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.

Product Insights

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.

Type Insights

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.

Application Insights

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.

End-use Insights

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.

Regional Insights

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 & Market Share Insights

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

Pacemaker Market Report Scope

Segments Covered in the Report

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