Pacemakers Global Market Report 2024

Pacemakers are small devices implanted in the chest to regulate the heartbeat, specifically to prevent the heart from beating too slowly. They are utilized in the treatment of conditions such as fainting spells, congestive heart failure, and hypertrophic cardiomyopathy.

The main types of pacemakers include MRI-compatible pacemakers and conventional pacemakers. MRI-compatible pacemakers are devices that present no known hazards in specified MRI environments, subject to specific device and MRI scanner conditions. These pacemakers employ various technologies, such as single-chamber pacemakers, dual-chamber pacemakers, and biventricular or CRT (cardiac resynchronization therapy) pacemakers. They differ in implantability, with options including implantable pacemakers and external pacemakers. The applications of pacemakers encompass congestive heart failure, arrhythmias, bradycardia, and tachycardia, serving various end users such as hospitals, cardiac care centers, ambulatory surgical centers, and others.

The pacemaker market research report is one of a series of new reports that provides pacemaker market statistics, including pacemaker industry global market size, regional shares, competitors with a pacemaker market share, detailed pacemaker market segments, market trends and opportunities, and any further data you may need to thrive in the pacemakers industry. This pacemaker market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The pacemakers market size has grown strongly in recent years. It will grow from $5.23 billion in 2023 to $5.57 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%.
The expansion observed in the historical period can be attributed to several factors, including an aging population, the prevalence of cardiovascular diseases, lifestyle-related health issues, regulatory approvals for medical devices, and the increasing number of heart attack survivors.

The pacemakers market size is expected to see strong growth in the next few years. It will grow to $7.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
The anticipated growth in the forecast period can be attributed to several factors, including the rise of telemedicine, increased investment in both public and private healthcare sectors, advancements in pediatric and neonatal care, improvements in surgical techniques, and the trend toward miniaturization and leadless devices in medical technology. Noteworthy trends in the forecast period encompass the integration of artificial intelligence (AI) in healthcare, the development of wearable health technology, the adoption of remote programming in medical devices, advancements in electrophysiology procedures, and ongoing technological innovations in the healthcare sector.

The growth of the pacemaker market is anticipated to be fueled by the increasing prevalence of cardiovascular diseases. Cardiovascular diseases, affecting the heart and blood vessels, prompt the utilization of pacemakers with flexible and insulated wires to control irregular heart rhythms. As of 2021, according to the World Health Organization, India is expected to account for one-fifth of total deaths from stroke and ischemic heart disease, particularly in younger adults. In the United States, the Center for Disease Control and Prevention reported that approximately 695,000 individuals lost their lives to heart disease in 2021, representing 1 out of every 5 fatalities. Consequently, the growing prevalence of cardiovascular diseases is poised to propel the pacemaker market's growth.

The expansion of the geriatric population is another factor expected to contribute to the growth of the pacemaker market. With age, the risk of heart conditions such as arrhythmias, atrial fibrillation, and bradycardia increases, necessitating pacemaker implantation. A report from the World Health Organization in October 2022 highlighted that by 2030, one in six people globally is expected to be 60 or older, with the global population of individuals aged 80 or older increasing by 426 million between 2020 and 2050. This demographic shift is a significant driver for the growth of the pacemaker market.

Innovation in product development is a notable trend in the pacemaker market, with major companies introducing novel products to cater to diverse customer needs and enhance revenue. For example, in July 2023, Abbott, a US-based medical device company, obtained FDA approval for the AVEIR dual chamber (DR) leadless pacemaker system. This innovative system, enabled by Abbott's i2i communication technology, facilitates synchronized cardiac pacing between two leadless pacemakers based on a patient's clinical requirements, expanding access to leadless pacing for a larger population in the United States.

Major companies in the pacemaker market are developing advanced products such as miniaturized pacemakers to further broaden their customer base and increase sales. In May 2023, Medtronic PLC, a US-based medical device company, received FDA approval for the Micra AV2 and Micra VR2, recognized as the world's smallest pacemakers. These miniaturized, leadless pacemakers offer extended battery life and simplified programming, aiming to reduce complications compared to traditional pacemakers. The Micra AV2 and Micra VR2 contribute to enhanced patient outcomes with their longer battery life and advanced algorithms for autonomous programming of atrioventricular synchrony.

In January 2021, Boston Scientific, a US-based manufacturer of medical devices, acquired Preventice Solutions, Inc. for $925 million. This strategic acquisition is expected to enhance Boston Scientific's position in the ambulatory electrocardiography market, complementing its entry into the implantable cardiac monitor market and supporting its leadership strategy in cardiac diagnostics and services. Preventice Solutions, Inc., a US-based medical device company, specializes in providing mobile cardiac health solutions and services, including ambulatory cardiac monitors and mobile cardiac telemetry.

Major companies operating in the pacemakers market include Boston Scientific Corporation, ZOLL Medical Corporation, Medtronic plc Biotronik Medical Devices India Pvt ltd., MicroPort Scientific Corporation, Cook Medical Incorporated, MEDICO S.p.A., Shree Pacetronix Ltd., Oscor Inc., Osypka Medical GmbH, Abbott Laboratories, LivaNova PLC, Lepu Medical Technology(Beijing)Co Ltd., Cordis Inc., Vitatron Holding B.V., Integer Holdings Corporation, Zoll Medical Corporation, Synapse Biomedical Inc., Pacetronix Limited, A&E Medical Corporation, Cardiac Rhythm, Sorin Group Italia S.r.l., Galix Biomedical Instrumentation Inc., Imricor Medical Systems Inc., Sterimed Group, Edwards Lifesciences Corporation, Aleva Neurotherapeutics SA, Adiant Medical Inc., SMT Medical GmbH & Co. KG, Spacelabs Healthcare Inc., BioTrace Medical Inc.

North America was the largest region in the pacemaker market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pacemaker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the pacemaker market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The pacemaker market consists of sales of leadless pacemakers and transvenous peacemakers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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