Cardiac Pacemaker Market

Global Cardiac Pacemaker Market Size (2024 to 2029)

The cardiac pacemaker market size was valued at USD 6.64 billion in 2023. The global market is expected to grow at a CAGR of 5.5% from 2024 to 2029 and be worth USD 9.16 billion by 2029 from USD 7.01 billion in 2024.

MARKET DRIVERS

One of the key factors driving the growth of the cardiac pacemaker market is the steadily rising prevalence of cardiovascular disorders.

In the coming years, the population suffering from heart disease is expected to grow rapidly worldwide owing to the increasing adoption of sedentary lifestyles and growing consumption of alcohol and smoking. The American Heart Association (AHA) estimates that 523.2 million individuals worldwide experienced cardiovascular illnesses in 2019. The desire for innovative, less invasive ways to improve patient outcomes for different pacemaker implantations is growing, which is good news for the pacemaker market.

Technological advancements in cardiac pacemakers are further boosting the global market growth.

The prevalence of pacemakers is expected to rise as a result of technological developments in implantable pacemakers, such as the creation of leadless pacemakers, MRI-compatible devices, and cardiac pacing systems with wireless connection and remote monitoring. Over the past few decades, pacemaker technology has undergone a number of advancements. The most influential technologies in patient care include longer battery lives, technology that helps reduce the need for pacing to conserve battery power, and wireless remote monitoring systems that track device data and patient health. These technologies are anticipated to encourage the use of modern technology, which is anticipated to accelerate the growth rate over the forecast period.

MARKET RESTRAINTS

Poor awareness regarding the capabilities of cardiac pacemakers among healthcare professionals and public is a significant restraint to the global market growth.

Despite the rising incidence of chronic diseases including cancer, cardiovascular disorders, etc., the market for cardiac pacemakers is being constrained by a few factors. The public's low awareness of cardiovascular problems in developing and undeveloped nations, the expensive cost of therapy, and the rising number of product recalls due to defective devices are the main factors that are constraining the growth of the cardiac pacemaker market. In addition, the rise of pacemaker infections, including bradycardia, blood clots, air leakage, and Twiddler's Syndrome, is another reason that is severely impeding the market's overall growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Cardiac Pacemaker Market Analysis By Product

The implantable segment dominates the cardiac pacemaker market. The implantable segment had the largest market share in 2023. This is due to, the rise in the adoption of these devices for arrhythmias, treatment of cardiac failure, and ongoing clinical trial processes are the key factors driving this segment's overall growth. Single chambers, double chambers, and biventricular pacemakers are the three main implantable pacemakers. The decreased number of post-surgical problems and several leads to ensure proper heart physiology have contributed to this segment rise.

Global Cardiac Pacemaker Market Analysis By Application

The arrhythmias segment held a dominating share of the global market in 2023. The market for cardiac pacemakers was dominated by the arrhythmias sector in 2022 with a market share of 35%. Over the course of the forecasting period, this market sector is anticipated to experience rapid expansion. A further division of the section is made into long QT syndrome, heart block, and atrial fibrillation. The prevalence of cardiac arrhythmia is influenced by elements like lifestyle diseases, excessive alcohol use, smoking, and obesity. According to the European Medical Group LTD, 2019, there are 12,32,144 cases of atrial fibrillation and atrial flutter combined in the United Kingdom. The sector for congestive heart failure is expected to grow at the second-fastest rate. According to the CDC, around 6.5 million adults in the U.S. had heart failure as of December 2018. As a result, during the predicted period, there will be a greater need for pacemakers with cutting-edge technology.

Global Cardiac Pacemaker Market Analysis By End-User

In 2023, the hospitals and cardiac centers segment had a commanding proportion of these, with a market share of almost 60.0%. While a patient is admitted, hospitals and cardiac centers provide the best care possible. These facilities also provide reimbursements for procedures, which is what is fueling the segment's expansion. According to the American Heart Association, more individuals would be admitted to hospitals for cardiac arrest during the forecasted timeframe. Hospitals and cardiac centers, ambulatory surgery centers, and other facilities make up the end-user segment. Because of its enhanced market reach, particularly to remote areas, and convenience of treatment, the ambulatory surgery center category is anticipated to experience encouraging expansion during the projection period.

REGIONAL ANALYSIS

During the forecast period, it is anticipated that the North American cardiac pacemaker market will account for the highest share of the worldwide cardiac pacemaker market. In 2023, this sector's revenue share was the highest at over 42.0%. This rise is brought on by an aging population with more cardiac issues, the presence of important players, quick technology breakthroughs like Bluetooth-enabled pacemakers and MRI-compatible pacemakers, and better regulatory clearances. The incidence of cardiovascular diseases, such as congestive heart failure, cardiac arrests, and arrhythmias, is rising quickly in the United States, which is fueling the need for pacemakers in the country. The market in the region is also being driven by technical developments in the healthcare industry and an increase in the number of procedures linked to the heart.

The market in Asia Pacific is expected to grow at a profitable CAGR over the projected period. The leading players' market penetration and vast untapped prospects are what are fueling the market expansion in the region. Additionally, investments in the healthcare industry have become more popular, particularly in Japan, China, and India. These nations are increasingly concentrating on creating robust healthcare infrastructure for cardiovascular diagnosis and treatment. In the upcoming years, it is projected that these factors will fuel market expansion. Growing populations and economies in developing nations like China and India are anticipated to open up a wide range of market prospects. During the forecasting period, it is expected that the Chinese pacemaker market would exhibit a strong CAGR. The Chinese population's cardiovascular health has been impacted by the country's rapid socioeconomic development, which has seen an increase in risk factors like obesity, hypertension, smoking, and diabetes. Increased fatality rates from cardiovascular disorders have increased the usage of pacemakers, making their rising prevalence a serious public health concern.

In 2023, the European pacemaker market was responsible for a significant amount of the global market, and over the forecast period, it is expected to rise at a promising rate of growth. Latin America's pacemaker market is expected to grow at a high CAGR over the course of the forecast period as a result of an increasing geriatric population with CVDS that is using pacemakers more frequently. Over the forecast period, the MEA pacemaker market is anticipated to exhibit a moderate CAGR in the worldwide market.

KEY PLAYERS IN THE GLOBAL CARDIAC PACEMAKER MARKET

Some of the major participants in the cardiac pacemaker market are Boston Scientific Corporation, Lepu Medical Co. Ltd., Abbott Laboratories, Biotronic SE &Co KG, Medtronic PLC, MicroPort Scientific Corporation, OSCOR Inc., Zoll Medical Corporation, LivaNova, Pacetronix, Vitatron, St. Jude Medical.

RECENT HAPPENINGS IN THE MARKET

• In June 2021, India Medtronic Private Limited launched Micra AV, a miniaturized, fully self-contained pacemaker that delivers advanced pacing technology to atrioventricular (AV) block patients via a minimally invasive approach. The device is the first pacemaker that can sense atrial activity without a lead or device in the upper chamber of the heart.
• In January 2021, Boston Scientific Corporation announced its plan to acquire the remote cardiac monitoring developer, Preventice Solutions.

DETAILED SEGMENTATION OF THE GLOBAL CARDIAC PACEMAKER MARKET INCLUDED IN THIS REPORT

This research report on the global cardiac pacemaker market has been segmented and sub-segmented based on the product, application, end user, and region.

By Product

• Implantable
• External

By Application

• Arrhythmias
• Atrial Fibrillation
• Heart Block
• Long QT Syndrome
• Congestive Heart Failure
• Others

By End User

• Hospitals & Cardiac Centers
• Ambulatory Surgical Centers
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa