CARDIAC PACEMAKER MARKET ANALYSIS

Market Size and Trends

Global cardiac pacemaker market is estimated to be valued at USD 4,907.2 Mn in 2024 and is expected to reach USD 6,838.6 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.

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Global cardiac pacemaker market growth is driven by rising geriatric population worldwide and the subsequent increase in the prevalence of cardiovascular and heart diseases. Growing adoption of technologically advanced cardiac pacemakers integrated with remote monitoring capabilities can boost demand for these pacemakers. However, the availability of alternative therapies for arrhythmia syndromes and the risks and complications associated with pacemaker implants may hamper the cardiac pacemaker market growth during the forecast period.

Increasing product approval by regulatory authorities

Increasing product approval by regulatory authorities is expected to drive the global cardiac pacemaker market growth over the forecast period. For instance, on June 15, 2020, Medtronic plc., a medical device company, announced that it had received CE mark by European Union (EU) for Micra AV Transcatheter Pacing System (TPS), a small pacemaker with features such as atrioventricular (AV) synchrony. This device is indicated for treatment of patients with AV blocks, impaired heart chambers, to provide electrical signals for proper functioning of heart.

Market Concentration and Competitive Landscape

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Increasing inorganic activities such as agreements, partnerships, and collaborations among market players is expected to drive the global cardiac pacemaker market growth over the forecast period. For instance, on December 17, 2021, LifeTech Scientific Corporation, a China-based medical device company and manufacturer of interventional medical devices, announced its extension of agreement with Medtronic plc., a medical devices company for  HeartTone domestic pacemaker project. This project agreement includes extension of project till 2028, where Medtronic will provide series of specialized technical consulting services.

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Product recall for cardiac pacemakers by market players is expected to hamper the global cardiac pacemaker market growth over the forecast period. For instance, in August 2021, Boston Scientific, a medical device manufacturing company, announced the recalling notice for pacemakers and cardiac resynchronization therapy pacemakers (CRT-Ps) due to the risk of transitioning to safety mode. Safety mode is intended to provide backup if the device is faulty. These pacemakers or cardiac resynchronization therapy pacemakers (CRT-Ps) belongs to Boston Scientific’s INGENIO product portfolio, which are used for patients who have low heart rates, and patients with moderate to severe heart failure, a condition where heart cannot pump enough blood as per requirement for patient.

Market Opportunity – Increasing Investments by Key Market Players

Increasing adoption of inorganic growth strategies such as investments is expected to drive growth of the global cardiac pacemaker market. For instance, in July 2022, a research project at the University of Leeds U.K., announced that  it  had received a funding of US$ 214,328 grant from Heart Research UK to examine use of blood pressure cuffs for heart failure patients with pacemakers.

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Product Type segment is sub-segmented into single-chamber pacemaker, dual-chamber pacemaker, biventricular pacemaker. Single-chamber pacemaker  segment is estimated to hold 44.8% of the market share in 2024, owing to their affordable price point. Single-chamber pacemakers offer a more basic yet effective solution at a fraction of the cost of dual-chamber or biventricular models, thus, making them desirable for price-sensitive customers. Their simple design with only one lead wire also reduces manufacturing complexities and costs. Given the large population without health coverage, single-chamber pacemakers remain the go-to option for those seeking an affordable treatment option. This has ensured their continued dominance in the global cardiac pacemaker market over the years.

Insights, By Implantability: Clinical adaptability boosts usage of implantable pacemakers

 Implantability segment is sub-segmented into implantable pacemakers and external pacemakers. Implantable pacemakers  segment is estimated to hold 63.5% of the market share in 2024m owing to their enhanced clinical suitability and acceptance. Unlike external pacemakers used temporarily, implantable devices offer permanence once surgically placed inside the body. This allows for superior management of cardiac arrhythmias without restrictions on patient movement or lifestyle. Implantable pacemakers are also more seamlessly integrated with the body's physiology. Advancements in miniaturization have increased comfort levels while reducing risks of inflection and rejection. Their long-term reliability negates the need for frequent replacement. Widespread physician recommendation and training has boosted user familiarity and preference for implantable pacemakers over other options. This has established them as the gold standard treatment in most healthcare settings.

Insights, By End User: Hospital infrastructures drive demand from Hospitals

End User segment is sub-segmented into hospitals, cardiac clinics, ambulatory surgical centers. Hospitals  segment is estimated to hold 33.1% of the market share in 2024 as most patients prefer dedicated cardiac facilities for pacemaker implantation and management. Hospitals employ skilled cardiac specialists, equip themselves with advanced diagnostic technologies and operate high-level intensive care units required for pacemaker procedures. These also offer post-operative care and monitoring at convenient locations. This provides patients assurance of comprehensive care. Many countries also lack widespread access to cardiac clinics or surgery centers in rural areas. Hospitals remain the default option for a majority, driving their sales volumes. Governments and insurance providers also prefer recognized hospital infrastructures for reimbursing cardiac device costs.

Regional Insights

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North America remains the dominant region in the global cardiac pacemaker market and is estimated to hold 37.2% of the market share in 2024. The U.S.  leads the regional market and accounts for the major share due to the strong presence of leading pacemaker manufacturers in the country. Factors such as rising geriatric population suffering from cardiovascular diseases, favorable reimbursement policies, and higher healthcare spending have boosted the sales of pacemakers in the US. The region is an early adopter of advanced devices due to the high acceptance of new technologies among physicians and patients. Leading global players such as Medtronic, Abbott, and Boston Scientific have their headquarters in the U.S., allowing them to cater to the regional demands efficiently and maintain their stronghold.

Asia Pacific has shown potential to become the fastest-growing region in the global market. China dominates the Asia Pacific cardiac pacemaker market due to rising incidence of cardiovascular diseases and growing healthcare expenditure. Moreover, the presence of a large patient pool makes the country highly lucrative for pacemaker manufacturers. With improving medical infrastructure and affordability, the adoption of pacemakers is increasing at a rapid pace in China.

Market Report Scope

Key Developments

• In July 2023, Abbott, a medical device company, announced that the U.S. Food and Drug Administration (FDA) had approved the AVEIR dual chamber (DR) leadless pacemaker system, the world's first dual chamber leadless pacing system that treats people with abnormal or slow heart rhythms. Leadless pacemakers provide a new minimally invasive option that will revolutionize care for more people in the U.S. who need pacing to treat a variety of slow or abnormal heart rhythms.
• In July 2022, Abbott, a medical device company, announced that its investigational Aveir dual-chamber leadless pacemaker represents a significant technological milestone for leadless pacing technology and is the first to occur around the world within the pivotal trial
• In June 2021, Medtronic, a medical device company, announced the launch of Micra A, a miniaturized, fully self-contained pacemaker that delivers advanced pacing technology to Atrioventricular (AV) block patients through a minimally invasive approach

*Definition: A cardiac pacemaker is a small-sized device that is implanted in the chest to control the slow heartbeat. The cardiac pacemaker implantation is carried out with a surgical procedure. There are three types of cardiac pacemakers such as single-chamber pacemaker, dual-chamber pacemaker, and biventricular pacemaker

Market Segmentation

•  Product Type Insights (Revenue, USD Mn, 2019 - 2031)
  • Single-chamber Pacemaker
  • Dual-chamber Pacemaker
  • Biventricular Pacemaker
•  Implantability Insights (Revenue, USD Mn, 2019 - 2031)
  • Implantable Pacemakers
  • External Pacemakers
•  End User Insights (Revenue, USD Mn, 2019 - 2031)
  • Hospitals
  • Cardiac Clinics
  • Ambulatory Surgical Centers
• Regional Insights (Revenue, USD Mn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Medtronic
  • Boston Scientific Corporation
  • Abbott
  • BIOTRONIK SE & Co. KG
  • Pacetronix 
  • Lepu Medical Technology(Beijing)Co., Ltd.
  • LIVANOVA PLC
  • OSCOR Inc.
  • MEDICO S.R.L.
  • MicroPort Scientific Corporation
  • OSYPKA MEDICAL
  • Vitatron Holding B.V.