Pacemakers Market worth $5.3 billion by 2027

According to a new market research report Pacemakers Market by Implantability (External), Technology (Single Chamber, Dual Chamber, CRT-P/Biventricular Pacemaker), Type (Conventional, MRI Compatible), End Users (Hospitals and Cardiac Centers, Ambulatory Surgery Center) - Global Forecast to 2027, is projected to reach USD 5.3 billion by 2023 from USD 4.5 billion in 2019, at a CAGR of 2.0%. Growth in this market is driven by increasing prevalence of cardiovascular diseases and technological advancements in devices.

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The implantable pacemakers segment, by implantability, projected to occupy the majority of the market share and grow at the fastest rate during the forecast period.

The implantable pacemakers segment is projected to be the fastest-growing segment, by implantability, during the forecast period. The large share of the implantable pacemakers segment is primarily attributed to the increasing prevalence of CVDs and the rising preference for these pacemakers due to their benefits over their external counterparts.

The MRI compatible pacemakers segment, by livestock, is projected to occupy the majority of the market share and grow at the fastest rate during the forecast period.

The MRI compatible pacemakers segment is projected to be the fastest-growing segment, by type, during the forecast period. This can be attributed to the growing number of patients with implanted pacemakers and the increasing need for MRI scans in the geriatric population, as patients in this age group are more likely to have cardiac devices such as pacemakers.

North America is projected to account for the largest market size in the pacemakers market during the forecast period.

North America is estimated to account for the largest share of the market. Factors such as the rising prevalence of CVDs, growing geriatric population, increasing healthcare expenditure, and the availability of technologically advanced devices are driving the growth of the pacemakers market in North America.

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Major vendors in the pacemakers market include Medtronic (Ireland), Abbott (US), and Boston Scientific (US), BIOTRONIK (Germany), LivaNova (UK), OSCOR (US), Pacetronix (India), MEDICO (Italy), Osypka Medical (Germany), and Lepu Medical (China).

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Pacemakers Market | Top Players & Business Intelligence 2023

According to research report the pacemakers market is projected to reach USD 4.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 2.0% during the forecast period. A pacemaker is a medical device used when the heart is unable to produce electrical impulses naturally. When the heart’s natural pacemaker is defective or when the electrical pathways of the heart are blocked, it can cause irregular heartbeats, as known as arrhythmias. A pacemaker uses electrical pulses to prompt the heart to beat at a normal rate to treat arrhythmias.

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• The implanted pacemakers segment, by implantability, is projected to grow at the higher CAGR during the forecast period. These devices are often placed in the chest area, just under the collarbone, to send electrical signals to start or regulate the patient’s heartbeat

• The dual-chamber pacemakers segment, by technology, is projected to grow at the highest CAGR during the forecast period. A dual-chamber pacemaker has two leads and can be external or implantable. It connects to both chambers on the right side of the heart—the right atrium and the right ventricles—and can coordinate functions between the atria and ventricles.

• The MRI compatible pacemakers segment, by type, is projected to grow at the highest CAGR during the forecast period. The development of MRI Compatible pacemakers is a major advancement in the pacemakers market. It is estimated that 75% of patients who currently have an implantable cardiac pacemaker will need MRI scans during their lifetimes.

• The hospitals & cardiac centres segment, by end user, is projected to grow at the highest CAGR during the forecast period. Factors such as the large number of cardiovascular surgical procedures performed in hospitals, improving healthcare infrastructure, and favourable reimbursement scenario are driving the growth of the pacemakers market for hospitals & cardiac centres.

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The major pacemaker’s vendors include Medtronic (Ireland), Abbott (US), and Boston Scientific (US) BIOTRONIK (Germany), LivaNova (UK), OSCOR (US), Pacetronix (India), MEDICO (Italy), Osypka Medical (Germany), and Lepu Medical (China). These players have adopted various growth strategies such as expansions, acquisitions, and new product launches to expand their presence in the global pacemakers market. Product launches has been the most dominating strategy adopted by major players from 2015 to 2018. This has helped them to expand their consumer base and address the unmet needs of end users.

Pacemakers Market Development | Industry Report 2023

A pacemaker is a medical device used when the heart is unable to produce electrical impulses naturally. When the heart’s natural pacemaker is defective or when the electrical pathways of the heart are blocked, it can cause irregular heartbeats, as known as arrhythmias. A pacemaker uses electrical pulses to prompt the heart to beat at a normal rate to treat arrhythmias.

The development of implantable micro pacemakers for fetal use is further expected to propel the pacemakers market growth for liquid milk replacers. MarketsandMarkets expects the global pacemakers market to grow from USD 4.4 billion in 2018 to USD 4.9 billion by 2023, at a CAGR of 2% during the forecast period.

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The implanted pacemakers segment, by implantability, is projected to grow at the higher CAGR during the forecast period. These devices are often placed in the chest area, just under the collarbone, to send electrical signals to start or regulate the patient’s heartbeat. The increasing prevalence of CVDs and growing awareness on their long-term impacts, and introduction of MRI compatible & leadless, miniaturized implantable pacemakers are driving the preference for advanced treatment options such as MRI Compatible pacemakers.

The dual-chamber pacemakers segment, by technology, is projected to grow at the highest CAGR during the forecast period. A dual-chamber pacemaker has two leads and can be external or implantable. It connects to both chambers on the right side of the heart—the right atrium and the right ventricles—and can coordinate functions between the atria and ventricles. They are recommended for patients who have symptomatic bradycardia caused by sick sinus syndrome, atrioventricular block, or a combination of both. Due to the higher efficiency and cost-effectiveness of dual-chamber pacemakers in atrioventricular block or sick sinus syndrome over single-chamber which will impact their growth at a significant rate

The MRI compatible pacemakers segment, by type, is projected to grow at the highest CAGR during the forecast period. The development of MRI Compatible pacemakers is a major advancement in the pacemakers market. It is estimated that 75% of patients who currently have an implantable cardiac pacemaker will need MRI scans during their lifetimes. With a focus on catering to end-user demands, most prominent players in this pacemakers market have developed and launched technologically advanced MRI Compatible pacemakers in recent years. Factors such as growing number of patients with implanted pacemakers and the increasing need for MRI scans in the geriatric population, as patients in this age group are also more likely to have cardiac devices such as pacemakers.

The hospitals & cardiac centers segment, by end user, is projected to grow at the highest CAGR during the forecast period. Factors such as the large number of cardiovascular surgical procedures performed in hospitals, improving healthcare infrastructure, and favorable reimbursement scenario are driving the growth of the pacemakers market for hospitals & cardiac centers.

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In terms of geographical coverage, the pacemakers market has been segmented into 4 regions, namely, North America, Asia Pacific (APAC), Europe, RoW (Rest of the World). APAC is projected to record the highest growth rate during the forecast period. This can largely be attributed to the increasing prevalence of CVDs in these countries due to various factors such as increasing adoption of sedentary lifestyles, changing diets, increasing stress, and habitual smoking and drinking.

Pacemakers Market Top Players and Growth Strategies

According to research report the pacemakers market is projected to reach USD 4.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 2.0% during the forecast period. The major driving factors in the pacemakers market are increasing prevalence of cardiovascular diseases and technological advancements in devices.
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The major pacemaker’s vendors include Medtronic (Ireland), Abbott (US), and Boston Scientific (US) BIOTRONIK (Germany), LivaNova (UK), OSCOR (US), Pacetronix (India), MEDICO (Italy), Osypka Medical (Germany), and Lepu Medical (China). These players have adopted various growth strategies such as expansions, acquisitions, and new product launches to expand their presence in the global pacemakers market. Product launches has been the most dominating strategy adopted by major players from 2015 to 2018. This has helped them to expand their consumer base and address the unmet needs of end users.
In line with rising adoption of pacemaker devices, Medtronic focus on to develop innovative products for the treatment of heart rhythm disorders and heart failures. The company offers an extensive product portfolio for this market through its Cardiac and Vascular Group segment. It has a significant presence in more than 155 countries including major markets such as the US and Ireland. Medtronic focuses on organic growth strategies such as product launches to remain competitive in the market. In the last three years, it launched several products such as the Advisa and Ensura SR MRI SureScan Single-chamber Pacemaker Devices, Viva CRT-P Pacemaker, and Advisa DR MRI SureScan Pacing System.
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In 2017, Abbott acquired of St Jude Medical, this acquisition strengthened Abbott’s product offerings in the cardiovascular devices segment including pacemakers. The company offers a wide range of pacemaker products for cardiac rhythm management applications. Abbott is focusing on inorganic and organic growth strategies such as acquisitions and product launches. For example, in 2018, the company launched its smallest pacemaker, Assurity MRI and also receive CE mark approval for Nanostim leadless pacemaker in 2016. The company has a vast geographic presence and operated in 150 countries across the world. Abbott’s strong portfolio provides it with a competitive advantage in the market.