The global pacemakers market size was valued at USD 4.49 billion in 2021, and it is anticipated to reach USD 6.08 billion by 2030 at a CAGR of 3.42%. A pacemaker is a medical device that maintains an appropriate heart rate by stimulating the heart's lower chambers with minute electrical impulses or transmitting these impulses to the cardiac muscles to stimulate them. Syncope, congestive heart failure, and hypertrophic cardiomyopathy are among the conditions that can be treated with this medication. It is possible to implant the pacemaker using either an epicardial or endocardial surgical operation, which is considered less invasive. During this surgery, the leads and pacemaker are implanted into the patient simultaneously through a chest incision.
Get more information on this report Download Sample Report
The industry is predicted to grow quickly because of the increased prevalence of cardiovascular illnesses
It is anticipated that the rapidly growing instances of cardiovascular illnesses among millennials as a result of lifestyle changes such as less physical exercise and poor food eating habits would drive the pacemaker market share growth in the period that is being forecasted. A significant number of people all over the world are affected by a variety of cardiac disorders, including heart attacks and bradycardia. For instance, according to a report published by the Centre for Disease Control and Prevention, an organization based in the United States that is responsible for the regulation of healthcare, in the United States, in 2021, approximately 805,000 people will suffer from heart attack each year. As a result, the implanting of a pacemaker is the most common treatment used to prevent major heart-related disorders. In addition, there is an expected rise in the global elderly population, which is another factor likely to contribute to the expansion of the pacemaker market in the coming years.
The increasing incidence of congestive heart failure is expected to drive market value
The increasing prevalence of congestive heart failure and the mortality that is related to it prompted the congestive heart failure category to grab 35 per cent of the revenue share in 2020. According to an article published in Radcliffe Cardiology in 2017, heart failure is a complex clinical syndrome characterized by the heart's impaired ability to pump blood. Heart failure affects approximately 26 million people worldwide, and it is anticipated that more people will be afflicted with this condition. In the United States, approximately 5.7 million people are affected by heart failure. According to the forecasts, more than 8 million people will be affected by this ailment by the year 2030, representing a rise of 46 per cent. It is anticipated that the growing incidence of heart failure will play a pivotal role in driving up the market for these devices to regulate cardiac rhythm.
High pacemaker implant costs will limit market expansion
Implementing a pacemaker, an electronic device, into a patient's heart is a pricy process. As a result, few patients, particularly in underdeveloped countries, can afford the exorbitant expense of treatment. This issue will probably make it harder for pacemaker market share to increase in the coming years. Additionally, since pacemakers are implanted inside patients, there is a high risk of infection at the implantation site, which could be a severe issue. Therefore, this factor is expected further to restrain market expansion throughout the anticipated time frame.
Improvements and advancements in existing pacemaker devices are expected to create growth opportunities in the future
Huge growth potential is anticipated in the pacemaker market throughout the forecast period due to continual advancements and improvements made to existing pacemaker devices and the launch of novel products by key competitors.
The global market for pacemakers is divided into five parts: Product, type, application, end-use and region. Further, the market is bifurcated into Implantable and External pacemakers based on product. In 2021, the market was dominated by implanted pacemakers, which accounted for more than 60% of the market. Biventricular pacemakers, dual-chamber pacemakers, and single chamber pacemakers are different categories of implantable pacemakers. One of the main factors driving market expansion is the rising demand for these devices for treating heart failure and arrhythmias and continuing clinical trials.
The market is bifurcated into MRI Compatible and Conventional Pacemakers based on type. The conventional pacemakers market category dominated in revenue in 2021, accounting for a revenue share of more than 51.0 per cent—this expansion results from improvements, affordability, small size, and extended shelf life.
According to the application, the market is divided into Arrhythmias (Atrial Fibrillation, Heart Block, Long QT Syndrome), Congestive Heart Failure and Others. The arrhythmias sector dominated the market in 2021 when it held the highest revenue share of 37.6 per cent. The prevalence of cardiac arrhythmia is influenced by lifestyle diseases, excessive alcohol use, smoking, and obesity.
The market is divided into Hospitals & Cardiac Centres, Ambulatory Surgical Centres and Others based on end-user. In 2021, the segment of hospitals and cardiac centres held a dominating share of almost 60.6 per cent. While a patient is admitted, hospitals and cardiac centres provide the best treatment possible. These facilities also provide reimbursements for procedures, fuelling the segment's expansion.
The market is broken down into North America, Asia-Pacific, Europe, Latin America and the Middle East & Africa based on the region. North America dominated the market.
Based on region, the global market for pacemakers is broken down into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
Regional Growth Insights Request Sample Pages
In 2021, North America was the most dominant region in the market for pacemakers, accounting for the most significant revenue share, which was approximately 42.4 per cent. Growth in the pacemaker market can be attributed to the presence of important competitors, quick technical improvements, and improved regulatory clearances. In addition, this growth is being driven by an increasingly elderly population with cardiac problems. The United States is experiencing a dramatic rise in the frequency of cardiovascular illnesses such as cardiac arrests, congestive heart failure, and arrhythmias, further fuelling the demand for pacemakers in the region. Several reasons are driving the market in this region, including the development of new medical technology and an increase in cardiac surgery.
The market in Asia-Pacific is likely to grow at a healthy rate throughout the forecast period. This market expansion in the region may be attributed to the leading players' increased market penetration and the vast unexplored opportunities driving the expansion. Additionally, there has been a rise in the number of investments made in the healthcare industry, particularly in the countries of Japan, China, and India. These nations are making significant strides toward establishing robust healthcare facilities for diagnosing and treating cardiovascular conditions. It is projected that factors such as these will fuel market expansion over the next several years. It is anticipated that expanding economies and people in developing countries like China and India will generate the significant potential for the market in the region.