Cardiac Pacemaker Market

[170+ Pages Research Report] Cardiac Pacemaker Market to surpass USD 5.7 billion by 2032 from USD 3.96 billion in 2021 at a CAGR of 3.3% throughout the forecast period 2021-32.

Product Overview

The global cardiac pacemaker market size was USD 3.96 billion in 2021 and projected to grow from USD 4.3 billion in 2023 to USD 5.7 billion by 2032, exhibiting a CAGR of 3.3% during the forecast period.

Pacemaker is an electronic device that is implanted in heart and is used to monitor the heartbeat of patient by regularizing it with the assistance of small electric stimulation. Based on the heart requirement, the pacemakers are utilized for a short durations or long durations of time. The pacemakers are helpful to monitor the heartbeat of the patient and gives the measures of heart rate and even provide diagnostic data about the condition of heart.

Market Highlights

Cardiac Pacemaker Market is expected to project a CAGR of 3.3% during the forecast period 2022-2032.

The Cardiac Pacemaker Market is expected to reach USD 5.7 billion at a CAGR of 3.3% during the forecast period owing to the increasing occurrence of cardiovascular diseases, rise in obesity, exceeding life expectancy; acquiring sedentary lifestyle and increasing alcohol consumption which is expected to increase the cardiac pacemakers market growth. Increasing technological advancements and the reimbursement policies in the developing countries will aid to in creating growth opportunities for the key players of market. The advancements like adoption of permanent implantable cardiac pacemakers will prevent occurrence of sudden cardiac deaths, reduce the occurrence of cardiac arrest and atrial fibrillation. The rising adoption of modern therapies and rising awareness towards healthcare will boost the growth of the market.

Figure - Cardiac Pacemaker Market Size, 2021-2032 (USD Billion)  

Cardiac Pacemaker Market Segmentation:

Biventricular/ Cardiac Resynchronization Therapy Device Pacemaker (CRT-P) segment is expected to grow with a higher CAGR during 2022-32

Cardiac Pacemaker Market is classified based on the Product into Single Chamber Pacemakers, Dual Chamber Pacemakers, Biventricular/ Cardiac Resynchronization Therapy-Pacemakers (CRT-P). Biventricular/ Cardiac Resynchronization Therapy Device Pacemaker (CRT-P) is expected to dominate in the forecast period owing to the advantages it possesses like heart rate sensing and shock delivery in a timely manner by reducing the chances of heart failure and is expected to treat any disorders related to rhythm which will aid the growth of market as it is a new pacemaker.

Conventional Pacemakers segment is expected to grow with a higher CAGR during 2022-32

Cardiac Pacemaker Market is classified based on Type into Conventional Pacemakers, MRI Compatible Pacemakers. The Conventional Pacemakers segment held the largest market share and is also expected to dominate in the forecast period owing to the technological upgradation, its small size and affordability which will drive the segment growth in the forecast period.

Figure - Cardiac Pacemaker Market Analysis, By Application

Market Dynamics                                                    

Growth Drivers

Advancements In Pacemaker Technologies May Boost The Growth Of The Market

Several advancements in the technology resulted in the development of new cardiac pacemakers like utilizing high-density batteries, low-power electronics, improving catheter delivery systems, and innovative software designs which is expected to boost the growth of the market. The increasing R&D activities like the compatibility of pacemakers with remote monitoring using a smartphone by the key players resulted in many innovations and is enhancing the emergence of novel pacemakers to offer better healthcare. This will drive the market growth in the forecast period.

Increasing Production Of Advanced Pacemakers

Several organizations are focusing on producing high-end biventricular pacemakers which will fulfil the needs of patients. These innovations will enhance the accuracy and assist in reducing the error percentage, by boosting the market growth in the forecast period. The reimbursement policies by governments will boost the production of advanced pacemakers resulting in the growth of global cardiac pacemaker market growth.

Restraint

Rising Abnormalities In Cardiac Pacemaker May Restrain The Market Growth

Pacemakers may have problems with pacing the chambers of heart which may result in the failure of the pacemaker by not detecting the signals produced by the heart. Lead displacement is an occurrence with pacemakers which might result in malfunction. Pacemakers may also have issues with battery, issues related to CRTs, incorrect therapy delivery and few software malfunctions which are expected to be hampering the growth of market

Recent Developments:

• In August 2022, Cornell University scientists tested newly developed pacemaker on mini-donkey suffering from cardiac disease to detect its efficacy in managing fatal heart conditions and it depicted positive results, and it is expected that the pacemaker would receive FDA approval in few months.
• In May 2020, BIOTRONIK released a home monitoring system to provide safe and cost-effective management for patients with pacemaker.

Cardiac Pacemaker Market Key Players Covered:

• Boston Scientific Corporation 
• Medtronic
• Cook Medical
• Zoll Medical Corporation
• Pacetronix
• MEDICO SpA
• MicroPort
• BIOTRONIK
• Lepu Medical
• Oscor Inc.
• Osypka Medical GmbH
• LivaNova
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis:

Cardiac Pacemaker Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Europe dominated the market in 2021 and is also expected to dominate the global cardiac pacemaker market in the forecast period owing to their developed healthcare system which is aiding in market growth. The awareness amongst population to adopt the use of pacemakers and the increasing occurrence of issues related to the heart malfunction is expected to boost the growth of the market in this region.

Figure - Cardiac Pacemaker Market Regional Analysis by Share

Impact of Covid-19 on Cardiac Pacemaker Market

The COVID-19 pandemic had severe impact on the global economy. There has been a reduction in elective cardiovascular procedures. Due to the pandemic, the non-emergent surgeries, both invasive and non-invasive were postponed which impacted the cardiac pacemaker market due to their low sales of the cardiac pacemakers impacting the key players in market to experience immense losses.

Cardiac Pacemaker Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Cardiac Pacemaker Market Scope and Segments:

Frequently Asked Questions (FAQ):