The global pacemaker market size was estimated to be USD 5.87 billion in 2023 and is expected to reach at USD 10.77 billion by 2034 with a CAGR of 5.68% during the forecast period 2024-2034. Surge in prevalence of CVDs, rising expense of managing heart disease, growing favorable government policies, increasing launch of technologically advanced pacemakers such as the MRI safe pacemakers and leadless pacemakers, surge in need to use more advanced & less invasive methods to enhance patient outcomes for different pacemaker implantations, rising technological advancements, growing number of clinical trial procedures, and increasing approval of advanced leadless pacemaker systems by regulatory authorities are some of the key factors boosting the market growth.
Increasing approval of advanced leadless pacemaker systems by regulatory authorities is predicted to boost the market growth during the forecast period. A pacemaker is a medical instrument that produces electrical signals to control the heartbeat when the heart's inherent electrical conduction system is malfunctioning. It plays a crucial role in managing cardiac rhythm. Pacemakers are essential for sustaining a consistent and suitable heart rate, guaranteeing that the heart beats regularly and at a rate sufficient to meet the body's requirements for oxygen and blood flow. Consequently, the growing prevalence of cardiac ailments is driving the need for advanced pacemaker devices. For instance, in July 2023, Abbott has disclosed that the U.S. Food and Drug Administration (FDA) granted approval for the AVEIR Dual Chamber (DR) Leadless Pacemaker System, marking it as the world's inaugural dual chamber leadless pacing system designed to address individuals with irregular or sluggish heart rhythms.
By product, implantable pacemakers was the highest revenue-grossing segment in the global pacemaker market in 2023 owing to rising demand for the treatment of heart failure & arrhythmias, growing prevalence of CVDs, increasing approval by regulatory bodies, and increasing launch of advanced devices. For instance, in June 2023, Alizea is an implantable cardiac pacemaker created by the French medical device firm MicroPort CRM. It is designed for managing cardiac rhythm in patients with cardiac rhythm disorders. Additionally, external pacemaker is predicted to grow at fastest CAGR during the forecast period owing to their quick configuration, improved user interface, improved low battery indication, reduced risk of postoperative complications, & ease of usage, and increasing demand for non-invasive procedures.
By type, conventional pacemakers was the highest revenue-grossing segment in the global pacemaker market in 2023 owing to continual improvement, low cost, compact size, and extended shelf life and rising collaborations within market players. For instance, in October 2022, Ceryx Medical has joined forces with Osypka Medical, headquartered in Berlin, to collaborate on a heart pacing device that they believe will revolutionize the treatment of patients with heart failure and other cardiac conditions. Additionally, MRI compatible pacemaker is predicted to grow at fastest CAGR during the forecast period owing to the increasing use of MRI for diagnosis and growing technological advancements.
By application, arrhythmias was the highest revenue-grossing segment in the global pacemaker market in 2023 owing to the growing prevalence of cardiac arrhythmia due to lifestyle disorders, excessive alcohol consumption, smoking, & obesity and rising approvals of advanced systems. for instance, in July 2023, BIOTRONIK has declared that its portfolio of Amvia Edge pacemakers, including cardiac resynchronization therapy pacemakers (CRT-P), has received approval from the U.S. Food and Drug Administration (FDA). This marks a notable advancement in cardiac rhythm management. The Amvia Edge stands out as the most compact single-chamber MR conditional pacemaker on the market and incorporates a distinctive array of patient-focused clinical solutions, alongside automated workflow enhancements. Additionally, congestive heart failure is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of heart failure, and surge in demand for technologically advanced pacemakers.
By end-user, hospitals & cardiac centers was the highest revenue-grossing segment in the global pacemaker market in 2023 owing to increasing number of in-patients due to cardiac arrest, rising healthcare reimbursement, and growing clinical trial procedures. For instance, in August 2022, Researchers at Cornell University assessed the effectiveness of their newly designed pacemaker by conducting tests on a miniature donkey afflicted with severe cardiac disease. Veterinarians employed EEG/echocardiography and implanted an ECG device to monitor the donkey's heart activity. The outcomes were extremely encouraging, with the donkey's health gradually improving over the course of one to two months. Cornell University has revealed that their innovative pacemaker is on track to receive FDA approval in the coming month, paving the way for its introduction to the market. Additionally, ambulatory surgical center is predicted to grow at fastest CAGR during the forecast period owing to its extended market penetration, particularly in rural areas, and the simplicity of treatment, result in lowered healthcare expenses and enhanced patient satisfaction.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing elderly population with cardiac disorders, rising technological advancements such as MRI compatible & Bluetooth enabled pacemakers, surge in regulatory approvals, increasing prevalence of cardiovascular disorders, such as cardiac arrests, congestive heart failure, & arrhythmias, rising clinical trials on leadless cardiac pacemaker. For instance, in March 2022, Cleveland Clinic successfully implanted a dual-chamber leadless pacemaker system in the initial U.S. patient, as a component of an international clinical trial. This trial aspires to provide heart rhythm patients with a more precise and less invasive procedure, reducing the potential for complications. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising investments in the healthcare sector, growing number of heart-related surgeries, surge in technological advancements, and increasing approvals by regulatory bodies. For instance, in May 2023, Medtronic plc has revealed that its Micra AV2 and Micra VR2, the latest iterations of their leading miniaturized, leadless pacemakers, have been granted approval by the U.S. Food and Drug Administration (FDA). This development is expected to contribute to the expansion of their product range and potentially boost their business revenue.
Increasing approval of advanced leadless pacemaker systems by regulatory authorities is predicted to boost the market growth during the forecast period. A pacemaker is a medical instrument that produces electrical signals to control the heartbeat when the heart's inherent electrical conduction system is malfunctioning. It plays a crucial role in managing cardiac rhythm. Pacemakers are essential for sustaining a consistent and suitable heart rate, guaranteeing that the heart beats regularly and at a rate sufficient to meet the body's requirements for oxygen and blood flow. Consequently, the growing prevalence of cardiac ailments is driving the need for advanced pacemaker devices. For instance, in July 2023, Abbott has disclosed that the U.S. Food and Drug Administration (FDA) granted approval for the AVEIR Dual Chamber (DR) Leadless Pacemaker System, marking it as the world's inaugural dual chamber leadless pacing system designed to address individuals with irregular or sluggish heart rhythms.
By product, implantable pacemakers was the highest revenue-grossing segment in the global pacemaker market in 2023 owing to rising demand for the treatment of heart failure & arrhythmias, growing prevalence of CVDs, increasing approval by regulatory bodies, and increasing launch of advanced devices. For instance, in June 2023, Alizea is an implantable cardiac pacemaker created by the French medical device firm MicroPort CRM. It is designed for managing cardiac rhythm in patients with cardiac rhythm disorders. Additionally, external pacemaker is predicted to grow at fastest CAGR during the forecast period owing to their quick configuration, improved user interface, improved low battery indication, reduced risk of postoperative complications, & ease of usage, and increasing demand for non-invasive procedures.
By type, conventional pacemakers was the highest revenue-grossing segment in the global pacemaker market in 2023 owing to continual improvement, low cost, compact size, and extended shelf life and rising collaborations within market players. For instance, in October 2022, Ceryx Medical has joined forces with Osypka Medical, headquartered in Berlin, to collaborate on a heart pacing device that they believe will revolutionize the treatment of patients with heart failure and other cardiac conditions. Additionally, MRI compatible pacemaker is predicted to grow at fastest CAGR during the forecast period owing to the increasing use of MRI for diagnosis and growing technological advancements.
By application, arrhythmias was the highest revenue-grossing segment in the global pacemaker market in 2023 owing to the growing prevalence of cardiac arrhythmia due to lifestyle disorders, excessive alcohol consumption, smoking, & obesity and rising approvals of advanced systems. for instance, in July 2023, BIOTRONIK has declared that its portfolio of Amvia Edge pacemakers, including cardiac resynchronization therapy pacemakers (CRT-P), has received approval from the U.S. Food and Drug Administration (FDA). This marks a notable advancement in cardiac rhythm management. The Amvia Edge stands out as the most compact single-chamber MR conditional pacemaker on the market and incorporates a distinctive array of patient-focused clinical solutions, alongside automated workflow enhancements. Additionally, congestive heart failure is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of heart failure, and surge in demand for technologically advanced pacemakers.
By end-user, hospitals & cardiac centers was the highest revenue-grossing segment in the global pacemaker market in 2023 owing to increasing number of in-patients due to cardiac arrest, rising healthcare reimbursement, and growing clinical trial procedures. For instance, in August 2022, Researchers at Cornell University assessed the effectiveness of their newly designed pacemaker by conducting tests on a miniature donkey afflicted with severe cardiac disease. Veterinarians employed EEG/echocardiography and implanted an ECG device to monitor the donkey's heart activity. The outcomes were extremely encouraging, with the donkey's health gradually improving over the course of one to two months. Cornell University has revealed that their innovative pacemaker is on track to receive FDA approval in the coming month, paving the way for its introduction to the market. Additionally, ambulatory surgical center is predicted to grow at fastest CAGR during the forecast period owing to its extended market penetration, particularly in rural areas, and the simplicity of treatment, result in lowered healthcare expenses and enhanced patient satisfaction.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing elderly population with cardiac disorders, rising technological advancements such as MRI compatible & Bluetooth enabled pacemakers, surge in regulatory approvals, increasing prevalence of cardiovascular disorders, such as cardiac arrests, congestive heart failure, & arrhythmias, rising clinical trials on leadless cardiac pacemaker. For instance, in March 2022, Cleveland Clinic successfully implanted a dual-chamber leadless pacemaker system in the initial U.S. patient, as a component of an international clinical trial. This trial aspires to provide heart rhythm patients with a more precise and less invasive procedure, reducing the potential for complications. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising investments in the healthcare sector, growing number of heart-related surgeries, surge in technological advancements, and increasing approvals by regulatory bodies. For instance, in May 2023, Medtronic plc has revealed that its Micra AV2 and Micra VR2, the latest iterations of their leading miniaturized, leadless pacemakers, have been granted approval by the U.S. Food and Drug Administration (FDA). This development is expected to contribute to the expansion of their product range and potentially boost their business revenue.
Segmentation: Pacemaker Market Report 2023 - 2034
Pacemaker Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- External Pacemakers
- Implantable Pacemakers
- Biventricular Chamber
- Single Chamber
- Dual Chamber
Pacemaker Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Conventional Pacemakers
- MRI Compatible Pacemakers
Pacemaker Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Arrhythmias
- Heart Block
- Atrial Fibrillation
- Long QT Syndrome
- Congestive Heart Failure
- Others
Pacemaker Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Ambulatory Surgical Centers
- Hospitals & Cardiac Centers
- Others
Pacemaker Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Pacemaker Market: Product Estimates & Trend Analysis
8. Pacemaker Market: Type Estimates & Trend Analysis
9. Pacemaker Market: Application Estimates & Trend Analysis
10. Pacemaker Market: End-user Estimates & Trend Analysis
11. Regional Market Analysis
12. North America Pacemaker Market
13. Europe Global Pacemaker Market
14. Asia Pacific Global Pacemaker Market
15. Latin America Global Pacemaker Market
16. MEA Global Pacemaker Market
17. Competitor Analysis
18. Company Profiles
Companies Mentioned
- BIOTRONIK SE & Co. KG
- Abbott Laboratories
- Livanova
- plc
- Medtronic plc
- MicroPort Scientific Corporation
- Shree Pacetronix Ltd.
- Boston Scientific Corporation
- OSYPKA Medical GmbH
- Oscor Inc.
- Medico SpA
- Lepu Medical Technology Co. Ltd.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 5.87 Billion |
| Forecasted Market Value ( USD | $ 10.77 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
