Growing geriatric population also drives the market growth. The risk of developing cardiovascular disease increases with age. Around 65% of cardiac patients are aged 65 and over. Thus, the rising geriatric population is expected to propel the growth of the cardiac pacemaker market during the forecast period.
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The growth of the global cardiac pacemaker market is driven by the increasing prevalence of cardiac diseases. According to the Centre’s for Disease Control and Prevention (CDC), approximately 659,000 Americans die from heart disease each year one in every four deaths. Cardiovascular disease claims more lives each year than all forms of cancer combined.
Market Trends
Technological advancements in cardiac pacemakers are expected to offer lucrative growth opportunities for market players. Manufacturers are focused on developing miniaturized pacemakers to address the issue of patient comfort. Medtronic’s Micra Transcatheter Pacing System (TPS), the world’s smallest pacemaker, was initially approved by the U.S. FDA in April 2016. It is less than 2.5 cm in diameter, making it a revolutionary leadless pacemaker option. The device is implanted directly into the heart via a catheter, eliminating the need for wires and significantly reducing complications. For instance, Medtronic launched Micra Transcatheter Pacing System (TPS) in 2016. This is the world's smallest pacemaker. TPS is less than 2.5 cm in diameter. The device eliminates the need for pacemaker wires (leads) and surgery. This can be implanted directly in the heart during a minimally invasive procedure.
Another key trend in the market is the rise in wireless pacemakers. St. Jude Medical launched the Entovis pacemaker in 2013. This pacemaker can communicate wirelessly with an external monitoring device to allow remote monitoring of patients' heart conditions. Such technologically advanced products are gaining popularity. This is due to their enhanced patient comfort and convenience compared to traditional pacemakers.
Cardiac Pacemaker Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$4,907.2 million |
|
Estimated Value by 2031 |
$6,838.6 million |
|
Growth Rate |
Poised to grow at a CAGR of 4.9% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Product Type, By Implantability, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Increasing Product Approval by Regulatory Authorities • Increasing Inorganic Activities Among Market Players |
|
Restraints & Challenges |
• Increasing Product Recalls • Stringent Regulatory Framework |
Cardiac Resynchronization Therapy Trend
Cardiac resynchronization therapy pacemakers (CRT-P) are expected to witness significant growth over the forecast period. CRT-P helps treat heart failure by coordinating the contractions of both ventricles. This uses electrical therapy that helps improve the pumping efficiency of the heart. The rising prevalence of heart failure cases globally is expected to boost the demand for CRT-P devices. Additionally, ongoing technological advancements enabling miniaturization and remote monitoring capabilities in CRT-P devices are further encouraging their adoption.
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Hospitals & Clinics Segment Dominance
The hospitals & clinics end user segment held the largest share of the cardiac pacemaker market in 2024. This is expected to maintain its dominance through 2031. The high volume of pacemaker implant procedures performed in hospitals, availability of advanced healthcare infrastructure, and reimbursement schemes supporting device implantation are key factors attributed to the segment’s large share. Moreover, the rising number of multispecialty hospitals especially in developing regions will likely drive segment growth.
Key Market Takeaways
The global cardiac pacemaker market is estimated to be valued at USD 4,907.2 million in 2024. This is anticipated to witness a CAGR of 4.9% during the forecast period. Factors such as the growing geriatric population, rising prevalence of cardiac arrhythmias, and technological advancements in device design are expected to boost market growth.
On the basis of product type, single chamber pacemakers’ segment is expected to dominate the market. This is owing to widespread adoption of single chamber pacemakers. However, dual chamber and CRT pacemakers are expected to witness higher growth led by increasing cases of AV blocks.
By end user, the hospitals & clinics segment holds the largest share. This is due to a large number of implantation procedures carried out in hospitals. Meanwhile, the ambulatory surgery centers segment is projected to grow at a faster pace. The major reason is the shifting trend toward outpatient surgeries.
North America holds the largest regional market share. This is due to the rising prevalence of CVDs, availability of advanced healthcare facilities, and favorable reimbursement structure in countries like the U.S. and Canada. Asia Pacific is poised to grow at the fastest rate. This is due to growing medical tourism industry and improving access to healthcare in developing countries.
Competitor Insights
- Medtronic Plc
- Boston Scientific Corporation
- Biotronik
Ongoing strategic agreements, acquisitions and new product launches will further assist key companies in strengthening their global market presence.
Cardiac Pacemaker Industry News
Dual-chamber leadless pacemakers: The U.S. FDA approved the first dual-chamber leadless pacemaker system in July 2023. Abbott developed this pacemaker. Unlike traditional pacemakers, this system does not require leads or a surgical pocket. This minimizes infection risks. It uses wireless technology for communication between two capsules implanted in the heart’s atria and ventricles. It ensures a natural heartbeat. This system offers better patient outcomes by reducing complications and shortening recovery times.
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Detailed Segmentation-
By Product Type:
- Single-chamber Pacemaker
- Dual-chamber Pacemaker
- Biventricular Pacemaker
By Implantability:
- Implantable Pacemakers
- External Pacemakers
By End User:
- Hospitals
- Cardiac Clinics
- Ambulatory Surgical Centers
By Region:
- 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 Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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