Implantable Pacemaker Market (2023 - 2030)

Report Overview

The global implantable pacemaker market size was valued at USD 2.8 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030. The increase in incidences of CVDs, favorable government policies, rise in the cost of cardiac disease management, rise in geriatric population, and the launch of technologically advanced pacemakers are primarily driving the growth in the market. The increase in the number of cardiovascular diseases is one of the major factors for the growth of the market. Coronary heart disorder (CHD) is one of the main reasons for CVD deaths globally. The economic cost of these cardiovascular diseases is anticipated to be more than USD 1,044 billion by 2030, which indicates the great requirement for these devices.

The rise in demand to improve patient outcomes for numerous pacemaker implantations, with improved procedures is the significant factor boosting the growth of the market. Moreover, favorable reimbursement systems, such as the Medicare system in the U.S. and NHS in the UK are among the main factors driving the market. The medical device companies such as Boston Scientific Corporation and Medtronic are now providing new devices that are covered under reimbursement packages, which benefit patients. In addition, organizations are more fixated on manufacturing high-end pacemakers catering to customized care. These innovations are enhancing accuracy, offering additional abilities to enhance the workflow, and helping error reduction.

Product Insights

Based on product, the market is classified into single chamber, dual chamber, and biventricular chamber. The dual chamber segment held the largest share of 38.9% of the market in 2022. The growing demand for dual chamber implantable pacemakers for the treatment of heart failure and arrhythmias as well as ongoing clinical trials is a major factor leading to market growth. The dual chamber implantable pacemakers have two leads, one to the right ventricle and one to the right atrium. These pacemakers can create a heart rhythm that is more naturally similar to the regular activities of the cardiac system. In addition, the dual chamber implantable pacemakers are also used to treat atrial fibrillation associated with bradycardia.

The biventricular chamber implantable pacemakers show promising growth during the forecast period due for use in people with advanced heart failure owing to abnormal heart rhythms or function, poor ejection fraction, abnormally large left ventricle, and severe or moderately severe heart failure symptoms.

Application Insights

Based on application, the market is divided among arrhythmias, congestive heart failure, and others. Arrhythmias held the largest share of 37.4% in 2022. The arrhythmias segment is further divided into atrial fibrillation, heart block, and long QT syndrome. Factors such as lifestyle disorders, excessive alcohol consumption, smoking, and obesity are contributing to the prevalence of cardiac arrhythmia. The increasing prevalence of atrial fibrillation and associated strokes is expected to drive market growth over the forecast period. For instance, in Asia, the number of atrial fibrillation cases is projected to reach 72 million by 2050, while in Europe, the number of people aged 55 and older with atrial fibrillation is expected to 14 million by 2060.

Congestive heart failure is the second-largest-growing segment during the forecast period. As per the AHA Statistical Update, in 2021, nearly 6 million adults in the U.S. suffer from heart failure. Thus, increasing the incidence of heart failure has fueled the demand for technologically advanced pacemakers during the forecast period.

End-use Insights

The end-use segment is divided into hospitals and outpatient facilities. The hospitals segment held a dominant share of around 73.7% in 2022. The segment's rapid growth is primarily attributed to the high number of surgeries performed in hospitals, as well as the availability of skilled professionals and surgical equipment. Hospitals offer superior care to their patients along with it they offer reimbursements during surgeries, hence witnessing lucrative growth. The American Heart Association stated that the number of in-patients due to cardiac arrest is expected to rise nearly by 23.6 million by 2030.

The outpatient facilities segment is expected to show promising growth during the forecast period due to its advanced market reach, especially to rural parts and ease of treatment. Also, Outpatient Facilities have proven to be a competent solution in this scenario. Moreover, the rise in demand to limit surgical and post-surgical expenses, and the growing prevalence of CVD is anticipated to be a few of the high-impact rendering drivers for outpatient facilities.

Regional Insights

North America dominated the market with a share of around 40.23% in 2022. This growth is owing to the increasing elderly population with cardiac problems, the presence of key players, rapid technological advancements such as Arrhythmias, Bluetooth enables pacemakers, improving regulatory approvals, and others. The incidence of cardiovascular disorders, such as cardiac arrests, congestive heart failure, and arrhythmias is increasing rapidly in the U.S., which is further improving growth.

Asia Pacific segment is likely to exhibit lucrative growth of around 4.8% over the estimated period. Owing to market penetration by the key players, massive untapped opportunities are driving the growth. Furthermore, increase in investments in the healthcare sector, particularly in China, Japan, and India have gained traction. These countries are progressively focused on developing vigorous healthcare facilities for cardiovascular diagnosis and treatment. Such factors are anticipated to lead the market growth in the coming years.

Key Players & Market Share Insights

The implantable pacemakers market is dominated by some small and large players. Companies undertook various strategic initiatives such as product launches, mergers & acquisitions, and partnerships & collaborations to gain more penetration. For instance, in July 2023, Abbott stated that they received approval from the FDA for the AVEIR dual chamber leadless pacemaker system that treats patients with slow or abnormal heart rhythms. Some of the key players in the global implantable pacemaker market include:

• Boston Scientific Corporation

• Zoll Medical Corporation

• Medtronic

• BIOTRONIK

• MicroPort Scientific Corporation

• Cook

• MEDICO SpA

• Pacetronix

• Abbott

• Osypka Medical GmbH

Implantable Pacemaker Market