The global cardiac pacemaker market is anticipated to witness significant growth owing to the growing prevalence of cardiovascular diseases. Cardiac pacemakers are battery-operated medical devices that are used to maintain normal heart rhythms in people who have arrhythmias. They help in improving the quality of life and survival rate for patients. Cardiac pacemakers are extremely beneficial for patients with arrhythmias such as bradycardia and heart block as they can help regulate abnormal heartbeats and restore normal heart rhythms. The increasing cases of cardiovascular disorders due to sedentary lifestyle, changing dietary patterns and genetic factors have boosted the demand for pacemakers globally.
The global cardiac pacemaker market is estimated to be valued at US$ 4,547.8 million in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period of 2023 to 2030.
Key Takeaways
Key players operating in the cardiac pacemaker market are Medtronic, Boston Scientific Corporation, Abbott, BIOTRONIK SE & Co. KG, Pacetronix , Lepu Medical Technology(Beijing)Co., Ltd. , LIVANOVA PLC, MEDICO S.R.L., OSCOR Inc., MicroPort Scientific Corporation, OSYPKA MEDICAL, and Vitatron Holding B.V. Medtronic and Boston Scientific Corporation are currently dominating the global market share.
The key opportunities in the global cardiac pacemaker market include the development of miniaturized pacemakers, wearable pacemakers, and MRI-compatible pacemakers. Miniaturized pacemakers are gaining popularity owing to their small size and compatibility with active lifestyles.Wearable pacemakers allow for continuous cardiac monitoring on the move. MRI-compatible pacemakers help patients undergo MRI scans safely.
The major players are focused on expanding their global footprint through collaborations and acquisitions. For instance, Medtronic acquired cardiac ablation technologies company Ablumix GmbH in 2021 to expand its cardiac ablation portfolio. Boston Scientific Corporation acquired Baylis Medical Company Inc., a leader in cardiology and radiology devices, in 2021 to enhance its global footprint.
Market Drivers
Rising Geriatric Population- The risk of cardiovascular diseases increases with age. According to the UN, over 16% of the global population will be aged 65 and above by 2050. The increase in the aging population will drive the number of arrhythmia cases and propel the demand for pacemakers.
Technological Advancements- Continuous innovations are helping to develop advanced pacemaker models with enhanced features such as smarter algorithms for longevity, remote monitoring options, size reduction, and MRI compatibility. The introduction of such innovative pacemakers is expected to fuel their adoption.
Market Restraints
High Cost of Treatment- Pacemaker implantation procedures and recurring replacement costs make cardiac devices unaffordable for many patients in underdeveloped regions. This can hamper the overall market growth.
Risk of Device Malfunctions- Though rare, pacemaker malfunctions may occur due to manufacturing or programming errors. Device recalls significantly impact patient safety and brand value. This acts as a restraint.
Segment Analysis
The cardiac pacemaker market can be segmented into implantable cardiac pacemakers and external cardiac pacemakers. Implantable cardiac pacemakers dominate the market as they are much more convenient for patients and have a longer battery life. Implantable cardiac pacemakers can be further segmented into single chamber pacemakers, dual-chamber pacemakers, and biventricular pacemakers. Dual-chamber pacemakers hold the largest market share within implantable pacemakers as they can effectively sense and pace both chambers of the heart.
Global Analysis
In terms of regions, North America dominates the cardiac pacemaker market with the highest revenue share. This is due to high awareness about cardiac issues, developed healthcare infrastructure, and favorable reimbursement policies in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to rising geriatric population, increasing prevalence of cardiac diseases, growing healthcare spending, and improving access to healthcare in developing countries of the region.
