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Pacemakers Market 2024-2033 - Size, Trends, Growth & Competitive Landscape
Pacemakers Market
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According to The Business Research Company's, The pacemakers market size has grown strongly in recent years. It will grow from $5.23 billion in 2023 to $5.57 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to aging population, cardiovascular diseases, lifestyle-related health issues, regulatory approvals, heart attack survivors.
The pacemakers market size is expected to see strong growth in the next few years. It will grow to $7.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to telemedicine, public and private healthcare investment, pediatric and neonatal care, surgical techniques, miniaturization and leadless devices. Major trends in the forecast period include artificial intelligence (ai), wearable health tech, remote programming, electrophysiology procedures, technological advancements.
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Market Drivers and Trends:
The increasing prevalence of cardiovascular diseases is contributing to the growth of the pacemaker market going forward. Cardiovascular diseases refer to diseases that affect the heart and blood vessels. Drug discovery technologies are used to discover new drugs for cardiovascular diseases. Pacemakers include flexible and insulated wires that are helpful in controlling cardiovascular diseases by controlling irregular heart rhythms. For instance, in 2021, according to the World Health Organization, a Switzerland-based government agency, India would account for one-fifth of the total deaths occurring from stroke and ischemic heart disease, mainly in younger adults. Additionally, according to the Center for Disease Control and prevention, an American national public health agency, in 2021, approximately 695,000 individuals in the United States lost their lives to heart disease, accounting for 1 out of every 5 fatalities. Therefore, the increasing prevalence of cardiovascular diseases will drive the growth of the pacemaker market.
Major companies operating in the pacemaker market are developing innovative products such as leadless pacemakers to meet larger customer bases, more sales, and increase revenue. Leadless pacemakers are a type of cardiac implantable electronic device (CIED) used to regulate the heartbeat and treat certain heart rhythm disorders. For instance, in July 2023, Abbott, a US-based medical device company, announced the U.S. Food and Drug Administration (FDA) approval for the AVEIR dual chamber (DR) leadless pacemaker system. With more than 80% of individuals requiring a pacemaker needing dual-chamber pacing (simultaneous pacing of both the right atrium and right ventricle), this approval significantly expands access to leadless pacing for millions of people in the United States. AVEIR DR devices, enabled by Abbott's proprietary i2i communication technology, offer synchronized or coordinated cardiac pacing between two leadless pacemakers based on a patient's clinical requirements. The i2i technology operates by employing high-frequency pulses to transmit messages through the body's naturally conductive blood, linking each leadless pacemaker. To facilitate dual-chamber therapy, each implant engages in real-time communication with its co-implanted counterpart, ensuring effective and synchronized cardiac pacing.
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Major Key Players of the Market:
Boston Scientific Corporation, ZOLL Medical Corporation, Medtronic plc Biotronik Medical Devices India Pvt ltd., MicroPort Scientific Corporation, Cook Medical Incorporated, MEDICO S.p.A., Shree Pacetronix Ltd., Oscor Inc., Osypka Medical GmbH, Abbott Laboratories, LivaNova PLC, Lepu Medical Technology(Beijing)Co Ltd., Cordis Inc., Vitatron Holding B.V., Integer Holdings Corporation, Zoll Medical Corporation, Synapse Biomedical Inc., Pacetronix Limited, A&E Medical Corporation, Cardiac Rhythm, Sorin Group Italia S.r.l., Galix Biomedical Instrumentation Inc., Imricor Medical Systems Inc., Sterimed Group, Edwards Lifesciences Corporation, Aleva Neurotherapeutics SA, Adiant Medical Inc., SMT Medical GmbH & Co. KG, Spacelabs Healthcare Inc., BioTrace Medical Inc.
Pacemakers Market 2024 Key Insights:
• The pacemakers market size is expected to see strong growth in the next few years. It will grow to $7.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Rising Prevalence Of Cardiovascular Diseases Fuels Pacemaker Market Growth
• Pioneering Innovation In The Pacemaker Market With Leadless Devices
• North America was the largest region in the pacemaker market in 2023
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