What is the global market size of Pacemakers Market?

Pacemakers Market size was valued at USD 4.35 Billion in 2021 and is poised to grow from USD 4.51 Billion in 2022 to USD 5.94 Billion by 2030, at a CAGR of 3.6% during the forecast period (2023-2030).

Pacemakers Market Size, Share, Growth Analysis, By Product(Implantable pacemakers, and External pacemakers), By Type(MRI Compatible Pacemakers, and Conventional Pacemakers), By Application(Arrhythmias, Congestive Heart Failure, and Others), By End-use(Hospitals & Cardiac Centers, Ambulatory Surgical Centers, and Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2628 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 115 | Figures: 77

Pacemakers Market Dynamics

Pacemakers Market Drivers

Growing Aging Population

With the global population aging, there is a higher incidence of age-related cardiovascular diseases. Older individuals are more prone to heart rhythm abnormalities, leading to an increased demand for pacemakers.

Pacemakers Market Restraints

High Cost of Pacemakers

Pacemakers can be expensive, including the device cost, surgical procedure, and follow-up care. The high cost can limit their affordability, particularly in developing regions, and hinder market growth.

Pacemakers Market Report Snapshots

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Pacemakers Market size was valued at USD 4.51 Billion in 2022 and is poised to grow from USD 4.67 Billion in 2023 to USD 6.20 Billion by 2031, at a CAGR of 3.6% during the forecast period (2024-2031)

To increase their market penetration, key corporations conducted a variety of strategic efforts, including product launches, acquisitions and mergers, partnerships, and collaborations. For instance, in 2021, Medtronic introduced the Micra AV, a self-contained, miniature pacemaker that uses a minimally invasive technique to deliver improved pacing technology to patients with atrioventricular (AV) block. 'Medtronic', 'Abbott Laboratories', 'Boston Scientific Corporation', 'Biotronik SE & Co. KG', 'LivaNova PLC', 'MicroPort Scientific Corporation', 'Osypka Medical GmbH', 'Shree Pacetronix Ltd.', 'Cook Medical Inc.', 'Integer Holdings Corporation', 'Edwards Lifesciences Corporation', 'ZOLL Medical Corporation', 'Vitatron Holding B.V.', 'Lepu Medical Technology (Beijing) Co., Ltd.', 'Pacetronix Limited', 'NIHON KOHDEN CORPORATION', 'Oscor Inc.', 'Pacetech Corp.', 'Beijing Carejoy Technology Co., Ltd.', 'Sorin Group'

With the global population aging, there is a higher incidence of age-related cardiovascular diseases. Older individuals are more prone to heart rhythm abnormalities, leading to an increased demand for pacemakers.

Technological Advancements: The pacemakers market is witnessing continuous technological advancements. Manufacturers are focusing on developing pacemakers with advanced features like remote monitoring, wireless connectivity, MRI compatibility, and longer battery life. These technological advancements enhance patient convenience, improve device performance, and drive market growth.

In 2022, North America held a commanding 42.0% revenue share in the pacemaker market and dominated it. This rise is brought on by an aging population with cardiac issues, the presence of important players, quick technology breakthroughs like Bluetooth-enabled pacemakers and MRI-compatible pacemakers, as well as better regulatory clearances. The incidence of cardiovascular diseases, such as congestive heart failure, cardiac arrests, and arrhythmias, is rising quickly in the United States, which is fueling the need for pacemakers in the country. Technical advancements in the healthcare sector and a rise in the number of heart-related procedures are also driving the market in the area.

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Pacemakers Market Dynamics

Pacemakers Market Report Snapshots

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