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

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)

The market is growing primarily due to rising CVD occurrences, rising cardiac disease management costs, supportive government policies, & the introduction of technologically sophisticated pacemakers including leadless pacemakers and MRI safe pacemakers. The prevalence of cardiovascular disease, that is increasing, is one of the key factors driving the market's expansion. One of the primary causes of CVD mortality worldwide is coronary heart disease. By 2030, it is estimated that these diseases will cost more than USD 1,044 billion, underscoring the critical need for cardiac pacing devices.

Cardiovascular disease patients had been adversely impacted by the new coronavirus. The healthcare and medical equipment industries have been greatly impacted financially by the COVID-19 outbreak. The COVID-19 virus has so far afflicted 185 nations and more than 30,00,000 patients worldwide, according to the American Heart Association's Circulation Journal, 2020. There is a high frequency of CVD among COVID-19 patients. The main reason fueling the growth of the pacemaker market is the rising need to enhance patient outcomes for various pacemaker implantations with enhanced and minimally invasive techniques. Additionally, favorable reimbursement processes like the NHS in the U.K. and Medicare in the U.S. are important drivers of the market.

Additionally, there are currently fresh products available from medical device firms like Boston Scientific Corporation & Medtronic that are covered by reimbursement plans, which is advantageous to patients. A growing number of businesses are concentrating on creating advanced pacemakers that can deliver individualized care. These developments enhance accuracy, provide additional possibilities to increase productivity, and support mistake reduction. For instance, the BIOTRONIK home monitoring system offered pacemaker patients a secure and cost-effective remote management solution at the Large Multi-Center Study in 2020.This is a big step for routine remote follow-ups in the COVID-19 situation.

US Pacemakers Market is poised to grow at a sustainable CAGR for the next forecast year.