The Pacemaker Market size was estimated to be US$ 7.5 billion in 2023 and is expected to reach US$ 15.39 billion by 2031; it is estimated to record a CAGR of 9.3% till 2031. Strategic developments and product launches are likely to remain key Pacemaker Market trends.
Pacemaker Market Analysis
The key factor that are responsible for the growth of market include increasing government support, technological advancements, growing geriatric population, increasing preference for minimally invasive surgical procedure, growing awareness about advanced pacemakers, and favourable reimbursement policies. In addition, increasing research and development activities in the field of pacemakers is fueling the growth of the pacemaker market.
Pacemaker Market Overview
Pacemakers are advised for medical conditions such as, bradycardia and heart block. A pacemaker is also suggested for the geriatric population, as normal aging of the heart may disrupt the normal heart rate, making it beat too slowly. Certain pacemakers also come along with sensors that detect body motion or breathing rate and signals the pacemaker to increase heart rate during exercise to meet the body's increased need for blood and oxygen.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Pacemaker Market: Strategic Insights
Market Size Value in US$ 5,485.4 Million in 2018 Market Size Value by US$ 10,908.0 Million by 2027 Growth rate CAGR of 8.1% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Pacemaker Market: Strategic Insights
| Market Size Value in | US$ 5,485.4 Million in 2018 |
| Market Size Value by | US$ 10,908.0 Million by 2027 |
| Growth rate | CAGR of 8.1% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Pacemaker Market Drivers and Opportunities
Increasing Prevalence of Cardiovascular Diseases
CVDs are a group of disorders of the heart and blood vessels and include coronary heart disease, cerebrovascular disease, rheumatic heart disease and other conditions. According to the World Health Organization (WHO), CVD is the leading cause of death globally, taking about 17.9 million lives every year. In addition, more than four out of five CVD deaths are due to heart attacks and strokes, and one third of these deaths occur prematurely in people under 70 years of age. According to Centers for Disease Control and Prevention (CDC), 1 person dies every 33 seconds in the US from cardiovascular diseases and ~695,000 people in the US died due to heart disease. As per the same source, about 805,000 people in the US suffer from heart attack every year. Thus, increase in prevalence cardiovascular diseases and increase in number of people dying due to these CVDs is fueling the growth of pacemaker market.
Use of Artificial Intelligence with Pacemaker – An Opportunity of Pacemaker Market
Artificial Intelligence (AI) has the potential to revolutionize the field of cardiology, including the management of patients with pacemakers. AI can analyze data from the pacemaker, such as heart rhythm patterns and activity level, to personalize the programming of the device for each individual patient. With the help of AI the device’s settings can be optimized and can improve overall performance. AI-powered remote monitoring systems can continuously track data from pacemaker and transmit it to the healthcare providers in real-time. This enables proactive management of patients, reduce the need for in-person clinic visits, and allow early detection of issue that may require medical assistance. Thus, benefits of use of AI in monitoring the pacemaker functioning is creating opportunity for growth of the pacemaker market.
Pacemaker Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Pacemaker Market analysis are solutions, mode of delivery, application, and end user.
- Based on product type, the Pacemaker Market is segmented into implantable pacemakers and external pacemakers. The implantable pacemakers segment held the largest market share in 2023.
- By technology, the Pacemaker Market is segmented into single chambered, dual chambered, and bi-ventricular. The single chambered segment held the largest market share in 2023.
- Based on end user, the Pacemaker Market is segmented into hospitals, ambulatory surgical centers, and others. The hospitals segment held the largest market share in 2023.
Pacemaker Market Share Analysis by Geography
The geographic scope of the Pacemaker Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the Pacemaker Market. The growth in North America is characterized by rising geriatric population, increasing occurrence of cardiovascular and neurological diseases, high accessibility to advanced technologies, growing development of innovative and technologically advanced products, and increasing healthcare expenditure. Collaborations and robust R&D activities has also led to stimulate the growth of the market. In addition, growing focus on development of micropacemakers which can be used in infants is also driving the growth of the North America pacemaker market. Moreover, Asia Pacific is anticipated to record the highest CAGR in the coming years.
Pacemaker Market Report Scope
Pacemaker Market News and Recent Developments
The Pacemaker Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for neurointerventional devices and strategies:
- Medtronic received CE (Conformité Européenne) Mark for its Micra AV2 and Micra VR2, the next generation of its industry-leading miniature, leadless pacemakers. Micra AV2 and Micra VR2, the world's smallest pacemakers, provide longer battery life and easier programming than prior Micra pacemakers, while still delivering the many benefits of leadless pacing such as reduced complications compared to traditional pacemakers. (Source: Medtronic, Company Website, 2024)
- The U.S. Food and Drug Administration (FDA) has approved the AVEIR™ dual chamber (DR) leadless pacemaker system, manufactured by Abbott, is the world's first dual chamber leadless pacing system that treats people with abnormal or slow heart rhythms. (Source: Abbott, Company Website, 2023)
- MicroPort CRM received FDA approval for its latest range of implantable pacemakers, AlizeaTM and CeleaTM, the longest-lasting pacemakers for their size. (Source: MicroPort Scientific Corporation, Company Website, 2023)
Pacemaker Market Report Coverage and Deliverables
The “Pacemaker Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type By Technology , By End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Pacemaker Market
May 2024
Laser-Assisted ENT Surgeries Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Laser Type (C02 Laser, Nd:YAG Laser, Diode Laser, Blue Laser, KTP Laser, Argon Laser, and Other Laser Types), Surgery Type [Laser Laryngeal Surgery, Laser Endoscopic Sinus Surgery (LESS), Laser-Assisted Uvulopalatoplasty (LAUP), Laser-Assisted Stapedotomy, Laser-Assisted Tonsillectomy and Adenoidectomy, Laser Turbinates Reduction, Transoral Laser Microsurgery (TLM), Nasal Surgery, and Other Surgery Types], End User (Hospitals and Specialty Clinics, Physician Offices, and Other End Users), and Geography (North America, Europe, Asia Pacific, South and Central America, and Middle East and Africa)
May 2024
Mobile Cleanroom Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Softwall and Hardwall), End User (Microelectronics Industry, Pharmaceuticals and Biotechnology Industry, Medical Device Manufacturers, and Others), and Geography
May 2024
Ovo-Sexing Technology Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technique (Non-Invasive Imaging, Genetic Editing, Volatile Analysis, Sex Reversal, and Liquid-Based Analysis), End User (Hatcheries and Poultry Farms), and Geography (US, Germany, France, Italy, Spain, Rest of Europe, Israel, and ROW)
May 2024
Dental Laser Treatment Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application (Hard Tissue, Soft Tissue, and Others), End User (Hospitals, Dental Clinics, Dental-Owned Practices, and Others), Clinical Indication [Conservative Dentistry, Root Canal (Endodontic Treatment), Oral Surgery, Implantology, Peri-Implantitis, Periodontics, and Others], and Geography
May 2024
Microbiology CRO Services Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Application (Clinical, Medical Device, and Others), Service Type (Assay Development, Custom Viral Stock Production, Microbial Testing, and Others), Microorganisms (Bacteria, Fungi, Viruses, and Parasites), End User (Biotech and Pharmaceutical Companies, Medical Device Companies, and Others), and Geography
May 2024
Antimicrobial Surgical Suture Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Triclosan Antimicrobial Suture and Chlorhexidine Antimicrobial Suture), Raw Materials (Polyglactin 910 Antimicrobial Suture, Poliglecaprone 25, and Polyglycolic Acid), Application (Cardiovascular Surgery, General Surgery, Ophthalmic Surgery, Gynecological Surgery, Orthopedic Surgery, Plastic Surgery, Veterinary Surgery, Dental Surgery, and Others), End User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
May 2024
Fall Management Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Sensor Pads, Floor Mat, Hip Protectors, Alert Systems, Communication Devices, and Other Products), Application (Fall Detection Systems, Fall Prevention Equipment, and Post-Fall Monitoring and Response Systems), Age Group [Elderly Population (65 and Above) and Adults (18–64 years)], End User (Hospitals and Clinics, Nursing Homes, Home Care Settings, and Other End Users), and Geography
May 2024
Organoids Services Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Intestine, Liver, Stomach, Pancreas, Lung, Brain, Kidney, and Others), Application (Developmental Biology Disease, Pathology of Infectious Disease, Regenerative Medicine, Drug Toxicity & Efficacy Testing, Drug Discovery & Personalized Medicine, and Others), Source (Pluripotent Stem Cells and Organ Specific Adult Stem Cell), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
Get Free Sample For