Cardiac Pacemaker Market, By Product Type (Single-chamber Pacemaker, Dual-chamber Pacemaker, Biventricular Pacemaker), By Implantability (Implantable Pacemakers and External Pacemakers), By End User (Hospitals, Cardiac Clinics, Ambulatory Surgical Centers), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : May 2024

Code : CMI1765

Pages :197

Formats :

Excel and PDF

Industry : Medical Devices

Cardiac Pacemaker Market Size and Trends

Global cardiac pacemaker market is estimated to be valued at USD 4,907.2 Mn in 2024 and is expected to reach USD 6,838.6 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.

Cardiac Pacemaker Market Key Factors

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Global cardiac pacemaker market growth is driven by rising geriatric population worldwide and the subsequent increase in the prevalence of cardiovascular and heart diseases. Growing adoption of technologically advanced cardiac pacemakers integrated with remote monitoring capabilities can boost demand for these pacemakers. However, the availability of alternative therapies for arrhythmia syndromes and the risks and complications associated with pacemaker implants may hamper the cardiac pacemaker market growth during the forecast period.

Increasing product approval by regulatory authorities

Increasing product approval by regulatory authorities is expected to drive the global cardiac pacemaker market growth over the forecast period. For instance, on June 15, 2020, Medtronic plc., a medical device company, announced that it had received CE mark by European Union (EU) for Micra AV Transcatheter Pacing System (TPS), a small pacemaker with features such as atrioventricular (AV) synchrony. This device is indicated for treatment of patients with AV blocks, impaired heart chambers, to provide electrical signals for proper functioning of heart.

Cardiac Pacemaker Market Concentration By Players

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Increasing inorganic activities among market players

Increasing inorganic activities such as agreements, partnerships, and collaborations among market players is expected to drive the global cardiac pacemaker market growth over the forecast period. For instance, on December 17, 2021, LifeTech Scientific Corporation, a China-based medical device company and manufacturer of interventional medical devices, announced its extension of agreement with Medtronic plc., a medical devices company for HeartTone domestic pacemaker project. This project agreement includes extension of project till 2028, where Medtronic will provide series of specialized technical consulting services.