The pacemakers market size is estimated to be USD 5100.5 million in 2022 and is expected to witness a CAGR of 4.45% during the forecast period 2023-2033. The increasing usage of cloud-based applications and services, the approaching patent expiration of blockbuster pharmaceuticals, and the rising need to control drug discovery prices and shorten the time required in the drug development process are factors contributing to the market growth. However, the shortage of skilled AI workers, vague regulatory requirements for medical software, and a lack of data sets is expected to hinder the growth.

Segmentation

By Implantability

Based on implantability, the market is bifurcated into external pacemakers and implantable pacemakers. In 2022, the implantable pacemaker segment held the highest market share owing to the growing popularity of these pacemakers over their external counterparts as a result of their advantages, and rise of cardiovascular diseases

By Type

On the basis of type, the market is bifurcated into conventional pacemakers and MRI-compatible pacemakers. In 2022, the MRI-compatible pacemaker segment held the highest market share due to the growing need for MRI scans in the elderly population, and the rising number of patients with pacemakers implanted.

By Technology

Based on technology, the market is segregated into biventricular/CRT pacemakers, dual-chamber pacemakers, and single-chamber pacemakers. In 2022, the dual-chamber pacemaker segment held the highest market share owing to an increase in the elderly population, a rise in the frequency of bradycardia, and significant players’ presence.

By End User

Based on end user, the market is categorized into ambulatory surgical centers, and hospitals & cardiac centers. In 2022, the hospitals & cardiac centers segment held the highest market share due to the increase in the number of heart operations, expansion of the hospital and cardiac centers, and increase in heart disease prevalence.

Regional Markets

In 2022, Europe region accounted for the highest revenue in the market and is expected to maintain its dominance during the forecast period. This is attributed to the increased prevalence of cardiovascular conditions including arrhythmia, technological breakthroughs in diagnostic tools, and increased need for pacemaker implantation by a minimally invasive procedure in the area. However, the Asia-Pacific region is predicted to grow at the fastest rate during the projection period owing to the technology improvement in hospitals for cardiac treatment and diagnosis, an increase in cardiovascular disease incidence, and a rise in spending in the healthcare industry.

Competitor Insights

Some of the key players operating in the pacemakers market are Abbott (US), BIOTRONIK (Germany), Boston Scientific (US), Lepu Medical (China), LivaNova (UK), MEDICO (Italy), Medtronic (Ireland), OSCOR (US), Osypka Medical (Germany), and Pacetronix (India).

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including implantability, type, technology and end user from 2023 to 2033.

Report Scope:

Segmentation: Pacemakers Market Report 2022 – 2033

Implantability (Revenue, USD Million), 2022 – 2033

• External Pacemaker
• Implantable Pacemaker

Type (Revenue, USD Million), 2022 – 2033

• Conventional Pacemaker
• MRI Compatible Pacemaker

Technology (Revenue, USD Million), 2022 – 2033

• Biventricular/CRT Pacemaker
• Dual-chamber Pacemaker
• Single-chamber Pacemaker

By End User (Revenue, USD Million), 2022 – 2033

• Ambulatory Surgical Centers
• Hospitals & Cardiac Centers

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA