According to research report the pacemakers market is projected to reach USD 5.3 billion by 2023 from USD 4.5 billion in 2019, at a CAGR of 2.0%. Growth in this market is driven by increasing prevalence of cardiovascular diseases and technological advancements in devices.
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The implantable pacemakers segment, by implantability, projected to occupy the majority of the market share and grow at the fastest rate during the forecast period.
The implantable pacemakers segment is projected to be the fastest-growing segment, by implantability, during the forecast period. The large share of the implantable pacemakers segment is primarily attributed to the increasing prevalence of CVDs and the rising preference for these pacemakers due to their benefits over their external counterparts.
The MRI compatible pacemakers segment, by livestock, is projected to occupy the majority of the market share and grow at the fastest rate during the forecast period.
The MRI compatible pacemakers segment is projected to be the fastest-growing segment, by type, during the forecast period. This can be attributed to the growing number of patients with implanted pacemakers and the increasing need for MRI scans in the geriatric population, as patients in this age group are more likely to have cardiac devices such as pacemakers.
North America is projected to account for the largest market size in the pacemakers market during the forecast period.
North America is estimated to account for the largest share of the market. Factors such as the rising prevalence of CVDs, growing geriatric population, increasing healthcare expenditure, and the availability of technologically advanced devices are driving the growth of the pacemakers market in North America.
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Major vendors in the pacemakers market include Medtronic (Ireland), Abbott (US), and Boston Scientific (US), BIOTRONIK (Germany), LivaNova (UK), OSCOR (US), Pacetronix (India), MEDICO (Italy), Osypka Medical (Germany), and Lepu Medical (China).