Approximately 1.5 million people received pacemaker implants in 2022
Pacemaker technology has made significant advancements since its first implantation in the 1950s. GlobalData, a leading data and analytics company, highlights the continuous innovation in pacemaker technology, including smaller devices, more efficient pacing technology, and wireless communication, despite the market’s maturity.
According to GlobalData, approximately 1.5 million people received pacemaker implants in 2022. Due to the mature nature of the pacemaker market, the volume is projected to experience a compound annual growth rate (CAGR) of less than 5 per cent, reaching 2.5 million pacemakers by 2033.
Joselia Carlos, Medical Devices Analyst at GlobalData, acknowledges that pacemakers have been a trusted treatment option for heart pacing conditions for over sixty years. In mature markets, earnings and sales tend to grow slower compared to emerging industries.
Currently, Medtronic and Abbott Laboratories dominate the pacemaker space, holding global market shares of 46 per cent and 30 per cent, respectively. In May 2023, Medtronic received FDA approval for their second-generation Micra AV2 and Micra VR2 pacemakers, which are the world’s smallest leadless pacemakers. Over 200,000 patients have already been implanted with Medtronic’s Micra products, including Micra VR, Micra VR2, Micra AV, and Micra AV2.
Carlos points out the continued innovation by companies in this mature market. For instance, Abbott’s Aveir DR pacemaker is still undergoing clinical trials, and once commercially available, it will be recognized as the world’s first dual-chamber leadless pacemaker.
German company Biotronik is also expanding its pacemaker portfolio with new and innovative products such as Amvia Sky and Edge. Biotronik received CE approval for these pacemakers in May, making them the world’s first pacemakers designed for left bundle branch pacing.
Carlos concludes by emphasizing that despite the maturity of the pacemaker market, companies are consistently finding ways to enhance pacemaker technology, enabling patients with heart problems to lead healthier lives. The recent advancements in the field hold the potential to exceed the projected CAGR of 5 per cent for the period between 2015 and 2033.