Pacemaker technology has come a long way since its first implantation in the 1950s. Over the years, there have been significant developments in pacemaker technology—such as making smaller devices, more efficient pacing technology, and wireless communication. While pacemakers are considered a relatively mature market, this has not prevented major companies from innovating new products, says GlobalData, a leading data and analytics company.

According to GlobalData, almost 1.5 million people have been implanted with pacemakers in 2022. Given the maturity of the pacemaker market, this number is expected to experience a mere compound annual growth rate (CAGR) of less than 5%, with the volume reaching 2.5 million pacemakers by 2033.

Joselia Carlos, Medical Devices Analyst at GlobalData, comments: “Doctors have been using pacemakers to treat heart pacing conditions for over sixty years. When a market reaches maturity, earnings and sales typically grow a lot slower than emerging industries.”

Currently, Medtronic and Abbott Laboratories dominate the pacemaker space, with global market shares of 46% and 30%, respectively. In May 2023, Medtronic received FDA approval for their Micra AV2 and Micra VR2 pacemakers—the second generation of the world’s smallest, leadless pacemakers. To date, over 200,000 patients have been implanted with Medtronic’s Micra products (i.e., Micra VR, Micra VR2, Micra AV, and Micra AV2).

Carlos continues: “It’s interesting to see how companies are still able to innovate in this mature space. For instance, Abbott’s Aveir DR pacemaker is still undergoing clinical trials. However, once this pacing device becomes commercially available, it would be known as the world’s first dual-chamber leadless pacemaker.”

German company Biotronik is also working on adding new and innovative products to its pacemaker portfolio—i.e., the Amvia Sky and Edge. Biotronik received CE approval for these two products in May, making the Amvia pacemakers the world’s first pacemakers for left bundle branch pacing.

Carlos concludes: “Despite the maturity of the pacemaker market, companies are always finding ways to enhance pacemaker technology that would allow patients with heart problems to live healthier lives. Perhaps these recent advancements hold the potential for the previously mentioned CAGR for 2015-2033 to far exceed its forecasted value of 5%.”