Pacemaker Market

The article discusses the increasing demand for pacemakers worldwide, forecasting a growth in market volume and value over the next eight years. It analyzes consumption patterns, market performance, production levels, and import/export trends. Key insights include top consuming countries, market values, growth rates, and average prices. The data provides a comprehensive overview of the global pacemaker market dynamics.

Market Forecast

Driven by increasing demand for pacemakers for stimulating heart muscles (excl. parts and accessories) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market volume to 21M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.6% for the period from 2022 to 2030, which is projected to bring the market value to $46.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Pacemakers For Stimulating Heart Muscles (Excl. Parts And Accessories)

Global pacemaker consumption rose to 15M units in 2022, growing by 2.4% against 2021. In general, the total consumption indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +11.1% against 2020 indices. Over the period under review, global consumption attained the peak volume at 15M units in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global pacemaker market revenue was estimated at $28.1B in 2022, approximately equating the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.2% against 2020 indices. Over the period under review, the global market attained the maximum level at $28.3B in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (2.2M units), India (1.8M units) and Nigeria (771K units), together accounting for 31% of global consumption. Indonesia, Germany, Malaysia, the UK, Mexico, Turkey, Ethiopia, Saudi Arabia, Democratic Republic of the Congo and Iran lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +17.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest pacemaker markets worldwide were the United States ($3.8B), Germany ($3.6B) and India ($2.3B), with a combined 35% share of the global market. Indonesia, Nigeria, Saudi Arabia, Malaysia, the UK, Turkey, Iran, Mexico, Ethiopia and Democratic Republic of the Congo lagged somewhat behind, together comprising a further 31%.

Saudi Arabia, with a CAGR of +20.9%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of pacemaker per capita consumption in 2022 were Malaysia (18 units per 1000 persons), Saudi Arabia (11 units per 1000 persons) and the UK (8.7 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +15.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Pacemakers For Stimulating Heart Muscles (Excl. Parts And Accessories)

In 2022, approx. 14M units of pacemakers for stimulating heart muscles (excl. parts and accessories) were produced worldwide; remaining relatively unchanged against 2021. In general, the total production indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +7.8% against 2020 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 36% against the previous year. Global production peaked at 15M units in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, pacemaker production fell modestly to $25.6B in 2022 estimated in export price. Over the period under review, the total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.4% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 32% against the previous year. Global production peaked at $28.3B in 2017; however, from 2018 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (1.9M units), India (1.8M units) and Nigeria (770K units), with a combined 30% share of global production. Malaysia, Indonesia, Germany, Mexico, the Netherlands, Ethiopia, Turkey, Switzerland, Saudi Arabia and Democratic Republic of the Congo lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by the Netherlands (with a CAGR of +45.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Pacemakers For Stimulating Heart Muscles (Excl. Parts And Accessories)

Global pacemaker imports soared to 2.6M units in 2022, picking up by 35% on the year before. Overall, imports showed a relatively flat trend pattern. Global imports peaked at 2.9M units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, pacemaker imports surged to $6.5B in 2022. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 18% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

The UK (499K units) and the United States (482K units) were the major importers of pacemakers for stimulating heart muscles (excl. parts and accessories) in 2022, reaching near 19% and 18% of total imports, respectively. It was distantly followed by the Netherlands (201K units), Italy (196K units), Japan (142K units) and China (134K units), together achieving a 25% share of total imports. Ireland (118K units), Russia (90K units), Switzerland (83K units), India (72K units), Belgium (54K units), Brazil (52K units) and Australia (50K units) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Ireland (with a CAGR of +22.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest pacemaker importing markets worldwide were the United States ($2B), the Netherlands ($1.3B) and Belgium ($449M), together comprising 57% of global imports.

Among the main importing countries, Belgium, with a CAGR of +20.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average pacemaker import price amounted to $2,460 per unit, reducing by -13.2% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by 57%. Global import price peaked at $2,835 per unit in 2021, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Belgium ($8,314 per unit), while the UK ($387 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+8.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Pacemakers For Stimulating Heart Muscles (Excl. Parts And Accessories)

In 2022, the amount of pacemakers for stimulating heart muscles (excl. parts and accessories) exported worldwide expanded notably to 1.9M units, increasing by 13% on the year before. Overall, exports, however, continue to indicate a mild reduction. Over the period under review, the global exports attained the maximum at 2.5M units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, pacemaker exports expanded significantly to $6.2B in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 18%. Over the period under review, the global exports reached the peak figure at $6.7B in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, the Netherlands (572K units) and Switzerland (439K units) represented the key exporters of pacemakers for stimulating heart muscles (excl. parts and accessories)across the globe, together finishing at near 55% of total exports. Malaysia (170K units) held the next position in the ranking, followed by Ireland (165K units), the United States (151K units), Singapore (142K units) and Belgium (100K units). All these countries together held near 39% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +38.1%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest pacemaker supplying countries worldwide were Switzerland ($1.4B), the Netherlands ($1.3B) and Ireland ($1.2B), together accounting for 63% of global exports. Belgium, Singapore, Malaysia and the United States lagged somewhat behind, together accounting for a further 25%.

Among the main exporting countries, Belgium, with a CAGR of +50.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average pacemaker export price stood at $3,329 per unit in 2022, shrinking by -2.4% against the previous year. Over the period under review, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, pacemaker export price increased by +67.8% against 2018 indices. The pace of growth was the most pronounced in 2020 an increase of 54%. The global export price peaked at $3,412 per unit in 2021, and then dropped modestly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ireland ($7,512 per unit), while the United States ($1,580 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+10.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform