Global market for pacemakers expanding
Invented in 1926, today’s pacemaker can be fitted in under two hours and has an average life of 20 years. Those implanted to treat slow heart rhythm restore life expectancy to normal levels.
It is estimated that 700,000 pacemakers are fitted each year around the world – and the market is likely to grow as a result of several socio-economic factors. For example, the number of people aged 65 or older is forecast to double to 20 per cent of the global population (which is itself growing) by 2050. In addition, access to healthcare in both developed and developing countries is on the rise.
Demand for platinum in medical applications currently stands at around 240,000 oz, 3.2 per cent of total annual platinum demand in 2018 (7,380,000 oz). The growing demand for medical devices will further increase this.