Pacemakers regularize heart rhythm by sending electric pulses to the heart and help in restoring cardiac activity. The surge in the prevalence of cardiac diseases has generated high demand for pacemakers which is driving the growth of the global pacemaker market. Atrial fibrillation, in particular, has witnessed a higher incidence rate in recent years which requires pacemakers for remediation. Increase in global geriatric population is also creating a conducive environment for the growth of the market. Atrial fibrillation and cardiac diseases are more prevalent in old patients. As per a 2018 study published in the Aging Medicine, there is 5 to 9% chance of occurrence of atrial fibrillation in patients between the age of 60-80 years and nearly 10% in patients aged over 80 years.
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The global pacemaker market is expected to strike a CAGR of 6.5% over the forecast period of 2018-2023, as per the latest study report by Market Research Future (MRFR).
Technological advancements have resulted in the development of advanced pacemakers which are smaller in size and have longer battery life. Other factors aiding the growth of the market include an elevated level of awareness regarding cardiovascular diseases, improvement in reimbursement scenario, and high healthcare expenditure across the globe.
In recent years, various new pacemakers have received clearance from regulatory bodies which also has augmented the growth of the global pacemaker market. However, the approval and marketing if pacemakers are regulated by the US FDA which are stringent considering the degree of risk they pose to patients. Such stringent regulatory requirements might impede the growth of the market. High costs of pacemakers, risks involved in implantation procedures and risks of malfunctioning are other possible bottlenecks.
Industry Updates
December 2018- Carondelet St. Joseph’s Hospital in Tuscon, the US is now offering a leadless pacemaker which can be implanted through a minimally-invasive surgical procedure. The pacemaker can be used to treat patients with irregular or slower-than-normal heart rate. The new pacemaker is about the size of a vitamin pill and does not require cardiac wires.
Competitive Analysis
July, 2016- BIOTRONIK had received CE approval for its Edora pacemakers and cardiac resynchronization therapy pacemakers. Biotronik is one of the global leader in cardio- and endovascular medical technology, and is headquartered in Berlin, Germany, and represented in over 100 countries. Many patients have used company implants with improved quality, or have been treated with company’s coronary and peripheral vascular intervention products. However, the company was first to develop pacemaker in 1963, moreover the company has engineered many innovations, which includes Magmaris, the first clinically proven bioresorbable magnesium scaffold, Home Monitoring, Pulsar 18- the world’s first 4 F compatible stent for treating long lesions, Orsiro, first hybrid drug-eluting stent; and the world’s first implantable cardioverter defibrillators and heart failure therapy devices with ProMRI technology
Segmentation
The pacemaker market has been segmented based on product type, application, implant approach, and end user.
By product type, the global pacemaker market has been segmented into implantable, and external. The implantable segment has been segmented into single chamber, dual chamber, and biventricular.
By application, the global pacemaker market has been segmented into syncope, hypertrophic cardiomyopathy, bradycardia, and heart failure. The bradycardia segment has been further segmented into sinus node dysfunction and AV block.
By implant approach, the global pacemaker market has been segmented into endocardial approach and epicardial approach.
By end user, the global pacemaker market has been segmented into hospitals & clinics, ambulatory surgical centers, research & academic institutes, and others.
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Regional Analysis
Geographically, the global pacemaker market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas pacemaker market has been segmented into North America and South America. The Americas is at the forefront of the global pacemaker market due to the high prevalence of cardiovascular disorders in the region which induces greater demand for pacemakers. The region tends to adopt advanced technologies swiftly which coupled with higher affordability drives the market in the Americas.
Europe is the second largest market for a pacemaker. The Europe market is driven by government funding for R&D and the presence of leading market participants in the regions. APAC is slated to be the fastest growing market over the forecast period. The MEA market is likely to exhibit the lowest growth due to limited development in the medical field, lack of technical knowledge, and poor medical facilities.
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