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The Global Implantable Cardiac Pacemaker Market, by Product Type (Single Chamber Pacemaker, Dual Chamber Pacemaker, and Biventricular Pacemaker), by Application (Heart Block, Arrhythmia, Atrial fibrillation, Long QT Syndrome, Bradycardia, Tachycardia, and Others), by End User (Hospitals, Emergency Care Centers, and Others) was valued at US$ 4.7 billion in 2017 and is expected to exhibit a CAGR of 7.1% over the forecast period (2018-2026).
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The increasing product launches by market players, owing to technological advancements in implantable cardiac pacemakers are expected to drive growth of the market over the forecast period. Moreover, key manufacturers are focusing on launching more compact and efficient pacemaker device, which allows better control of abnormal heart rhythm along with additional specifications such as blood temperature monitor and breathing rate. Moreover, continuous technological advancements, coupled with rising prevalence of cardiovascular disease are the major factors that are expected to drive growth of the global implantable cardiac pacemaker market over the forecast period. Furthermore, recent technological advancements in implantable cardiac pacemakers have enhanced safety and efficacy of cardiac pacemaker during implantation surgery procedures.
Additionally, current advances in the cardiac pacemaker are focused on improving cardiac resynchronization with multisite pacing, reduction of hardware allowing to reduce device failure, valve injury, and minimizing the risk of device infection, coupled with development of battery-less cardiac pacemaker. Moreover, involvement of various research organizations to develop advanced implantable cardiac pacemaker is expected to drive adoption of implantable cardiac pacemaker, thereby further expected to fuel the market growth over the forecast period. Furthermore, key players in the market are focusing on adopting growth strategies such as collaborations, mergers, and acquisitions to strengthen their market position. For instance, LivaNova PLC and MicroPort Scientific Corporation entered into a binding Letter of Intent (LOI) to sale LivaNova’s Cardiac Rhythm Management (CRM) business franchise to MicroPort for US$ 190 million, in November 2017. The company’s CRM product portfolio include pacemakers, high-voltage defibrillators, and cardiac resynchronization therapy devices. This aided MicroPort to add these diverse cardiac rhythm management portfolio to their existing product portfolio.
Browse 22 Market Data Tables and 39 Figures spread through 189 Pages and in-depth TOC on “ Implantable Cardiac Pacemaker Market, by Product Type (Single Chamber Pacemaker, Dual Chamber Pacemaker and Biventricular Pacemaker), by Application (Heart Block, Arrhythmia, Atrial fibrillation, Long QT Syndrome, Bradycardia, Tachycardia and Others), and by End User (Hospitals, Emergency Care Centers and Others) – Global Forecast to 2026″
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Additionally, key players in implantable cardiac pacemaker market are focusing on research and developments for developing novel compact implantable cardiac pacemakers with better safety and at low cost, thereby increasing product acceptance by healthcare professionals and patients. Moreover, various key players are focusing on gaining product approvals from regulatory authorities to expand their geographical reach. For instance, in September 2017, LivaNova PLC and MicroPort Scientific Corporation announced that their Shanghai-based joint venture MicroPort Sorin Cardiac Rhythm Management Co. Ltd. received the product approval for its family of RegaTM pacemakers from the China Food and Drug Administration. Company’s Rega pacemakers are smallest pacemakers present in the China cardiac pacemakers market that offers additional features such as pacing mode, which preserves intrinsic conduction, a dual sensor-based response rate to exercise and sleep apnea monitoring. Moreover, in November 2017, Medtronic plc received the U.S. Food and Drug Administration (FDA) approval for their portfolio of Azure pacemakers with BlueSync technology, which is available in both single and dual chamber cardiac pacemakers. Company’s new Azure XT MRI and Azure S MRI pacemakers offers improved longevity, for around 13.7 years (dual chamber).
Key takeaways of the Implantable Cardiac Pacemaker Market:
- The global implantable cardiac pacemaker market is expected to exhibit a CAGR of 7.1% over the forecast period (2018-2026), attributed to increasing technological advancements in implantable cardiac pacemaker by several key players
- Among product type, dual chamber pacemaker segment is expected to witness significant growth over the forecast period, attributed to higher efficiency and cost-effectiveness of dual chamber cardiac pacemaker in atrioventricular block or sick sinus syndrome.
- Among application, atrial fibrillation segment is expected to account for largest market share over the forecast period, attributed to increasing prevalence of atrial fibrillation, globally. Moreover, atrial fibrillation is a major risk factor for developing majority of cardiovascular diseases.
- Among end user, hospital segment is expected to account for largest market share over the forecast period, attributed to increasing volume of pacemaker implantation surgery procedures, coupled with various technological advanced healthcare facility offered by hospitals.
- Key players operating in global implantable cardiac pacemaker market include Medtronic plc. BIOTRONIK, Inc., Boston Scientific Corporation, St. Jude Medical, Vitatron Holding B.V., Shree Pacetronix Ltd., MEDICO S.p.A., Lepu Medical Technology Co Ltd., LivaNova PLC, and Qinming Medical, among others
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