The cardiac pacemakers market is expected to register a CAGR of nearly 6.8%, during the forecast period. Some of the factors, such as the rising prevalence of lifestyle-related disorders, favorable reimbursement scenario, growing geriatric population, and technological advancements, are expected to boost the market studied.
According to the European Society of Cardiology, around 7.6 million people of age 65 years and above had atrial fibrillation in 2016, and the number is expected to rise up to around 14.4 million in 2060.
Furthermore, according to the data by the German Heart Surgery Report, 2018, the cardiac procedures performed related to pacemaker and ICD were around 22, 442. Therefore, it is expected to impact market growth.
Key Market Trends
Implantable Cardiac Pacemakers Segment Captures the Largest Market Share and is Expected to Grow with a Lucrative Rate
- The implantable cardiac pacemakers captured the largest market share, and it is expected to grow with a lucrative growth rate, over the forecast period.
- The implantable pacemakers are of three major types, namely single chamber, dual chamber, and biventricular pacemakers.
- The growth of the segment can be attributed to factors, such as reduced post-surgical complications and the presence of multiple leads, in order to assure normal physiology of the heart. Biventricular pacemakers are expected to gain momentum, owing to the presence of multiple leads.
- These devices can be implanted into multiple locations, as it consists of three leads that are placed into left and right atrium, along with the ventricle. These biventricular pacemakers are known to be very useful, owing to its multiple lead benefits to assist in conditions, such as ventricular dysynchrony.
- Therefore, implantable cardiac pacemakers are expected to show a significant growth, during the forecast period.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
- North America emerged to be the largest regional market, in terms of revenue. The high prevalence of cardiovascular disease, high obesity rates, and a favorable reimbursement environment are the primary factors behind its large market size.
- Arrhythmia affects all age groups, but the risk of developing atrial fibrillation (AF) increases significantly with age. As per the American Heart Association’s statistics, around 2.7 million people are suffering from atrial fibrillation.
- Furthermore, the use of alcohol, tobacco, a sedentary lifestyle, and certain over-the-counter drugs may increase the risk of arrhythmias.
- On the other hand, Asia-Pacific is expected to grow at a rapid rate, over the forecast period, owing to increasing healthcare expenditure and the rising prevalence of cardiovascular and lifestyle-associated disorders, in the developing economies of the region.
The presence of major market players, such as Abbott Inc. (ST. Jude Medical), Medtronic PLC, Boston Scientific Corporation, Biotronik SE & Co. KG, and Lepu Medical Co. Ltd, is contributing to the market growth. The increasing innovation and rise in investment for various public and private organizations are expected to intensify the industry rivalry across the world.
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