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Pacemaker Market Overview
The global pacemaker market size is expected to grow significantly in the coming years. This is because of the rising prevalence of cardiovascular diseases across the world, technological advancements in the domain, surging aging population, and favorable reimbursement scenario in developed countries. In addition to this, excessive consumption of tobacco, alcohol, and specific over-the-counter drugs and sedentary lifestyle are resulting in an increased risk of arrhythmia, which is further driving the requirement for pacemakers.
The two types of pacemakers are external and implantable pacemaker, between which, the implantable pacemakers accounted for the larger pacemaker market share in the past. This was attributed to the rising requirement for implantation of cardiac pacemakers which have enhanced the quality of life of various patients around the world.
The different technologies on which pacemakers are based on are biventricular, single-chamber, and dual-chamber. Biventricular pacemakers comprise two or three leads and are utilized for patients that show a lack of synchronization between contractions of the right and left ventricles, which is common condition known as ventricular desynchrony. This category is projected to advance at a considerable rate in the coming years in the pacemaker market due to technological advancements. Single-chamber pacemakers connect pulse generator to one of the heart chambers. Dual-chamber pacemakers have two leads that are placed in the right atrium and ventricle.
The major application areas of pacemakers are heart block, arrhythmia, long QT syndrome, and atrial fibrillation. Among these, the atrial fibrillation category is expected to witness significant growth in the pacemaker market because of the changing lifestyle and increasing risk of disorders such as hyperthyroidism and hypertension. The key end users of pacemakers are ambulatory surgical centers, cardiac clinics, and hospitals, among which, the hospitals category is expected to hold the largest share of the market in the near future. As per the Center for Disease Control and Prevention (CDC), over 750,000 hospitalizations occur because of atrial fibrillation.
Geographically, North America dominated the pacemaker market in the past, as the region has presence of planned reimbursement structure, enhanced healthcare infrastructure, and increased per capita healthcare expenditure. The Asia-Pacific region is expected to witness the fastest growth in the coming years, which is attributed to the rising healthcare expenditure, increasing prevalence of cardiovascular and lifestyle-related diseases in developing nations.
Pacemaker Market Dynamics
Rising government support, in the form of grants and funding, is a key factor driving the growth of the pacemaker market. For example, in 2016, the CDC and the World Health Organization launched the Global Hearts Initiative for the prevention and control of cardiovascular diseases. The initiative comprises different packages, such as the HEARTS technical package that works toward the management of cardiovascular diseases in primary healthcare. In addition, the surging aging population and growing prevalence of cardiovascular diseases are also resulting in the growth of the market. As per the industry experts, approximately 80–85% of the pacemakers are implanted in the aged population.
Furthermore, the availability of reimbursement for the implantation of pacemakers helps in reducing the financial burden on patients, which, in turn, results in increased adoption of these devices. For Example, as per the U.S. Centers for Medicare and Medicaid Services, the reimbursement for DRG 242, a pacemaker system from Biotronik Inc., rose from $21,856 in 2017 to $22,331 in 2018. Moreover, the shift from conventional pacemakers to technologically advanced pacemakers, such as leadless pacemakers, non-invasive ultrasound-based pacemakers, implantable cardioverter defibrillator, and cardiac resynchronization therapy pacemakers, is projected to create wide opportunities for the players in the pacemaker market.
Pacemaker Market Competitive Landscape
The players in the market are engaging in collaborations and launching new products to increase their global share. For example, in 2018, Bay Labs Inc., a medical technology company which is focusing on applying artificial intelligence for cardiovascular imaging, collaborated with Edwards Lifesciences Corporation in order to focus on improving detection of heart diseases. Some other major players operating in the global pacemaker market are Medtronic PLC, Abbott Inc. (ST. Jude Medical), Boston Scientific Corporation, Lepu Medical Co. Ltd., Sorin Group, Medico SpA., and Zoll Medical Corporation.
Market Size Breakdown by Segment
Based on Product Type
Based on Application
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Based on User