Pacemaker Market Overview
A pacemaker is a small device that is placed in chest or abdomen, which uses electrical pulses to maintain adequate heartbeat. Increasing prevalence of heart diseases and growing geriatric population are positively impacting the growth of the global pacemaker market. According to the Centers for Disease Control and Prevention (CDC) statistics 2017, 2.7–6.1 million people in the U.S. had atrial fibrillation. It is the most common type of abnormal heart rhythm. Although, arrhythmia affects all age groups, however, risk of developing atrial fibrillation increases significantly with age.
Sedentary lifestyle, excessive use of alcohol, tobacco, and specific over-the-counter drugs also increase the risk of arrhythmia. According to the World Health Organization (WHO), 17.9 million people die every year due to cardiovascular diseases (CVDs), which account 31% of all deaths, worldwide. Of all CVD deaths, around 85% deaths occur due to heart attacks and strokes. These increase the demand for pacemakers. Other factors, such as favorable reimbursement scenario and technological advancements in this field also drive the pacemaker market.
The pacemaker market consists of implantable and external pacemakers. There are several complications, such as operational failure, which occurs due to battery depletion, mishandling, or random component failure, associated with the temporary external pacemakers. Due to such factors, implantable pacemakers are most frequently used in the management of heart diseases, which play pivotal role in the growth of the market.
Based on technology, the pacemaker market is categorized into single-chamber, dual-chamber, and biventricular. Single-chamber pacemaker connects the pulse generator to one of the chambers of heart. Dual-chamber pacemaker comprises two leads, which are placed in the right atrium and ventricle. Biventricular pacemaker consists of two or three leads and is used in patient that shows a lack of synchronization between contractions of the left and right ventricles, which is a most common condition, known as ventricular desynchrony.
On the basis of application, the pacemaker market is categorized into arrhythmia, atrial fibrillation, heart block, and long QT syndrome. Based on end user, the pacemaker industry is classified into cardiac clinics, hospitals, and ambulatory surgical centers. Pacemaker devices in hospitals are expected to lead the market, due to increase in the prevalence of heart diseases and surging number of patients undergoing surgeries in hospitals. According to CDC, more than 750,000 hospitalizations cases occur each year due to atrial fibrillation.
Geographically, the pacemaker market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA). Among these, North America held the largest market share in 2017. Developed healthcare infrastructure, presence of planned reimbursement structure, increased per capita healthcare spending, and high awareness among population about advanced technologies have resulted in the growth of the market in this region.
However, the APAC pacemaker market is expected to witness the fastest growth during the forecast period. Implementation of Goods and Service Tax (GST) in India has reduced tax rate, which will result in the ease of doing investment in the country in this field. Also, increase in the healthcare expenditure and rising prevalence of cardiovascular and lifestyle related diseases in developing countries of the region are expected to enhance the growth of the market in the APAC region.
Pacemaker Market Dynamics
Increasing governments’ supports in the form of funding and grants, and rising number of governments’ initiatives are playing pivotal in the growth of the pacemaker market. For instance, in 2016, WHO and CDC have launched the Global Hearts Initiative for the prevention and control of CVDs. The initiative consists of different packages, including the HEARTS technical package, which works toward the management of CVDs in primary healthcare.
Availability of reimbursement for implantation of pacemakers reduces the financial burden on patients, thus increasing the use of these devices, which in turn, boost the pacemaker market. For instance, according to the U.S. Centers for Medicare and Medicaid Services (CMS), the reimbursement for DRG 242 (pacemaker system from Biotronik Inc.) increased from $21,856 in 2017 to $22,331 in 2018.
Pacemaker Market Competitive Landscape
The pacemaker industry is characterized by increasing number of product launches and collaborations that leads to the expansion of manufacturers’ market share. For instance, Biotronik Inc. launched Edora Pacemaker Series with Magnetic Resonance Imaging (MRI) AutoDetect Technology in 2017. It is the smallest MR-conditional pacemaker with automated MRI detection capability available in the U.S. with a volume of 10 cc and weight of 20.8 g.
In 2018, Bay Labs Inc., a medical technology company at the forefront of applying artificial intelligence (AI) for cardiovascular imaging, announced a collaboration with Edwards Lifesciences Corporation to focus on improving the detection of heart diseases. The companies believe that this will help in the early detection and treatment of the diseases.
Some other major players in the global pacemaker market are Abbott Inc. (ST. Jude Medical), Medtronic PLC, Boston Scientific Corporation, Sorin Group, Lepu Medical Co. Ltd., Zoll Medical Corporation, and Medico SpA.
The study provides the historical as well the forecast market size data for various countries including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.