Cardiac Pacemaker Market Growth Owning to Innovations in Technology 2018-2026 With Top Players Medtronic, BIOTRONIK, Boston Scientific Corporation, Abbott Laboratories, Vitatron Holding B.V

The global cardiac pacemaker market was valued at US$ 5,972.2 million in 2017, and is expected to witness a CAGR of 7.3% over the forecast period (2018–2026). Pacemaker is a device implanted on either (left or right) side of the chest and is connected with heart through pacing wires (also called as lead). It continuously monitors the heart rate and in case it detects slow heart rate, the device sends out electrical pulse to bring the heart rate to normal. Development of new products in pacemakers such as multi-chamber, two and three-chamber pacemakers, magnetic resonance imaging (MRI) compatible pacemakers, and leadless pacemaker has aided in greater adoption of this technology. This has led to growth of the market.

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Market Dynamics

New product launches by market players, owing to technological advancement in cardiac pacemakers are expected to drive growth of the market. Key manufacturers are engaged in 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. For instance, in May 2016, Biotronik launched CardioMessenger Smart, portable monitoring device in the U.S. This system is about the size of a modern smartphone used to keep pacemaker, Implantable Cardioverter Defibrillator (ICD) and Insertable Cardiac Monitor (ICM) patients connected to their physician remotely.

This CardioMessenger Smart helps to ensure patient compliance and the consistent transmission of data necessary for physicians to identify and prevent potential cardiac events. Moreover, high prevalence of cardiovascular disease is the major factor driving growth of global cardiac pacemaker market over the forecast period.

Cardiac Pacemaker Market Dynamics

Increasing incidence of cardiovascular diseases worldwide is fueling growth of the cardiac pacemaker market. According to the Centre for Disease Control and Prevention (CDC) foundation, 2015, around 800,000 Americans die due to stroke and other cardiovascular diseases. Moreover, increasing number of geriatric population across the various regions worldwide along with high prevalence of heart disease is expected to propel demand for implantable cardiac pacemakers in the near future. According to the data published in the Journal of the Formosan Medical Association, in November 2016, around half of the world population living in Asia is geriatric population and it is growing at faster rate, which is increasing burden of Atrial Fibrillation (AF) in Asia. According to the same source, in 2050, around 72 million people are projected to suffer from AF in Asia, which is expected to be more than double the combined numbers of patients from Europe and the U.S.

Major companies operating in the cardiac pacemaker market include Medtronic Plc., BIOTRONIK, Inc., Boston Scientific Corporation, Abbott Laboratories, Vitatron Holding B.V., Shree Pacetronix Ltd., MEDICO S.p.A., Lepu Medical Technology Co Ltd., LivaNova PLC, and Qinming Medical, and Cordis Inc.

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Cardiac Pacemaker Market Regional Outlook

On the basis of geography, the global cardiac pacemaker market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to hold dominant position in this market, owing to increasing prevalence of heart diseases and adoption of technologically advanced products. Moreover, factors such as improved healthcare facilities and better reimbursement scenario are also driving growth of the cardiac pacemakers market in this region. In March 2017, Medtronic issued Medicare reimbursement for the first leadless cardiac pacemaker Mica Trans catheter Pacing System (TPS), which is available in the U.S.

Asia Pacific is projected to witness significant growth in market over the forecast period, owing to presence of large patient population, increasing healthcare expenditures in emerging economies such as India and China which, and growing healthcare sector. Emerging economies such as Asia Pacific and Latin America has huge potential for market growth and is likely to be the fastest growing region throughout the forecast period.

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