The cardiac pacemakers market was valued at approximately USD 4,486.37 million in 2020 and is expected to witness a revenue of USD 6,294.60 million by 2026, with a CAGR of 5.88% over the forecast period (2021-2026).
The COVID-19 pandemic is expected to result in a downtrend in the growth of the cardiac pacemaker market. Due to the high transmission rate and lack of treatment, many countries have suffered and are continuing to bear a significant burden on both their economies and healthcare systems. Many countries have been in lockdown and have suspended the trades with other countries, implemented travel restrictions, etc., leading to declining in market capitalizations of major companies across the world. Additionally, the American College of Surgeons and the American Society of Anesthesiologists recommended a sustained reduction in the rate of new COVID-19 cases for 14 days before the resumption of elective surgery. Also, as per the research article published in Case reports in cardiology, 2020, the temporary pacemakers implantation patients are at nearly 2.5 times higher risk of developing COVID-19 infection before the early permanent pacemaker (PPM) implantation. Hence, the study suggested that the choice of temporary pacemakers resulted in the increased risk of associated complications for the long term along with the transmission of infection to the healthcare staff. Hence, owing to the high risk associated with cardiac surgeries during the COVID-19 pandemic, the studied market is expected to witness negative growth.
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 data from World Population Prospects: the 2019 Revision, one in six people in the world will be over age 65 in 2050, up from one in 11 in 2019. One of every four people in Europe and Northern America will be 65 or older by 2050. In 2018, persons aged 65 or above outnumbered children under five years of age globally for the first time to date. From 143 million in 2019 to 426 million in 2050, the number of people aged 80 and over is expected to triple. Pacing therapy is usually performed to treat severe arrhythmias. According to a research article "Pacemaker therapy in very elderly patients: survival and prognostic parameters of single-center experience" 2019, the number of very elderly patients receiving pacemakers is increasing, and European guidelines do not consider any specific age limit for pacemaker implantation.
Furthermore, according to the World Health Organization, an estimated 17.9 million people die due to cardiovascular diseases worldwide, each year. This represents 31% of global deaths and 85% of these deaths are majorly due to heart attack and stroke. Thus, the growing burden of cardiovascular diseases globally, along with the technological advancements in the development of novel pacemakers is expected to drive the studied market growth over the forecast period.
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. Also, these devices can be implanted into multiple locations, as it consists of three leads that are placed into the left and right atrium, along with the ventricle. These biventricular pacemakers are known to be very useful, owing to their multiple lead benefits to assist in conditions, such as ventricular dysynchrony.
Additionally, the growing technological advancements and product approvals are driving the segment growth. For instance, in July 2020, Abbott Laboratories received US FDA approval for its Gallant line, which comprises an implantable cardioverter-defibrillator and a cardiac resynchronization therapy defibrillator with Bluetooth technology. The advanced features in pacemaker technologies such as tracking the device data through remote monitoring, devices that are magnetic resonance imaging (MRI) safe and data recording functionality is boosting the segment growth.
Therefore, implantable cardiac pacemakers are expected to show 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.
According to Population Reference Bureau's Population Bulletin, "Aging in the United States," the number of Americans aged 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group's share of the total population will rise from 16 percent to 23 percent in the United States. Additionally, according to the American Heart Association Research Report 2018, Heart disease accounts for 1 in 7 deaths in the United States. Among the Cardiovascular diseases, Coronary Heart Disease is the leading cause of deaths, attributing to 43.8% of deaths, followed by Stroke (16.8%), Heart Failure (9.0%), High Blood Pressure (9.4%), diseases of the arteries (3.1 %), and other cardiovascular diseases (17.9%) in the United States. Thus, there exists a higher demand for better treatment with advanced medical devices, which acts as a major factor driving the studied market.
Additionally, United States has been the home of most of the key players such as Abbott Laboratories, Boston Scientific Corporation and others which are actively involved in the innovation, manufacture, and market of cardiac pacemakers. For instance, EBR Systems, Inc. received US FDA Breakthrough Device Designation for the WiSE( (Wireless Stimulation Endocardially) CRT System for the treatment of heart failure in Sep 2019. Thus, in view of the increasing prevalence of cardiovascular diseases in the United States and new product launches by the key players, is anticipated to boost the studied market over the forecast period.
Arrhythmia affects all age groups, but the risk of developing atrial fibrillation (AF) increases significantly with age. As per the estimates of the Heart Disease and Stroke Statistics 2019, the lifetime risk of atrial fibrillation has been estimated to be approximately 1 in 3 among whites in the United States. Furthermore, the use of alcohol, tobacco, a sedentary lifestyle, and certain over-the-counter drugs may increase the risk of arrhythmias.
Thus, owing to the aforementioned factors, the studied market is expected to witness significant growth over the forecast period in North America.
The Cardiac Pacemakers Market is moderately competitive and consists of few dominant players. The presence of major market players, such as Abbott Laboratories (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, along with the strategic alliances such as acquisitions and collaborations by key players. For instance, in Jan 2021, Boston Scientific Corporation announced the plan to acquire the remote cardiac monitoring developer Preventice Solutions.
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Rising Prevalence of Lifestyle-related Disorders
- 4.2.2 Rapidly Growing Geriatric Population
- 4.2.3 Advancements in Pacemaker Technology and Minimally Invasive Procedures
- 4.3 Market Restraints
- 4.3.1 High Costs Associated with Application and Maintenance
- 4.3.2 Cyber Security Risk Associated with Connected Pacemakers
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Type
- 5.1.1 Implantable
- 188.8.131.52 Single Chamber
- 184.108.40.206 Dual Chamber
- 220.127.116.11 Biventricular
- 5.1.2 External
- 5.2 Geography
- 5.2.1 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 126.96.36.199 Mexico
- 5.2.2 Europe
- 188.8.131.52 Germany
- 184.108.40.206 United Kingdom
- 220.127.116.11 France
- 18.104.22.168 Italy
- 22.214.171.124 Spain
- 126.96.36.199 Rest of Europe
- 5.2.3 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 Japan
- 220.127.116.11 India
- 18.104.22.168 Australia
- 22.214.171.124 South Korea
- 126.96.36.199 Rest of Asia-Pacific
- 5.2.4 Middle East and Africa
- 188.8.131.52 GCC
- 184.108.40.206 South Africa
- 220.127.116.11 Rest of Middle East and Africa
- 5.2.5 South America
- 18.104.22.168 Brazil
- 22.214.171.124 Argentina
- 126.96.36.199 Rest of South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Abbott Laboratories (ST Jude Medical)
- 6.1.2 Biotronik SE & Co. KG
- 6.1.3 Boston Scientific Corporation
- 6.1.4 Lepu Medical Co. Ltd
- 6.1.5 Medico SpA
- 6.1.6 Medtronic PLC
- 6.1.7 Oscor Inc.
- 6.1.8 Osypca Medical GmbH
- 6.1.9 Zoll Medical Corporation
- 6.1.10 MicroPort Scientific Corporation
- 6.1.11 Cook Medical
- 6.1.12 Pacetronix
- 6.1.13 Sorin Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS