|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The cardiac pacemakers market was valued at approximately USD 4,486.37 million in 2020. It 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 pacemakers 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 a decline in market capitalizations of major companies across the world. Additionally, the American College of Surgeons and the American Society of Anaesthesiologists 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 pacemaker 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 the age of 65 years by 2050, up from one in 11 in 2019. One of every four people in Europe and North America will be 65 years or older by 2050. In 2018, persons aged 65 years or above outnumbered children under the age of five years, globally, for the first time to date. From 143 million in 2019 to 426 million in 2050, the number of people aged 80 years and over is expected to triple. Pacing therapy is usually performed to treat severe arrhythmias. According to a research article titled “Pacemaker therapy in very elderly patients: survival and prognostic parameters of single-center experience”, published in 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 cardiac pacemakers market growth over the forecast period.
Scope of the Report
Cardiac pacemakers are medical devices that are used to deliver electrical pulses to the heart, in order to maintain a normal heart rate. Pacemakers are used to treat patients who are suffering from heart conditions, such as heart failure and arrhythmias. The cardiac pacemakers market is segmented by type (implantable (single chamber, dual chamber, and biventricular) and external) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value in USD million for the above-mentioned segments.
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 segment captured the largest market share, and it is expected to register a lucrative growth rate over the forecast period. 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 to assure normal physiology of the heart. Biventricular pacemakers are expected to gain momentum due to the presence of multiple leads. Also, these devices can be implanted into multiple locations, as they consist 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, are boosting the segment’s growth.
Therefore, implantable cardiac pacemakers are expected to show significant growth during the forecast period.
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North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America emerged as 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 years and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-years-and-older age group’s share of the total population may rise from 16% to 23% 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, the United States has been home to most of the key players, such as Abbott Laboratories and Boston Scientific Corporation, which are actively involved in the innovation, manufacture, and market of cardiac pacemakers. For instance, in September 2019, EBR Systems Inc. received US FDA Breakthrough Device Designation for the WiSE (Wireless Stimulation Endocardially) CRT System for the treatment of heart failure. Thus, the increasing prevalence of cardiovascular diseases in the United States and new product launches by the key players are anticipated to boost the 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 white people 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 in North American cardiac pacemakers market is expected to witness significant growth over the forecast period.
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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 January 2021, Boston Scientific Corporation announced its plan to acquire the remote cardiac monitoring developer, Preventice Solutions.
In October 2020, Medtronic Private Limited launched Azure Pacemaker BlueSync technology in India. This technology can communicate directly with patients’ smartphones and tablets.
In February 2020, Medtronic PLC received US FDA approval for its Leadless Micra AV, the world’s smallest pacemaker with atrioventricular (AV) synchrony.
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
126.96.36.199 Single Chamber
188.8.131.52 Dual Chamber
5.2.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
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 South Africa
184.108.40.206 Rest of Middle East and Africa
5.2.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
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
6.1.13 Sorin Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Cardiac Pacemakers Market market is studied from 2018 - 2026.
What is the growth rate of Global Cardiac Pacemakers Market?
The Global Cardiac Pacemakers Market is growing at a CAGR of 5.88% over the next 5 years.
What is Global Cardiac Pacemakers Market size in 2018?
The Global Cardiac Pacemakers Market is valued at 4486 Million USD in 2018.
What is Global Cardiac Pacemakers Market size in 2026?
The Global Cardiac Pacemakers Market is valued at 6294 Million USD in 2026.
Which region has highest growth rate in Global Cardiac Pacemakers Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Cardiac Pacemakers Market?
North America holds highest share in 2020.
Who are the key players in Global Cardiac Pacemakers Market?
Medtronic PLC, Biotronik SE & Co. KG, Boston Scientific Corporation, Lepu Medical Co . Ltd, Abbott Laboratories (ST Jude Medical) are the major companies operating in Global Cardiac Pacemakers Market.