The global pacemaker market was valued at approximately USD 5 billion in 2015. It is predicted to grow at a CAGR of 9.2% during the forecast period (2014 to 2025). The market is expected to reach nearly USD 12.3 billion by 2025. Availability of medical coverage coupled with technological advancements can drive the pacemaker industry in the forthcoming years.
A pacemaker is a small device that is placed either in the abdomen or chest to control abnormal heart beats. The device requires low-energy electrical pulse to prompt the heart to beat at a rhythmic & normal pace. Growing prevalence of cardiovascular diseases (CVD) can positively affect market growth. A report by World Health Organization (WHO) suggested that nearly 17.5 million deaths occurred in 2012 due to CVDs. Reimbursement plans for implantations of pacemakers reduces the patient’s financial burden, thereby spurring high adoption & usage rate of the device. This is anticipated to further boost market growth.
Technological advancements in cardiac pacemakers such as transitional tissue welding, microprocessor-controlled devices, and dynamic pacemaking technology are key developments that have benefited the market greatly. By mimicking the natural pace of the human heart, these technologies aim at enhancing the efficiency of artificial pacemakers. Since the elderly are most prone to developing chronic disorders such as CVDs, the geriatric populace forms a key target demographic segment in the worldwide market. The devices increase lifespan of heart patients and thus improve quality of life.
In-depth research report on global Pacemaker market - http://www.grandviewresearch.com/industry-analysis/pacemaker-market
The worldwide pacemaker market is segmented according to products and regions. On the basis of products, the segments are external and implantable pacemakers. Implantable pacemakers are further divided into single chamber, double chamber, and biventricular (Cardiac Resynchronization Therapy or CRT). In 2015, implantable pacemakers dominated the market with a share exceeding 65%. This segment may witness further growth till 2025. These pacemakers facilitate normal physiological functioning of the heart thereby reducing post-operative complications.
Regional segments are North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa (MEA). North America contributed to over 40% of the global market in 2015. Awareness among the masses, high spending on healthcare, planned reimbursement structure, and surging per capita healthcare spending can contribute to regional growth in the years to come.
Asia Pacific is projected to expand steadily till 2025. Government initiatives can positively affect market growth. Several government initiatives encouraging a free economy structure can favor regional growth. For instance, Goods & Services Tax (GST) in India to evade tax cascading effect can bring down tax rates, and thus facilitate smooth business transactions in the country.
In 2016, China introduced economic reforms to promote a better and well balanced open economy. This has increased investment opportunities for multinational players in the region and has also helped shape the global economy. Key players of the global pacemaker market are St. Jude Medical, MEDICO S.p.A., BIOTRONIK, Inc., and Medtronic. Geographical expansions, mergers & acquisitions, pricing, new product development, and collaborations are strategies commonly adopted by these companies.
Medtronic, a Dublin based company has unveiled the world’s smallest pacemaker, “Micra Transcatheter Pacing System (TPS)” for Brady arrhythmia management. It is directly implanted into the right ventricle and is delivered percutaneously via a minimally invasive procedure. Micra TPS was recently approved by U.S. Food and Drug Administration (FDA). The pacemaker is 93% smaller than the conventional pacemaker. It is equipped with an ultra low-power circuit design that ensures an average battery longevity of 12-years.