Pacemaker Market Report

Pacemaker Market Analysis By Product (Implantable, External), By Region {(North America (U.S., Canada), Europe (UK, Germany), Asia Pacific (Japan, China), Latin America (Brazil, Mexico), MEA (South Africa, Saudi Arabia)}, And Segment Forecasts, 2014 - 2025

Published: December 2016  |  90 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-336-2

Industry Insights

The global pacemaker market size was valued at USD 4.9 billion in 2015 and is expected to grow at a CAGR of 9.2% over the forecast period. The increasing prevalence of Cardiovascular Diseases (CVDs), supportive reimbursement, and technological advancements are the key driving factors governing the growth of the market globally.

As per the statistics published by the World Health Organization, maximum number of deaths were caused due to CVDs with approximately 31.0%, equating to 17.5 million deaths, in 2012 recorded. Among the 17.5 million, around 40.0% and 38.0% deaths were due to coronary heart disease and stroke, respectively. The high incidence and mortality rates associated with cardiac conditions are responsible for the growth of the artificial heart rate managment devices.

U.S. pacemaker market, by product, 2014 - 2025 (USD Billion)

U.S. pacemaker market

Availability of reimbursement for implantation of pacemaker reduces the financial burden on patients, thus spurring the high usage rate of these devices. For instance, the average cost of a single chamber device is USD 10,000, of which, approximately USD 7,500 is reimbursed under the Medicare plan in the U.S.

Reimbursement plans are also available in other parts of the world, especially in the developed countries, such as the UK and Canada. This is anticipated to foster the penetration rates of pacemakers.

Technological advancements in cardiac pacemaker such as dynamic pacemaking technology, transitional tissue welding, and microprocessor-controlled devices are key developments in this vertical. These technological strides are bringing efficiency to artificial pacemakers, which mimic the natural pacing of the heart.

Population above 60 years of age form the target demographic segment for these devices as this population subset is more prone to developing chronic disorders such as CVDs. Advanced therapeutics, including pacemaker, increase the lifespan of this demographic and improve the quality of life for those ailing with heart conditions. Thus, increasing geriatric population is one of the vital drivers for the market.

Product Insights

Implantable pacemaker dominated the product segment with more than 65.0% share in 2015 and are to witness lucrative growth over the forecast period. This can be attributed to the presence of multiple leads, which enable normal physiological functioning of the heart, resulting in fewer post-operative complications.

Implantable pacemaker are further sub-segmented into single chamber, dual chamber, and biventricular pacemaking devices. Dual chamber devices with two leads placed in the right atrium and ventricle, is projected to spearhead the implantable pacemaking devices vertical. Biventricular devices, which are also known as Cardiac Resynchronization Therapy (CRT), is also anticipated to gain a lucrative share over the forecast period.

Global pacemaker market share, by region, 2015 (%)

Global pacemaker market

Regional Insights

North America held more than 40.0% share of the global pacemaker market in 2015. Developed healthcare infrastructure, presence of planned reimbursement structure, greater per capita healthcare spending, and higher awareness among the population about advanced technologies supported the significant growth of this regional segment.

On the other hand, Asia Pacific is anticipated to exhibit sturdy growth over the next eight years. Several economic government initiatives are anticipated to create a free and open economy. For instance, implementation of Goods and Services Tax (GST) in India to avoid the tax cascading effect is anticipated to bring down the tax rate, thus improving the ease of doing business in the country. Also, recently introduced economic reforms in China, promoting a well balanced and open economy, has had a significant impact in shaping the global economy in 2016, thus presenting more investment opportunities for multinational players in this region.

Competitive Insights

Some of the key players operating in this space are Medtronic, BIOTRONIK, Inc., Boston Scientific Corporation, St. Jude Medical, ZOLL Medical Corporation, MEDICO S.p.A., Vitatron, Pacetronix, and Cordis, Inc.

New product development, geographical expansion, collaboration, mergers and acquisitions, and pricing strategies are the key undertakings of the players in this space. For Instance, in July 2016, St. Jude Medical received the U.S. FDA approval for SyncAV, a CRT software compatible with the company’s multiPoint pacing technology. The software was approved earlier in the European market in June 2016.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2014 - 2015

Forecast period

2016 - 2025

Market representation

Revenue in USD Million & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America & MEA

Country scope

U.S., Canada, UK, Germany, Japan, China, India, Brazil, Mexico

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

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Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the pacemaker market on the basis of product and region: 

  • Product Outlook (Revenue, USD Million, 2014 - 2025)

    • Implantable

      • Single Chamber

      • Dual Chamber

      • Biventricular

    • External

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • Japan

      • China

    • Latin America

      • Brazil

      • Mexico

    • Middle East and Africa (MEA)

      • South Africa

      • Saudi Arabia

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