Pacemaker Market Share Analysis Report By Product (Implantable, External), By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), And Segment Forecasts, 2018 - 2025

Industry Insights

The global pacemaker market size was valued at USD 5.6 billion in 2016 and is expected to expand at a CAGR of 7.2% over the forecast period. Increasing prevalence of cardiovascular diseases (CVDs) is a key factor governing the growth of the global market. Recent technological advancements are also a major trend observed in the medical devices industry.

Availability of reimbursement for implantation of pacemakers reduces the financial burden on patients, thus spurring the 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 U.S. Reimbursement plans are also available in other parts of the world, especially in developed countries, such as U.K. and Canada. This is anticipated to foster the growth of the market.

Technological advancements in cardiac pacemakers, such as dynamic pacemaking technology, transitional tissue welding, and microprocessor-controlled devices, have also fueled the market. These technological strides are bringing efficiency to artificial pacemakers, which mimic the natural pacing of the heart.

As per statistics published by the World Health Organization (WHO), an alarmingly high number of deaths resulted from CVDs in 2012, amounting to 31.0% or equating to 17.5 million lives. Among these, around 40.0% and 38.0% deaths were caused by coronary heart disease and stroke, respectively. High incidence and mortality rates associated with cardiac conditions drive the demand for artificial heart rate management devices.

People above 60 years of age form the target demographic segment for these devices, as this population subset is prone to chronic disorders such as CVDs. Advanced therapeutics, including pacemakers, increase the lifespan of this demographic and improve quality of life. Thus, increasing geriatric population is a vital driving factor for the market.

Product Insights

Implantable pacemakers dominated the market with a share of around 70.0% in 2016 and the segment is expected to witness lucrative growth over the forecast period. This can be attributed to presence of multiple leads, which enable normal physiological functioning of the heart, resulting in fewer post-operative complications.

Implantable pacemakers are further segmented into single chamber, dual chamber, and biventricular pacemaker devices. A single chamber pacemaker is a device in which a single lead has been implanted into one of the chambers of the heart or the ventricle. Dual chamber devices, with two leads placed in the right atrium and ventricle, are projected to spearhead the implantable pacemaker devices’ vertical.

Biventricular devices, also known as Cardiac Resynchronization Therapy (CRT), are also anticipated to gain lucrative share over the forecast period.Biventricular devices consist of two or three leads. CRT is used in patients that present a lack of synchronization between contractions of the left and right ventricles, a condition known as ventricular dyssynchrony.

Regional Insights

North America held a share of more than 40.0% in the global pacemaker market in 2016. Developed healthcare infrastructure, presence of planned reimbursement structure, greater per capita healthcare spending, and higher awareness among the population about advanced technologies has supported the significant growth of this regional segment.

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 to promote a well-balanced and open economy has had a significantly shaped the global economy in 2016. This has also presented more investment opportunities for multinational players in the region.

Pacemaker Market Share 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 key undertakings of players in this space. For Instance, in July 2016, St. Jude Medical received U.S. FDA approval for SyncAV, a CRT software compatible with the company’s multiPoint pacing technology. The software was approved in the European market in June 2016.

Report Scope

Segments Covered in the Report

This report forecasts revenue growthat global, regional, and country levels and provides an analysis on latest industry 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 report 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

    • U.K.

  • Asia Pacific

    • Japan

    • China

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia