Pacemaker Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Japan, India, China, Australia, Brazil, Mexico, Argentina, Saudi Arabia, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI3776
Pacemaker Market size is projected to experience significant growth from 2019 to 2025.
Growing prevalence of cardiovascular diseases (CVDs) due to rapidly changing lifestyles of the worldwide population will significantly impel pacemaker market growth in the forthcoming years. According to the World Health Organization, cardiovascular disease is the major cause of mortality, with about 17.9 billion deaths across the globe every year. In addition, cardiovascular medicine is rapidly evolving and providing advanced therapies, especially for the aging population. Thus, rising adoption of unhealthy eating habits and physical inactivity that pose high risk for CVDs, will create lucrative growth opportunities for pacemaker business in the coming years.
Technological advancements and research activities provide new ways to revolutionize the process of pacemaker implantation. Innovations in pacemaker technology including high density batteries, innovative software design, improved catheter delivery system and low-power electronics assist the rapidly evolving applications in cardiovascular disease treatments. Such technological developments should significantly increase the demand for pacemakers.
Favorable reimbursement policies in pacemakers reduce the economic burden of the cost-intensive procedure. Thus, availability of reimbursement codes and advancements in the pacemaker technology will expand the customer base, thereby boosting pacemaker industry growth.
However, pacemaker implantation is high cost procedure. Thus, increased cost will negatively impact demand for pacemakers, thus restricting the market expansion.
Implantable pacemaker market will account for significant revenue size and will foresee considerable growth in the foreseeable future. These pacemakers are used to regulate the heart rhythm through electrical impulses and are placed within the body. Implantable pacemakers provide more efficient way to control heart rhythm than traditional medicine. High precision and accuracy in treatment due to implantable pacemakers will stimulate the segmental growth in the upcoming period.
Atrial fibrillation pacemaker application market is forecasted to witness momentous segmental growth during the forecast timeframe. Rising prevalence of arrhythmia will be major growth impacting factor. According to a report published by the U.S. Department of Health and Human Sciences, 2.7-6.1 million people in the country have atrial fibrillation and the number is expected to increase with expanding elderly population. Atrial fibrillation is one of the common causes of arrhythmia and thus, increasing cases of atrial fibrillation will augment the demand for pacemakers over the future years.
Hospitals end-use segment will hold considerable market share owing to rising patient admissions due to growing cardiovascular diseases. According to the Journal of Clinical Medicines, in 2016, Virgen del Rocio University Hospital reported 479 permanent pacemaker implantations. In addition, hospital facilities offer access to technologically superior and high-quality devices. Thus, expanding healthcare infrastructure in emerging countries, growing patient admissions in hospitals as well as disease epidemiology will highly impact segmental growth.
U.S pacemaker industry is estimated to hold high market share in the upcoming period. According to the Journal of Geriatric Cardiology, 200,000 cardiac pacemakers are implanted each year in the U.S. alone among one million pacemakers implanted worldwide. In 2018, about 92.1 million people were living with cardiovascular diseases in the nation, as stated by the American Heart and Stroke Association. Thus, growing prevalence of CVDs coupled with high adoption of pacemakers will boost the U.S. pacemaker market growth in the future years.
France pacemaker market is estimated to account for a significant revenue size owing to growing pervasiveness of cardiovascular diseases in the country. According to French Directorate for Research, Studies and Evolution of Statistics, France has relatively high population of cardiovascular diseases among other European countries. Furthermore, increasing consumption of alcohol and tobacco, results in escalated risk for cardiovascular diseases, thus offering lucrative potential for market growth in the projected years.
Some of the major market players operating in the global pacemaker industry are Medtronic, Abbott Laboratories, Boston Scientific and Biotronik among other market players. Firms are adopting new technologies and innovations to strengthen their market position. For instance, In April 2016 Medtronic received an FDA approval for Micra pacemaker, the first smallest pacemaker, revolutionizing the field of pacemakers. The innovations and developments in pacemaker will expand product as well as consumer base of the company.
Pacemaker Market by Product, 2014-2025 (USD Million)
- Single Chamber
- Dual Chamber
Pacemaker Market by Application, 2014-2025 (USD Million)
- Atrial Fibrillation
- Heart Block
Pacemaker Market by End-use, 2014-2025 (USD Million)
- Ambulatory Surgical Centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Boston scientific
- Abbott Laboratories
- Lepu Medical
- OSCOR Inc.
- Edward Lifesciences
- St. Jude Medical
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