Pacemaker Market by Implantability [Implantable Pacemaker and External Pacemaker], Technology [Dual-Chamber Pacemaker, Single-Chamber Pacemaker and Biventricular/CRT Pacemaker], End User [Hospitals and Cardiac Care Centers] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global pacemaker market was pegged at ~US$ 4.62 billion in 2020. The market is expected to witness a CAGR of ~2.5% from 2021 to 2031.
Rising prevalence of cardiovascular diseases (CVDs), growing aging population, technological advancements, and growing public and private funding’s are some of the pivotal factors propelling the growth of the pacemaker market. However, frequent recall of defective products is likely to restrain the market growth to a certain extent.
Government bodies and numerous organizations across the globe are taking several initiatives to fast-track the development of pacemakers by providing the necessary funding and approvals. For instance, in March 2017, Cedars-Sinai Heart Institute researchers received a US$ 3 million grant from the NIH to develop a biological pacemaker that can treat patients with bradycardia.
According to WHO, cardiovascular diseases (CVDs) are the leading cause of death globally, accounting for an estimated 17.9 million lives each year, i.e. an estimated 31% of all deaths worldwide. An arrhythmia is a problem with the rate or rhythm of the heartbeat. During an arrhythmia, the heart can beat too fast, too slow, or with an irregular rhythm. Millions of people experience these irregular or abnormal heartbeats, at some point in their lives. Most of the time, they are harmless and can be experienced in healthy people free of heart disease. However, some abnormal heart rhythms can be serious or even deadly. Having other types of heart disease can also increase the risk of arrhythmias. As most arrhythmia can be treated through cardiac rhythm management devices such as pacemakers, it can save the life of patient with high risk.
In an effort to maintain their position in the market, prominent players are continuously making efforts to launch novel pacemaker devices that can offer better advantages compared to the existing products in the market. For instance, in January 2019, Medtronic launched a mobile app that for the first time enables a portfolio of pacemakers to communicate directly with patient’s smartphones and tablets.
However, an increase in recall of the defective pacemaker has affected the growth of the market to a certain extent. Recall of defective products makes consumers lose interest in the products and led to a negative effect on the product demand. The willingness to repeat the purchase of related products declines, which in turn decreases the market volume and eventually hampers the market growth. For instance, in Feb 2019, Medtronic recalled around 13,440 dual-chamber implantable pacemakers in the U.S. owing to a software error that could cause the device to lose pacing function.
The Asia Pacific region is projected to be the fastest-growing pacemaker market. The high growth of the region can mainly be attributed to the developing healthcare infrastructure, increasing investments by public and private sectors to develop breakthrough technologies for cardiac care and the growing availability of skilled healthcare professionals. Countries such as India, China, and Japan in the APAC region, are projected to offer significant growth opportunities owing to the increasing prevalence of cardiovascular diseases and rising geriatric population in the region.
Some of the prominent players operating in the pacemaker market are Medtronic, Boston Scientific Corporation, Biotronik, Abbott, Lepu Medical Technology (Beijing) Co., Ltd., Pacetronix, Osypka Medical, Medico S.p.A., Oscor Inc, and MicroPort® CRM, among others.