Implantable Cardiac Pacemaker Market - Trends and Opportunity Analysis, 2026
Posted by Rajkumar on August 20th, 2019
Since the evolution of implantable cardiac pacemakers, cardiac pacing devices are extensively used to treat bradycardia (delayed or absent activation of the entire ventricle) and Cardiac Resynchronization Therapy (CRT). Implantable cardiac pacemakers are the small devices, which are placed inside the chest or abdomen in order to control abnormal heart rhythms. Pacemakers are also majorly used to treat arrhythmias: a problem with the rate of rhythm of heartbeat, in which heart beats too fast and sometimes beats too slowly causing irregular rhythm.
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Several market players in emerging economies such as Asia and Middle East are offering products with comparable performance levels to that of high-end implantable cardiac pacemakers at affordable costs. This is mainly attributed to factors such as increasing availability of skilled physicians and healthcare practitioners, lower costs incurred with medical facilities, and combined efforts of government and domestic players to increase patient access. Moreover, increasing prevalence of cardiovascular disease such as arrhythmia, atrial fibrillation, long QT syndrome, bradycardia, and tachycardia coupled with adoption of sedentary and unhealthy lifestyle are further expected to augment growth of implantable cardiac pacemaker market over the forecast period
The global implantable cardiac pacemaker market was valued at US$ 4.7 billion in 2017 and is expected to witness a CAGR of 7.1% over the forecast period (2018 – 2026).
Introduction of Advanced Pacemaker Technologies is Expected to Drive Growth of the Implantable Cardiac Pacemaker Market
Adoption of advanced technologies in cardiac pacemakers such as MRI safe-pacemakers, pacemakers with improved battery life, delay the progression of persistent Atrial Fibrillation (AF) in patients suffering from bradycardia and wireless automated technologies. This advancements are gaining significant traction of various market players of implantable cardiac pacemakers with affordable costs, which in turn are expected to drive growth of implantable cardiac pacemakers market. For instance, in February 2017, Abbott received the Food and Drug Administration (FDA) approval for its MR-conditional labeling for both of its products i.e. Assurity MRI pacemaker and the Tendril MRI pacing lead. Furthermore, introduction of advance technology such as wireless and automated pacemaker monitoring pacemakers are gaining significant traction among healthcare providers.
Increasing Prevalence of Cardiovascular Disease is Expected to Drive Growth of Implantable Cardiac Pacemaker Market
Increasing incidence of cardiovascular diseases is expected to boost growth of the implantable cardiac pacemakers market over the forecast period. According to the Centers for Disease Control and Prevention (CDC), August 2017 data findings, Atrial Fibrillation (AFib or AF) is most common type of heart arrhythmia, which affected an estimated 2.7 to 6.1 million people in the U.S. and the number is expected to increase in near future. Furthermore, Atrial Fibrillation cases increase with age and it is more prominent in men than women. Moreover, increasing number of geriatric population across the various regions worldwide along with high prevalence of heart disease is expected to propel demand for implantable cardiac pacemakers in the near future.
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Market players are engaged in developing novel pacemakers with ability to control the abnormal heart rhythm, monitor and record patient’s heart's electrical activity, blood temperature, and breathing rate. Technological advances in the field of implantable cardiac pacemakers along with increasing prevalence of cardiovascular disease is projected to drive the growth of implantable cardiac pacemaker market over the forecast period.
Some of the key players operating in implantable cardiac pacemaker market include Medtronic plc, BIOTRONIK, Inc., Boston Scientific Corporation, St. Jude Medical, Vitatron Holding B.V., Shree Pacetronix Ltd., MEDICO S.p.A., Lepu Medical Technology Co Ltd., LivaNova PLC, and Qinming Medical.
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About the AuthorRajkumar
Joined: February 13th, 2019
Articles Posted: 590
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