PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408899
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408899
Leadless Pacemakers Market size was valued at USD 520.4 Million in 2022, expanding at a CAGR of 16.2% from 2023 to 2030.
Leadless pacemakers are self-contained devices that are directly implanted into the heart without the need for leads. These pacemakers, which are small and consist of a single piece, are inserted by healthcare providers to prevent slow heart rates. Unlike traditional pacemakers, all the components of a leadless pacemaker are contained within one device. Each year, around one million cardiac pacemakers are implanted worldwide, with nearly 200,000 of them being fixed in the United States alone. The main advantage of leadless pacemakers is that they eliminate various complications associated with trans venous pacemakers, such as lead pocket infections, hematoma, lead dislodgment, and lead fracture. Additionally, leadless pacemakers have a cosmetic appeal as they do not require a chest incision or result in a visible pacemaker pocket. However, it's important to note that leadless pacemakers only provide single-chamber ventricular pacing and do not have defibrillation capacity. They might be appropriate for people with permanent atrial fibrillation with bradycardia else bradycardia-tachycardia syndrome, along with those who infrequently necessitate pacing.
As the prevalence of cardiovascular diseases continues to escalate worldwide, there is an escalating requirement for advanced cardiac pacing technologies to combat these conditions. According to the World Health Organization, cardiovascular diseases (CVDs) are the primary cause of mortality globally, claiming approximately 17.9 million lives annually. In the United States, cardiovascular disease (CVD) remains the leading cause of death, with 928,741 deaths recorded in 2020, as reported by the American Heart Association. With the aging global population, the elderly is more prone to heart rhythm disorders, leading to an anticipated surge in demand for pacemakers, including leadless pacemakers. The World Health Organization predicts that by 2050, 80% of older individuals will reside in low- and middle-income countries. Nonetheless, ongoing advancements in leadless pacemaker design and functionality offer promising prospects for the market. However, the high cost of technology may impede market growth.
Geographically, the Leadless Pacemakers market is spread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in the business. The growth of the market is expected to be dominated by North America, primarily due to increasing health expenditure, government initiatives, and the rising prevalence of heart diseases. North America boasts advanced healthcare infrastructure with well-equipped hospitals, cardiac catheterization laboratories, and specialized electrophysiology centers. The aging population, sedentary lifestyles, and other risk factors contribute to a higher incidence of heart-related conditions, resulting in a significant patient pool for cardiac devices. According to the Centers for Disease Control and Prevention, heart disease accounted for approximately 695,000 deaths in the United States in 2021, representing 1 in every 5 deaths. Additionally, someone in the United States experiences a heart attack every 40 seconds, with approximately 805,000 people having a heart attack each year. Out of these, 605,000 individuals experience their first heart attack, while 200,000 occur in individuals who have already had a heart attack. Europe holds the second-largest region for market growth, primarily due to the increasing trend towards Minimally Invasive Procedures.
The Competitive landscape of the medical device industry can rapidly change due to advancements in technology, developments in regulations, and strategic acquisitions. The continuous innovations in leadless pacemaker technology, such as enhancements in battery life and remote monitoring capabilities, have led to an increased demand for these devices. Manufacturers are focusing on technological advancements and adopting a specialized approach to cardiac devices. The Leadless Pacemakers Market faces ongoing challenges of global competition and the need for regulatory compliance. To maintain a competitive edge, manufacturers must make consistent investments in research, development, and marketing. For instance, on July 5, 2023, Abbott introduced the approval of the AVEIR dual chamber leadless pacemaker technology by the U.S. Food and Drug Administration (FDA). This system is the globes first dual-chamber leadless pacing system designed to treat individuals with abnormal or slow heart rhythms.
On May 1, 2023 Medtronic plc, proclaimed it has conventional U.S. Food and Drug Administration (FDA) approval of its Micra AV2 along with Micra VR2, the coming generation of its industry-leading miniaturized, leadless pacemakers. Micra AV2 and Micra VR2, the globe smallest pacemakers, deliver lengthier battery life as well as calmer programming than previous Micra pacemakers, although still bringing several advantages of leadless pacing including reduced complications associated to old-style pacemakers.
The scope of this report covers the market by its major segments, which include as follows: