Market Research Report
Global Implantable Cardiac Pacemaker Treatment Market - 2019-2026
|Published by||DataM Intelligence||Product code||859714|
|Published||Content info||130-180 Pages
Delivery time: 1-2 business days
|Global Implantable Cardiac Pacemaker Treatment Market - 2019-2026|
|Published: May 1, 2019||Content info: 130-180 Pages||
Implantable Cardiac Pacemaker Treatment Market
The global XX market was worth $XX billion in 2018 and is forecasted to reach $XX billion by 2026, at a CAGR of XX% during the forecast period.
Implantable cardiac pacemakers are small devices which are used for the treatment of arrhythmia or heart blockage. These devices are surgically implanted in a patient's chest or abdomen and deliver a controlled, rhythmic electric stimulus to the heart to maintain a normal heartbeat.
Global Implantable Cardiac Pacemaker Market - Market Dynamics
The Global implantable cardiac pacemakers market is driven by the increased prevalence of cardiovascular diseases worldwide, recent advances in technology and the increasing lifespan of individuals globally.
As per the CDC, the number of patients suffering from Atrial Fibrillation, the most common type of arrhythmia are estimated to be between 2.7 and 6.1 million which is projected to increase to 12.1 million by 2030 in the United States alone while globally the number is estimated to be 33 million which represents almost 0.5 % of the world's population. The rapid growth is attributed to the increase in the elderly population, along with a sharp rise in the diabetic population globally. Recent advances in technology such as the development of leadless pacemakers, CRT-P pacemakers and new pacemaker algorithms along with the increasing rate of diagnosis may lead to further adoption of pacemakers globally. Along with these factors, due to the increasing life expectancy of individuals, the number of pacemaker implants required over a lifetime could increase, leading to potentially higher sales.
The global market for implantable cardiac pacemakers is being restrained by factors such as the high costs of surgery along with low reimbursement from insurance providers, increasing pacemaker battery life along with new product developments and market competition from implantable cardiac defibrillators.
The market is also restrained by recent reports of malfunctions in CRT-Ps, leading to product recalls. Increasing pacemaker battery life and the new product developments such as the heart-powered pacemakers may lead to a decline in the number of pacemakers required by an individual over their lifetime, leading to lower product sales. The product itself faces rising competition from ICDs, S-ICD's and CRT-Ds whose increasing adoption has led to a decline in the sales of implantable cardiac pacemakers.
Global Implantable Cardiac Pacemaker Market - Segment Analysis
Based on product, the global market for implantable cardiac pacemakers is broadly segmented as - by application, by MRI compatibility, by type, by end-users.
By Application, the global implantable cardiac devices market is segmented into bradycardia, atrial fibrillation, sick sinus syndrome, long QT syndrome and heart block and others. Pacemakers for treating atrial fibrillation hold the largest market share due to its substantially higher rate of prevalence. Atrial Fibrillation is the most common type of arrhythmia, with almost 9% of the US population above the age of 65 being affected as per the CDC. With the occurrence of Atrial Fibrillation being highly correlated with diabetes and obesity, the prevalence of the disorder should rise globally.
By type, the global implantable cardiac devices market is segmented into a single chamber, dual chamber and bi-ventricular pacemakers. Dual chamber pacemakers hold the largest market share in the U.S and western countries while single chamber pacemakers hold the largest market share in emerging markets. Dual chamber pacemakers are recommended by the American College of Cardiology as tend to be more effective at preventing certain heart rhythm problems and strokes, but they carry a higher risk of heart damage which led to them gaining market share. Single chamber pacemakers are popular in emerging markets as they can be used to cover the most common pacing problems with a lower risk of heart damage while being significantly cheaper. Advances in technology have led to the development of the bi-ventricular pacemakers which are used especially for patients with heart failure. However the adoption of these products is held back due to their high cost and recent recalls.
By MRI compatibility, the global market for implantable cardiac pacemakers is segmented into 3-T compatible, 1.5-T compatible and MRI incompatible pacemakers. The global implantable cardiac pacemaker market is dominated by 1.5 Tesla compatible pacemakers. According to the Mayo Clinic, approximately 75% of patients with implantable cardiac pacemakers will need an MRI in their lifetime. The importance of this capability is underlined by the rising share of these products for companies; for example, in 2015, Biotronik reported that 60 per cent of the pacing devices it sold were MRI compatible. The initial MRI compatible pacemaker products were certified for 1.5-T scans. Due to demand for high-quality scans which require stronger magnetic fields, companies have launched or started the certification process for 3-T approved pacemakers.
By end users, the global implantable cardiac devices market is segmented into Hospitals, Ambulatory surgical clinics and others. The global market for the implantable cardiac pacemakers is dominated by hospitals (i.e. inpatient setting) as the reimbursement amounts are higher.
Global Implantable Cardiac Pacemaker Market - Geographical Analysis
North America dominates the market share of implantable cardiac pacemakers globally by revenue. This is attributed to its large base of elderly population along with high rates of obesity, leading to a higher number of people suffering from cardiovascular disorders. These factors combined with higher pricing for the pacemakers which may range from 2-6 times of European prices, combine to make North America the largest market by revenue.
Asia-Pacific region is expected to be the fastest growing market during the forecast period due to the rapid rise in the elderly population, higher private and government medical expenditure along with higher rates of diagnosis due to rising awareness. This rapid rise can be exemplified by a study conducted in China where the prevalence of Atrial Fibrillation in subjects rose by 20-fold over an 11-year period.
Global Implantable Cardiac Pacemaker Market - Competitive Analysis
Key players in the market are acquiring other companies, increasing R&D spends and launching new products such as 3-Tesla compatible pacemakers and CRT-Ps in existing and new markets. The market has witnessed consolidation of key players in the last five years with major players either merging with others or divesting their businesses. The market is also witnessing expansion from new players in Asian markets due to high product pricing from established players leading to the development of pacemaker technology, but they still lag technology-wise as compared to established players. An example of this trend is the QinMing medical instruments co. which developed its own proprietary pacemaker.
Currently, the global market for implantable cardiac pacemakers is highly concentrated. The market is dominated by 3-4 companies which account for the majority of the revenue generated. This is due to the complexity of the devices, the high R&D spending required for developing these devices along with falling overall revenue in the Western markets due to increased life of the pacemaker devices.
List of major market players -
Medtronic Plc, Boston Scientific, Abbot Laboratories, Shree Pacetronix Ltd, Vitatron Holding B.V, Medico S.p.A,, Biotronik Inc., MicroPort Scientific Corporation, Lepu Medical Technology Co. Ltd., Cardioelectronica.
Recent developments -
In May 2019, The US FDA and India's CDSCO flagged battery issues with Medtronic Inc's CRT-P's. The FDA raised an alarm over premature battery depletion associated with certain models, which could lead to the devices losing power and triggering a medical emergency.
In January 2019, MicroPort Scientific Corporation agreed to invest 350 million euros in France over the next five years towards developing pacemakers and defibrillators in the country.
In March 2018, Biotronik Inc launched their 1st 3-Tesla Full body MRI scan approved pacemakers in Japan. The new pacemakers will allow patients full access to MRIs without exclusion zone restrictions.
In November 2017, LivaNova pulled out of the cardiac rhythm management devices segment by selling the business to Shanghai-based company MicroPort for $190 million.
Global Implantable Cardiac Pacemaker Market Methodology and Scope
Global Implantable Cardiac Pacemaker Market - By Application