Cardiac Pacemaker Market to Reach US$12.85 bn by 2023, Rising Geriatric Population is High-impact Driver

Cardiac pacemakers are popular cardiac rhythm management medical devices and are used to reset the cardiac rhythm by sending electric impulses to the heart. The heart rate is directly controlled by the pacemaker cells and comprises of two parts, namely the lead and the generator. Cardiac pacemaker devices, when placed inside the abdomen or the chest, helps in controlling arrhythmia.

The global cardiac pacemaker market is anticipated to grow rapidly due to the changing lifestyles of people around the world and growing reliance on an unhealthy diet. As per a study conducted by the American College of Cardiology Foundation, 78,000 people suffered from sick sinus syndrome in 2012 and the number is expected to reach 172,000 by 2060.

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The global cardiac pacemaker market is expected to progress from more than US$6 bn in 2014 to US$12.8 bn by 2023 at an 8.70% CAGR. Factors such as a rise in geriatric population, increasing incidence of cardiovascular diseases, and technical advancements are expected to boost the global cardiac pacemaker market in the years to come. However, implementation of the Patient Protection and Affordable Care Act, rising cost of various treatments, and strict regulatory approvals are some of the factors expected to restrict the growth of the global cardiac pacemaker market in the coming few years. The untapped market in the emerging economies is predicted to create growth opportunities for the leading players in the global cardiac pacemaker market during the forecast period.

The global cardiac pacemaker market is highly competitive, with new players introducing effective treatments for cardiovascular diseases. With plenty of acquisitions expected to happen, the leading players are anticipated to maintain their dominant positions in the global cardiac pacemaker market. Some of the leading players in the global cardiac pacemaker market are Abbott Laboratories, Inc., Boston Scientific Corporation, MEDICO S.p.A., SORIN Group, BIOTRONIK SE & CO. KG, Cook Medical Inc., and St. Jude Medical, Inc.

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North America to Expand at Highest CAGR from 2015 to 2023, Driven by Increasing Geriatric Population

The global cardiac pacemaker market is segmented on the basis of product, geography, and technology. Based on geography, the global cardiac pacemaker market is divided into Asia Pacific, Europe, North America, and Rest of the World. In 2014, North America held the largest share in the total market, followed by Europe. However, Asia Pacific is predicted to expand at the highest CAGR during the period between 2015 and 2023. The growing demand for atrioventricular blockage is observed in Asia Pacific, and it is higher in people with coronary heart diseases.

Growing Dual-chamber Segment to Drive Global Cardiac Pacemaker Market

By product type, the global cardiac pacemaker market is classified into external pacemakers and implantable pacemakers. In 2014, in terms of revenue, the global cardiac pacemaker market was dominated by the implantable segment. By technology, the global cardiac pacemaker market is classified into the single-chamber, dual-chamber, and bi-ventricular segments. In 2014, the dual-chamber segment led the global cardiac pacemaker market and is predicted to maintain its dominant position in the years to come. The dual-chamber segment is also expected to register the highest CAGR during the forecast period.

Cardiac Pacemaker Market - Global Industry Analysis Report, 2015 - 2023

The number of patients suffering from sick sinus syndrome will increase from 78,000 in 2012 to 172,000 by 2060, according to the American College of Cardiology. In Asia Pacific, atrioventricular blockage conditions are on the rise, especially among patients of coronary heart diseases. Based on such factors, the global cardiac pacemaker market will rise at a CAGR of 8.7% from 2015 to 2023, says Transparency Market Research (TMR). Currently, more than four million people across the world have a pacemaker or some other cardiac rhythm management device and more than 700,000 new implants happen every year, indicating that the global cardiac pacemaker market is on a growth trajectory, says TMR.

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Of the many factors, the increasing number of individuals that are above the age of 65 years is a high impact driver of this market. As stated by the U.S. Census Board, currently, individuals over 65 years of age represent 13% of the overall population; this is expected to be 20% by 2030. Similarly, as per the World Health Organization, the number of geriatrics across the world will be 1.5 billion by 2050. Japan and Germany have an increasingly aging population, which will be a significant impact driver for the global cardiac pacemaker market in the foreseeable years.

Leap in Design and Functionality Features of Pacemakers Promotes Demand

Pacemakers have been in use for a very long time and are considered essential for people with arrhythmic heart beats. Although these devices are effective, they have concerns that are primarily associated with these two aspects – first, the surgical procedure involved wherein an incision is made in the upper chest to place the device underneath the skin, and second, the wired connection between the device and the heart muscle that delivers the needed thrust to control the heart beats.

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The wire is associated with several problems, such as, fracturing of the wire over a period of time or getting absorbed into the healing tissue surrounding the wire, leading to a buildup of scar tissue. Removal of the wire because of either reason is complicated as well. Thus, leadless pacemakers have been sought in recent years. Due to technological advances, the manufacture of leadless devices has become a reality in the near recent times. As a result, the various aspects of the device that include the electronics, generator, and pacing element are minuscule, thus saving a surgical procedure altogether. Instead, a transvascular procedure is used, wherein a puncture in a vein in the leg advances the device all the way to the heart’s right ventricle.

Nanostim, developed by St Jude Medical, is the world’s first commercial and self-contained leadless pacemaker. In 2012, the first successful implants of leadless pacemakers were carried out on a group of 11 patients at Homolka Hospital in Prague, Czech Republic. In December of the same year, the feasibility study of the leadless pacemaker on 33 patients was completed in order to ascertain the pacing and handling of the device over a year. The feasibility study was carried out across three centers in Europe.

Following this, the leadless pacemaker made its way into the U.S. with the first patient receiving the device in the Mount Sinai Hospital in December 2014. This paved the way for a pivotal trial, called as Leadless II carried out by the U.S. FDA, on a total of almost 100 patients in the U.S., Australia, and Canada.

With such advances becoming the norm in the cardiac pacemaker market, growth is expected to remain constant in the foreseeable future.

Cardiac Pacemaker Market Dynamics and Opportunities Report by Transparency Market Research

According to a new market report published by Transparency Market Research “Cardiac Pacemaker Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”, the cardiac pacemaker market was valued at US$6.05 bn in 2014 and is projected to expand at a CAGR of 8.7% from 2015 to 2023 to reach US$12.85 bn in 2023.

Browse the full Cardiac Pacemaker Market: (By Type: Implantable Pacemaker, and External Pacemaker ; By Technology: Dual-chamber, Single-chamber and Bi-ventricular): Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023 report at http://www.transparencymarketresearch.com/cardiac-pacemakers-market.html

Cardiac pacemaker is a cardiac rhythm management device that sets heart rhythm by sending electrical impulses to heart. The pacemakers support heart rate, senses native heart rate, provides physiologic heart rate and diagnostics rate. Growth in the global base of population over 65 years of age would act as a high impact driver of the market. According to the U.S. Census Board, people older than 65 years represented around 13% of the total population; this percentage is expected to grow at an estimated 20% by 2030. According to the World Health Organization, the global geriatric population is anticipated to reach 1.5 billion by 2050. Other countries aging at a rapid pace are Japan, and Germany. The impact of this driver is expected to remain high during the forecast period as the global geriatric population is constantly rising. Moreover, growing incidence of cardiovascular diseases plays a vital role in the market growth. One in 600 cardiac patients older than 65 years have sick sinus syndrome. The median age of sick sinus syndrome is 74 years. Degenerative fibrosis, amyloidosis, connective tissue diseases, and ion channel dysfunction are the common causes of SSS. A study conducted by ARIC and CHS concluded that the number of cases of SSS will increase from 78,000 in 2012 to 172,000 in 2060.

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Cardiac pacemakers such as implantable and external pacemakers are available in the market. Of these, implantable pacemakers held the majority share of the market in 2014, followed by external pacemaker. Implantable has been identified as the fastest growing segment during the forecast period due to product efficacy, advancement of technology, and increasing cases of bradycardia which is caused by sick sinus syndrome or atrio-ventricular block or both has led to steady rise in implantable cardiac pacemaker volume across the globe.

Based on technology, the dual-chamber pacemaker segment accounted for over 78.4% share of the global implantable cardiac pacemaker market in terms of revenue, and 71.2% in terms of volume unit sales in 2014. Moreover, the segment is expected to gain market share and emerge as the fastest growing segment during the forecast period. Biventricular pacing systems are commonly used in the treatment of refractory congestive heart failure (CHF) and ventricular dysynchrony, and is the fastest growing segment. High CAGR during the forecasted period is attributed due to high cases of ventricular dysynchrony.

North America and Europe were the largest regional markets for cardiac pacemaker in 2014, accounting for more than 87.9% share. The regions dominated the market due to steady increase in cardiac pacemaker procedural volume and rising cases of cardiac failures to bradycardia. In 2009, there were 235,567 new pacemakers implanted in the United States. Increasing number of new product approvals is another major factor that contributed to the growth of the cardiac pacemaker market in these regions. On the other hand, Asia Pacific is expected to gain market share during the forecast period and emerge as the fastest growing segment. Rapidly emerging medical tourism industry Asian countries due to low cost of surgical procedures is one of the major factors driving the cardiac pacemakers market in this region.

Medtronic, Boston Scientific Corporation, St. Jude Medical, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, Cook Medical, SORIN Group., Medico, S.p.A. are the major players operating in the global cardiac pacemakers market.