The Global Implantable Cardiac Pacemaker Market, by Product Type (Single Chamber Pacemaker, Dual Chamber Pacemaker, and Biventricular Pacemaker), by Application (Heart Block, Arrhythmia, Atrial fibrillation, Long QT Syndrome, Bradycardia, Tachycardia, and Others), By End User (Hospitals, Emergency Care Centers, and Others) was valued US$ 4.7 billion in 2017 and is projected to exhibit a CAGR of 7.1% over the forecast period (2018 - 2026).
New product launches by market players, owing to technological advancement in implantable cardiac pacemakers are expected to drive growth of the market. Key manufacturers are engaged in launching more compact and efficient pacemaker device, which allows better control of abnormal heart rhythm along with additional specifications such as blood temperature monitor and breathing rate. Moreover, continuous technological advancement coupled with high prevalence of cardiovascular disease are the major factors driving growth of global implantable cardiac pacemaker market over the forecast period. Recent advances in implantable cardiac pacemakers have increased the safety and efficacy of cardiac pacemaker during implantation surgery procedures.
Current advances in the cardiac pacemaker are majorly focused on improving cardiac resynchronization with multisite pacing, reduction of hardware allowing to reduce device failure, valve injury and minimizing the risk of device infection, and to develop battery-less cardiac pacemaker. Involvement of various research organizations in developing advanced implantable cardiac pacemaker is expected to boost the adoption of implantable cardiac pacemaker in near future. Furthermore, key players in the implantable cardiac pacemaker market are engaged in growth activities such as strategic collaborations, mergers and acquisitions to retain leading position in market. For instance, in November 2017, LivaNova PLC and MicroPort Scientific Corporation entered into a binding Letter of Intent (LOI) to sale LivaNova’s Cardiac Rhythm Management (CRM) business franchise to MicroPort for US$ 190 million. Company’s CRM product portfolio includes pacemakers, high-voltage defibrillators, and cardiac resynchronization therapy devices. The acquisition helps MicroPort to add these diverse cardiac rhythm management portfolio to their existing product portfolio.
Browse 22 Market Data Tables and 39 Figures spread through 189 Pages and in-depth TOC on " Implantable Cardiac Pacemaker Market, by Product Type (Single Chamber Pacemaker, Dual Chamber Pacemaker and Biventricular Pacemaker), by Application (Heart Block, Arrhythmia, Atrial fibrillation, Long QT Syndrome, Bradycardia, Tachycardia and Others), By End User (Hospitals, Emergency Care Centers and Others) - Global Forecast to 2026"
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Key players in implantable cardiac pacemaker market are focused on research and developmental activities for developing novel compact implantable cardiac pacemakers with better safety and at low cost, thereby increasing product acceptance by healthcare professionals and patients. Moreover, various key players are engaged in obtaining product approval from regulatory authority to increase their geographical reach. For instance, in September 2017, LivaNova PLC and MicroPort Scientific Corporation stated that, their Shanghai-based joint venture MicroPort Sorin Cardiac Rhythm Management Co. Ltd. received the product approval for its family of RegaTM pacemakers from the China Food and Drug Administration. Company’s Rega pacemakers are smallest pacemakers present in the Chinese cardiac pacemakers market, which also offers additional features such as pacing mode which preserves intrinsic conduction, a dual sensor based response rate to exercise and sleep apnea monitoring. In November 2017, Medtronic plc received U.S. Food and Drug Administration (FDA) approval for their portfolio of Azure pacemakers with BlueSync technology, which is available in both single and dual chamber cardiac pacemakers. Company’s new Azure XT MRI and Azure S MRI pacemakers offer improved longevity, which is an estimated at 13.7 years (dual chamber).
Key takeaways of the Implantable Cardiac Pacemaker Market:
- The global implantable cardiac pacemaker market is expected to expand at a CAGR of 7.1% during the forecast period (2018 – 2026), owing to increasing technological advancement in implantable cardiac pacemaker by various key players.
- Dual chamber pacemaker with two leads placed in right atrium a ventricle are projected to grow with higher pace during the forecasted period in the product type segment, owing to the higher efficiency and cost-effectiveness of dual chamber cardiac pacemaker in atrioventricular block or sick sinus syndrome.
- Atrial Fibrillation hold major market share in application segment, due to increasing prevalence of Atrial Fibrillation among global population. Also, Atrial Fibrillation is as a major risk factor for developing majority of cardiovascular disease.
- Hospitals holds largest market share in end user segment, owing to increasing volume of pacemaker implantation surgery procedures along with various technological advanced healthcare facility offered by hospitals.
- Some of the major players operating in global 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.
