The Cardiac Pacemaker Devices Market is expected to reach $4.34 billion by 2028, at a CAGR of 3.1% during the forecast period of 2021 to 2028. The increasing prevalence of cardiovascular diseases such as bradycardia & tachycardia; increasing life expectancy; rise in obesity, sedentary lifestyle, & consumption of alcohol; and technological advancements are the key factors driving the growth of the cardiac pacemaker devices market. In addition, the availability of favorable reimbursement scenarios in the developed countries like the U.S. and the U.K. offer significant growth opportunities for the players operating in this market.
Impact of COVID-19 on the Cardiac Pacemaker Devices Market
The COVID-19 pandemic has adversely hit many economies around the globe. The pandemic has affected more than 100 countries. It led to a significant decrease in elective cardiovascular (CV) procedures, especially in patients with associated chronic diseases such as diabetes mellitus. The emergence of the pandemic urged the Centers for Medicare and Medicaid Services (CMS) in March 2020 to postpone all elective surgeries, non-essential medical procedures, and dental procedures. This included all types of invasive and non-invasive cardiovascular exams and procedures, affecting all facets of cardiology departments, from ECG and echo labs to interventional and EP labs and cardiovascular surgeries. This further impacted the cardiac pacemaker devices market as the total number of pacemaker implantations decreased in 2020 when compared to 2019.
Further, the leading players in the cardiac rhythm management devices market experienced immense losses in their CRM segments. This was due to the cancellation or postponement of cardiovascular procedures resulting in low sales of the cardiac pacemakers devices, thereby negatively impacting the market.
Apart from this, there have been observed cardiac manifestations of coronavirus disease 19. The most common bradyarrhythmia associated with SARS CoV-2 reported worldwide is sinus bradycardia and complete heart block. Cardiac manifestations of COVID-19 have been reported with a higher prevalence described in patients admitted to ICUs. The etiology of cardiac manifestations in COVID-19 patients was multifactorial, including direct viral myocardial damage, hypoxia, hypotension, enhanced inflammatory status, and others. People with frequent or severe sinus bradycardia may need a pacemaker. This is expected to provide opportunities for the cardiac pacemaker devices market in the future.
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Technological advancements in pacemaker technologies are propelling the growth of the cardiac pacemaker devices market
Cardiac pacing has seen a series of game-changing technologies emerge in the past several years spurred by low-power electronics, high-density batteries, improved catheter delivery systems, and innovative software design.
The continuous focus on innovation by the leading players in the cardiac rhythm management devices market, including cardiac pacemakers through increased R&D activities & related investments, have supported the emergence of enhanced pacemakers to offer better healthcare. Some notable advancements in the innovative cardiac pacemaker devices launched during the last three years include miniaturization, complete magnetic resonance imaging (MRI) compatibility, outstanding longevity with enhanced battery life, wireless remote monitoring features, and innovative leadless pacemakers. Many leading players recently launch the MRI-conditional/compatible pacemakers by redesigning the components of pacemakers to minimize heating potential, dislodgement, current induction, and electromagnetic interference.
Further, to overcome the cardiac pacing system problem associated with lead infection, lead failure, and related lead replacement, there has been the introduction of leadless pacemakers. Currently, only single-chamber pacing leadless pacemakers are commercially available, and research to manufacture dual chamber and multi-chamber leadless pacemakers is at the forefront. Also, the pacemakers compatible with technology for remote monitoring with a smartphone or tablet were introduced. These had a higher rate of scheduled transmission success than other remote monitoring options requiring a wand or wireless automatic communication.
Increasing cases of cardiac pacemaker malfunction hinder the market growth
Pacemakers can have problems with pacing the intended heart chamber. These kinds of malfunctions could be output failure or capture failure. Other than failure to pace the intended part of the heart, pacemakers can further malfunction when they cannot detect innate signals produced in the heart. Lead displacement is one of the common occurrences with pacemakers that can cause its malfunction.
The majority of reports have stated the following reasons for product recalls: device battery problems and incorrect therapy delivery. In addition, the remaining recalls were attributed to CRTs, leads, implantable artificial organs, and software malfunction.
- In March 2021, FDA recalled thousands of pacemakers sold by Abbott over the past four years. The electrical shorts that triggered the recall caused the devices to stop the heart pacing, report inaccurate information to doctors or drain the battery faster than expected. This was due to the risk of electrical shorts that can result from the moisture getting inside the devices.
- In May 2019, Medtronic plc (Ireland) recalled its dual-chamber implantable pulse generators (IPGs) due to the possibility of a software error resulting in a lack of pacing.
Thus, the increase in reported cases of cardiac pacemaker malfunction & related product recalls hinders the cardiac pacemaker manufactures market to some extent.
Key Findings of the Global Cardiac Pacemaker Devices Market Study:
The implantable pacemakers segment is expected to account for the largest share of the cardiac pacemakers market.
Some of the major factors driving the growth of this segment include the wide adoption of permanent implantable cardiac pacemakers to prevent sudden cardiac deaths (SCD) in patients, increasing incidence of cardiac arrest and atrial fibrillation, increasing trends of modern therapies, and increasing awareness towards healthcare. Also, the advancements fueled by low-power electronics, high-density batteries, enhanced catheter delivery systems in implantable pacemakers result in increased adoption in patients with cardiovascular diseases, thereby driving the segment growth.
The arrhythmia segment is expected to account for the largest share of the market.
Some of the major factors driving the growth of this segment include the changes in the lifestyle among the population, adoption of a disease-causing sedentary lifestyle, excessive alcohol consumption, and smoking.
In 2021, the ambulatory surgery centers segment is expected to grow at the highest CAGR during the forecast period.
Some of the major factors driving the growth of this segment include the rising preference for ambulatory surgery centers for pacemaker brands implantation & related procedures by the patients to avoid waiting time at hospitals and the need to reduce the cost associated with hospitalization.
Asia Pacific: Fastest Growing Market
At the regional level, North America is expected to account for the largest share of the cardiac pacemaker devices market in 2021. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The increasing burden of patients with hypertension and CVDs, changing lifestyle, rising public & private spending for the development of proper healthcare infrastructure, and rising focus of the key players to expand in emerging countries like China & India are the factors propelling the regional growth.
Key Players
The report includes a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry over the past four years. The key players profiled in the global cardiac pacemaker devices market are Medtronic Public Limited Company (Ireland), Boston Scientific Corporation (U.S.), Biotronik SE & Co. KG (Germany), Abbott Laboratories (U.S.), MEDICO S.p.A. (Italy), Shree Pacetronix Ltd. (India), Lepu Medical Group (China), Osypka Medical GmbH (Germany), OSCOR Inc. (U.S.), and MicroPort Scientific Corporation (China), among others.
Scope of the Report:
Cardiac Pacemaker Devices Market, by Product
- Cardiac Pacemakers
- Implantable Pacemakers
- Single-chamber Pacemakers
- Dual-chamber Pacemakers
- Biventricular Pacemakers
- External Pacemakers
- Pacing Leads
- Pacing Analyzers
Cardiac Pacemaker Devices Market, by Indication
- Arrhythmias
- Congestive Heart Failure
- Other Indications
(Other indications comprise cardiac diagnostics & monitoring, cardiac mapping, hypertrophic cardiomyopathy, and sinus node diseases.)
Cardiac Pacemaker Devices Market, by End User
- Hospitals and Clinics
- Ambulatory Surgery Centers
- Other End Users
(Other end users comprise cardiac care centers and medical institutes.)
Cardiac Pacemaker Devices Market, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
Key questions answered in the report: