Pacemakers Market by Product - Global Industry Analysis and Forecast to 2025

Report Code : HC06153

A pacemaker is a small, low-voltage medical device implanted in the chest or abdomen to help manage irregular heartbeats. It monitors how slow or fast heart beats and the pattern in which the heart beats. When the heart beats too slowly, the pacing device provides electrical stimulation. This device helps to reduce symptoms of fatigue and dizziness due to slow heart rhythm. During pacemaker implantation, a thin insulated wire, lead, is placed through the veins and into the heart. The lead’s tip is connected to the heart tissue and the other end is attached to the pacing device. The lead provides electrical pulses from the pacing device to the heart and transmits information from the heart back to the device. Around 4 million people across the globe have pacing device implanted. Some pacemakers are designed to facilitate patients to safely undergo an MRI scan. These are known as MRI ready or MR-conditional pacemakers.

Rise in prevalence of cardiovascular disorders coupled with increasing geriatric population, favorable reimbursement policies, development of technologically advanced pacemakers, and government supportive awareness programs, and growing demand for minimally invasive surgeries are set to drive the demand for the pacemakers. However, limitations of cardiac resynchronization therapy (CRT) pacemaker in pediatrics, risk of potential complications, and dearth of skilled professionals will hamper the market growth.

Atrial fibrillation (AF) is one of the most common types of arrhythmia. An arrhythmia occurs when the heart beats too fast, too slowly, or in an irregular manner. As per Centers for Disease Control and Prevention (CDC), in the U.S., around 2.7 to 6.1 million people have AF. This number is projected to increase due to rapidly aging population. For instance, as per CDC, around 9% of people aged 65 years or above have AF; while about 2% of people below the aged 65 years have AF.

Moreover, increased focus of key players on developing innovative pacemakers to meet the unmet medical needs will further propel the market growth. For instance, in April 2012, Boston Scientific Corporation received CE Mark approval for its INGENIO Family of Pacemakers (including INGENIO and ADVANTIO pacemakers, and INVIVE cardiac resynchronization therapy pacemakers). These advanced devices are designed for the treatment of chronotropic incompetence. Similarly, in February 2017, Abbott obtained FDA approval for magnetic resonance conditional labeling for both the Tendril MRI pacing lead and the Assurity MRI pacemaker. These low voltage devices will enable the patients to undergo full body MRI scans. Such developments representing a significant investment in long-term innovation for pacemakers will contribute to the market growth.

Major players operating in this market are Boston Scientific Corporation, Abbott Laboratories, Medtronic plc, St. Jude Medical, BIOTRONIK, ZOLL Medical Corporation, LivaNova PLC, and Vitatron Holding B.V. Most of these companies collaborate with hospitals, clinicians, and electrophysiologists for developing safe and cost-effective advanced pacing devices.

Pacemakers Market Segmentation:

By Product:

  • External Pacemakers
  • Implantable Pacemakers
  • Dual Chamber Pacemakers
  • Single Chamber Pacemakers
  • Biventricular Pacemakers

By Region:

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • Japan
  • China
  • Australia
  • India
  • South Korea
  • Rest of Asia Pacific
  • Rest of The World
  • Brazil
  • South Africa
  • Saudi Arabia
  • United Arab Emirates
  • Others

 

Research Methodology

We use both primary as well as secondary research for our market surveys, estimates and for developing forecast. Our research process commence by analyzing the problem which enable us to design the scope for our research study. Our research process is uniquely designed with enough flexibility to adjust according to changing nature of products and markets, while retaining core element to ensure reliability and accuracy in research findings. We understand both macro and micro-economic factors to evaluate and forecast different market segments.

Data Mining

Data is extensively collected through various secondary sources such as annual reports, investor presentations, SEC filings, and other corporate publications. We also refer trade magazines, technical journals, paid databases such as Factiva and Bloomberg, industry trade journals, scientific journals, and social media data to understand market dynamics and industry trends. Further, we also conduct primary research to understand market drivers, restraints, opportunities, challenges, and competitive scenario to build our analysis.

Data Collection Matrix

Data Collection Matrix

Supply Side

Demand Side

Primary Data Sources

  • Manufacturers
  • Distributors & Wholesalers
  • GPOs
  • Physicians/Specialist
  • Healthcare Providers
  • Consumers

Secondary Data Sources

  • Annual Reports/SEC Filings/ Investor Presentations/ Press Releases
  • Government/Associations Publications
  • Case Studies
  • Reference Customers

 

Market Modeling and Forecasting

We use epidemiology and capital equipment-based models to forecast market size of different segments at country and regional level.

  • Epidemiology-based Forecasting Model: This method uses epidemiology data gathered through various publications and from physicians to estimate population of patients, flow of treatment of individual disease and therapies. The data collected through this method includes statics on incidence of disease, population suffering from disease, and treatment population. This method is used to understand:
  • Number of patients for particular device or medical procedure and
  • Repeated use of particular device depending on health and condition of patient
  • Capital-based Forecasting Model: This method of forecasting is based on number of replacements, installed-based and new sales of capital equipment used in various healthcare and diagnostic centers. These three parameters are calculated and forecast is developed. Installation base is calculated as average number of units per facility; while sales for particular year is calculated from number of new and replace units. Secondary data is collected through various supply chain intermediaries and opinion leaders to arrive at installation and sales rate. These techniques help our analysts in validating market and developed market estimates and forecast.

We do forecast on basis of several parameters such as market drivers, market opportunities, industry trends government regulations, raw materials supply and trade dynamics to ensure relevance of forecast with market scenario. With increasing need to granulized information, we used bottom-up methodology for forecasting where we evaluate each regional segment differently and combined all forecast to develop final market forecast.

Data Validation

We believe primary research is a very important tool in analyzing and forecasting different markets. In order to make sure accuracy of our findings, our team conducts primary interviews at every stage of research to gain deep insights into current business environment and future trends and key developments in market. This includes use of various methods such as telephonic interviews, focus groups, face to face interviews and questionnaires to validate our research from all aspects. We validate our data through primary research from key industry leaders such as CEO, product managers, marketing managers, suppliers, distributors, and consumers are frequently interviewed. These interviews provide valuable insights which help us to have better market understanding besides validating our estimates and forecast.

Data Triangulation

Industry Analysis

Qualitative Data

Quantitative Data (2017-2025)

  • Market Dynamics (Drivers, Restraints, and Challenges)
  • Industry Trend Analysis
  • Market Opportunities
  • Government Policies and Regulations, Patent Analysis, and Reimbursement Policies
  • Porter’s Five Forces and PESTLE Analysis
  • Key Developments and Competitive Landscape
  • Market Assessment and Forecast
  • Market Assessment and Forecast, By Product
  • Market Assessment and Forecast, By Technology
  • Market Assessment and Forecast, By Application
  • Market Assessment and Forecast, By End User
  • Market Assessment and Forecast, By Region/Country

Licesnces Type

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