An implantable cardiac pacemaker is a small medical device implanted in the abdomen or chest for the treatment of arrhythmia, heart block, abnormal heart rhythms, and atrial fibrillation. Implantable cardiac pacemakers have evolved from battery-powered transistorized wearable pacemakers to the current leadless pacemakers, which are entire pacemakers placed within the cardiac chambers. Cardiac pacemakers are used to treat abnormal electrical signaling in the heart, which causes arrhythmias. Implantable cardiac pacemakers use low-energy electrical signals to speed up a slow heartbeat; help to control an abnormal and fast heart rhythm; and prevent the long QT syndrome, a disorder of the heart’s electrical activity that causes sudden, uncontrollable, and dangerous arrhythmias.
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The global implantable cardiac pacemaker market is expected to expand significantly due to an increase in the prevalence of cardiovascular diseases such as atrial fibrillation, arrhythmias, long QT syndrome, tachycardia, and bradycardia coupled with a rise in unhealthy lifestyles. Moreover, increase in the number of health care practitioners and skilled physicians and combined efforts of governments and major domestic players to increase patient access for implantable cardiac pacemaker are further expected to boost the implantable cardiac pacemaker market during the forecast period. In addition, rise in prevalence of cardiovascular diseases and introduction of advanced pacemaker technologies are expected to drive the implantable cardiac pacemaker market. For instance, according to the Centers for Disease Control and Prevention (CDC) August 2017 data findings, atrial fibrillation (AFib or AF) is the most common type of heart arrhythmia that affected an estimated 2.7 to 6.1 million people in the U.S., and the number is expected to increase in the near future. Furthermore, atrial fibrillation cases rise with age, and the condition is more prominent in men as compared to women. Moreover, rise in the geriatric population across various regions worldwide and high prevalence of heart disease are expected to propel demand for implantable cardiac pacemakers in the near future.
The global implantable cardiac pacemakers market can be segmented based on product, application, end user, and geography. Based on product, the global implantable cardiac pacemakers market can be divided into single chamber pacemaker, dual chamber pacemaker, and biventricular pacemaker. In terms of application, the market can be classified into arrhythmia, heart block, atrial fibrillation, bradycardia, long QT syndrome, tachycardia, and others. Based on end-user, the global implantable cardiac pacemakers market can be categorized into hospitals, emergency care centers, and others.
In terms of geography, the implantable cardiac pacemakers market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each region is sub-segmented into specific countries such as the U.S., Canada, the U.K., Germany, Brazil, China, India, and GCC countries. North America dominated the global implantable cardiac pacemakers market because of a rising geriatric population and increase in demand for innovative medical technology. The market in Asia Pacific is anticipated to be highly attractive during the forecast period due to an increase in awareness about health care and rise in demand for advanced medical technology. According to the data published in the Journal of the Formosan Medical Association, in November 2016, around half of the world’s population was living in Asia. The geriatric population is growing at a faster rate in Asia, which is increasing the burden of atrial fibrillation in the region. According to the same source, in 2050, around 72 million people are projected to suffer from atrial fibrillation in Asia, which is expected to be more than double the total numbers of patients in Europe and the U.S.
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Key players operating in the implantable cardiac pacemakers market are Medtronic plc, Boston Scientific Corporation, BIOTRONIK, Inc., St. Jude Medical, MEDICO S.p.A., Vitatron Holding B.V., Shree Pacetronix Ltd., Lepu Medical Technology Co Ltd., Qinming Medical, LivaNova PLC, and other prominent players. In order to gain a competitive advantage in the industry, major players are actively adopting various growth strategies. Collaborations, agreements, partnerships, and new product launches are some of the important strategies adopted by market players.