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Pacemakers and ICDs Market Gaining Pace with Technological Advancement

Cardiac Rhythm Management (CRM) devices market (esp. Pacemakers and ICD devices) witnessed a decline since 2010, but the manufacturers in the industry have invented many innovative technologies such as MRI compatible pacemakers, leadless pacemakers, etc. to tackle the drop in the market. For instance, in 2011, Medtronic was the first company to receive FDA approval for its MRI compatible double chamber pacemaker. In 2014, BIOTRONIK introduced both single as well as double chambered (MRI compatible) pacemaker in the U.S. market. This was followed by Medtronic’s first leadless pacemaker, which the FDA approved in 2016, and it is considered as the world’s smallest pacemaker. This innovation reflects the need and demand for miniaturization in the pacemakers and ICDs industry.

Pacemakers and Implantable Cardioverter Defibrillators (ICDs) have become significant components in the management of patients suffering from cardiac conditions such as, heart attack (myocardial infarction), heart failure, arrhythmia and Long QT syndrome and cardiac conditions such as Atrial Fibrillation, Arrhythmias, Bradycardia, and Sick-Sinus Syndrome etc. However, these compatibility issues crop up during MRI scans and this has been a major concern regarding these devices. Furthermore, the implantation of pacemakers and ICDs generates many complications such as bleeding at the generator site, allergic reactions, infection at the pacemaker implantation site, etc. However, the advent of leadless pacemakers and the development of MRI compatible pacemakers have tackled the aforementioned complications and revolutionized the industry with the possible reduction in the number of complications that arise.

Constant innovation in the industry and the introduction of non-invasive cardiac devices with extended battery life are driving the growth of the global pacemakers and ICDs market. The upcoming innovations such as telemonitoring, cardiac contractility modulation (CCM) and wireless pacing will further propel the market towards growth in the coming years. The global pacemakers and ICDs market are expected to grow at a CAGR of 4.6% and 4.8%, respectively, from 2017 to 2023. The increasing older population, the rising number of cardiovascular diseases and favorable government policies are the key factors driving the growth of the market. By volume, the pacemakers market is expected to reach 1,433,358 units by 2023, and by value, it is expected to reach $10.19 billion. On the other hand, the ICDs market is anticipated to grow over 392,267 units in volume by 2023.

Among the three types of pacemakers prevalent in the market, namely single chamber, double chamber and biventricular pacemakers; by volume, the global market for single chamber pacemakers was 496,959 units in 2016, and this is expected to grow at a CAGR of 1.3% during the period from 2017 to 2023. However, the global market for dual chamber pacemakers is expected to be 776,625 units in 2023. Moreover, the global ICDs implant market is estimated to grow at a CAGR of 4.8% for the period from 2017 to 2023. The market is experiencing a steady paradigm shift from single chamber pacemakers to high end ICDs. This shift in the market can be attributed to the benefits of ICDs over conventional pacemakers as the former is capable of both treating as well as preventing an abnormal heart beat.

BIS Healthcare has conducted an extensive market research on ‘Global Pacemakers and Implantable Cardioverter Defibrillators (ICDs) Market Analysis and Forecast, 2017-2023’. The market intelligence report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints, and opportunities prevailing in the industry.

For further queries, please write to us at sales@bisresearch.com or call us at: +1 650 228 0182.

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