Michael Barbella, Managing Editor03.16.23
The global pacemakers market is set to grow 5.4% annually over the next three years as cardiovascular disease risk rises among populations worldwide, according to GlobalData.
Dual chamber pacemakers are the fastest growing pacemakers subsegment, expanding 5.6% annually, GlobalData statistics indicate.
The company predicts the average prices of dual chamber pacemakers in both India and China are expected to drop an average 3.42% from 2022 to 2025, bringing the price of one pacemaker from $4,730 to $4,260.
“The continuing demand for pacemakers in emerging countries can be attributed to affordable prices, easy availability in healthcare centers and favorable physician perception," GlobalData medical device analyst Cynthia Stinchcombe said. "The need for a large number of devices to cater for the substantial patient population in countries such as India and China will neutralize the loss due to reduced average prices and help to sustain the growth of revenues from this market.”
Advancing technology will propel the use of pacemakers with future improvements addressing the current limitations of the system—invasiveness. Aadvanced technology will reduce pacemakers' size and make them easier to implant.
Leadless pacemaker implantations have been found to be less invasive, help improve the quality of life, and reduce post-operative complications compared to traditional pacemakers.
“In 2021, Medtronic was the only manufacturer to manufacture leadless pacemakers in this market and continues to be remain the sole manufacturer," Stinchcombe noted. "However, competitors such as Abbott Medical currently have leadless pacemakers undergoing clinical trial and are set to give tough competition to Medtronic.”
Dual chamber pacemakers are the fastest growing pacemakers subsegment, expanding 5.6% annually, GlobalData statistics indicate.
The company predicts the average prices of dual chamber pacemakers in both India and China are expected to drop an average 3.42% from 2022 to 2025, bringing the price of one pacemaker from $4,730 to $4,260.
“The continuing demand for pacemakers in emerging countries can be attributed to affordable prices, easy availability in healthcare centers and favorable physician perception," GlobalData medical device analyst Cynthia Stinchcombe said. "The need for a large number of devices to cater for the substantial patient population in countries such as India and China will neutralize the loss due to reduced average prices and help to sustain the growth of revenues from this market.”
Advancing technology will propel the use of pacemakers with future improvements addressing the current limitations of the system—invasiveness. Aadvanced technology will reduce pacemakers' size and make them easier to implant.
Leadless pacemaker implantations have been found to be less invasive, help improve the quality of life, and reduce post-operative complications compared to traditional pacemakers.
“In 2021, Medtronic was the only manufacturer to manufacture leadless pacemakers in this market and continues to be remain the sole manufacturer," Stinchcombe noted. "However, competitors such as Abbott Medical currently have leadless pacemakers undergoing clinical trial and are set to give tough competition to Medtronic.”