Market Trends of External Pacemakers Industry
Dual Chamber Segment is Expected to Hold a Major Market Share
The dual chamber external pacemakers segment held the largest revenue share in the base year and is projected to maintain its dominance over the forecast period. The largest revenue share of the segment is driven by factors like the high burden of cardiovascular diseases and growing demand for dual-chamber pacemakers owing to various benefits associated with them, like interactive use interface, long battery life, and suitability of dual-chamber pacemakers in emergencies. Moreover, the high preference for dual-chamber pacemakers by healthcare professionals owing to their ability to pace cardiac output both in the elderly as well as young adults is further supporting segment expansion. Dual chamber devices provide more synchronized and sophisticated pacing, which makes them suitable for a wide range of heart conditions.
Moreover, growing hospitalizations from cardiovascular conditions and an increasing need for an external pacemaker system for balancing cardiac pacing are other factors supporting segment growth. For instance, according to Centers for Disease Control and Prevention (CDC) data from October 2022, more than 454,000 hospitalizations with atrial fibrillation happen every year in the United States, and the condition causes around 158,000 deaths every year. Thus, the high burden of AFib facilitates the demand for dual-chamber pacemakers to mimic the natural cardiac rhythm.
Furthermore, the presence of a robust product portfolio, high preference for dual chamber pacemakers, convenient operation, and higher application of these pacemakers in continuous patient monitoring are further accelerating their adoption. For instance, the Dual Chamber Temporary External Pacemaker of Medtronic comes with an enhanced user interface and is very suitable for continuous patient monitoring. In addition, dual-chamber external pacemaker devices have transformed the cardiology space as they are safer options for pacing. For instance, in October 2022, Dr. Nilsson of Piedmont Hospital implanted one of the first wireless dual chamber pacemakers into a patient. The implanted pacemaker is much safer than conventional cardiac devices.
Thus, factors like increasing demand for dual chamber systems, high preference by healthcare professionals, and technological advancements are driving segment growth forward.
North America is Expected to Dominate the External Pacemakers Market
North America is expected to dominate the market owing to factors such as increasing prevalence of heart conditions, rising geriatric population, and strong presence of leading market participants. According to the CDC data of May 2023, cardiovascular diseases are the leading cause of death for both men and women in the United States, and one person dies every 33 seconds in the United States due to a heart condition. Thus, such a high burden of target diseases is anticipated to offer lucrative growth opportunities for the regional market. Also, a supportive regulatory framework and accelerated product approvals are further supporting industry uptake. For instance, in May 2023, Medtronic plc announced a U.S. FDA approval of Micra VR2 and Micra AV2 pacemakers. These are the next-generation pacemakers with longer battery life and higher pacing capabilities.
Moreover, a favorable reimbursement framework and policies that support heart treatments are further contributing to the regional market growth. For instance, in the United States, the reimbursement for temporary pacemakers is governed by CMS, and the authority provides coverage to all procedures performed at healthcare facilities that particular CPT codes have registered. In addition, in Canada, the reimbursement for cardiac devices varies from province to province. Thus, favorable reimbursement policies in the region support the demand for external pacemakers.
Therefore, owing to factors like the high burden of CVDs, the rising geriatric population in the region, and the favorable reimbursement framework are anticipated to drive regional market growth in the study period.
