December 12, 2022 — The global pacemakers market is set to grow at a compound annual growth rate (CAGR) of 5.4% between 2022 and 2025, driven by increasing population at a risk of cardiovascular diseases. Among pacemakers, dual chamber pacemakers are the fastest growing subsegment, growing at a rate of 5.6%, reveals GlobalData, a leading data and analytics company.
GlobalData predicts the average prices of dual chamber pacemakers in both India and China are expected to reduce at an average CAGR of -3.42% from 2022 to 2025. That brings the price of one pacemaker from $4730 to $4260, a reduction of almost $500 in just three years.
Cynthia Stinchcombe, Medical Devices Analyst at GlobalData, comments: “The continuing demand for pacemakers in emerging countries can be attributed to affordable prices, easy availability in healthcare centers and favorable physician perception. 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 make the pacemakers smaller in size and easier to implant.
Leadless pacemaker implantations have been found to be less invasive, improved quality of life, and reduced post-operative complications compared to traditional pacemakers.
Stinchcombe concludes: “In 2021, Medtronic was the only manufacturer to manufacture leadless pacemakers in this market and continues to be remain the sole manufacturer into 2022. However, competitors such as Abbott Medical currently have leadless pacemakers undergoing clinical trial and are set to give tough competition to Medtronic.”
For more information: www.globaldata.com