GlobalData, a data and analytics company, on Monday said that the global pacemakers market is set to grow at a compound annual growth rate (CAGR) of 5.4 percent between 2022 and 2025, driven by an increasing population at risk of cardiovascular diseases.
Among pacemakers, dual chamber pacemakers are the fastest growing subsegment, growing at a rate of 5.6 percent, reveals GlobalData.
According to GlobalData’s prediction, 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.
“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 to 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,” Cynthia Stinchcombe, Medical Devices Analyst at GlobalData, said in a statement on Monday.
According to GlobalData, advancing technology will propel the use of pacemakers with future improvements addressing the current limitation of the system: invasiveness. Advanced technology will make the pacemakers smaller in size and easier to the implant, it claimed.
Leadless pacemaker implantations have been found to be less invasive, improve quality of life and reduce post-operative complications compared to traditional pacemakers, the data and analytics company claimed.
“In 2021, Medtronic was the only manufacturer to manufacture leadless pacemakers in this market and continues to 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,” Stinchcombe added.
