Leadless cardiac pacemakers are medical devices that are used for the treatment of patients who are suffering from heart-related disorders, like arrhythmias. These pacemakers are expected to transform the cardiac rhythm management (CRM) market in the coming years with their potential to reduce complications and shorter recovery times.
- The major factors driving the leadless pacemakers (LCP) market are aging population, growing burden of cardiovascular diseases, and technological advancements.
- In addition, other important factors, like avoidance of lead-related complications, such as infection and disfigurement, and technological advancements add advantages to the leadless pacemakers in the market. They are retrievable for a longer time interval post-implantation, which is expected to create substantial opportunities in the market.
Key Market Trends
Micra Transcatheter Pacing System is Expected to Witness Rapid Growth During the Forecast Period
In Leadless Cardiac Pacemaker Market, Nanostim and Micra TPS are key innovations. Both the devices are single-chamber pacemakers placed directly into the heart with a steerable catheter through the femoral vein. The procedure times with the Micra and Nanostim devices are shorter (lasting from 30 to 45 minutes), than those with the traditional pacemakers. They are self-contained intracardiac devices that include pacemaker electronics, battery, and leads. Both devices can be implanted in the same minimally invasive setting as some traditional pacemakers. Leadless pacemakers are expected to expand their market share rapidly, by displacing traditional cardiac pacemakers, during the forecast period. Micra transcatheter pacing system is in high demand due to rising burden of cardiovascular diseases, minimal post-implantation complications, and easy retrieval, which is expected to fuel the market. However, Abbott recalled its leadless pacemakers from the market following reports of sudden battery depletion. Moreover, in November 2017, Abbott issued a halt on implantations of Nanostim pacemakers, citing docking button issues, which continued till March 2018 but after fixing the issue, the company is working to relaunch the product.
North America is Expected to Dominate the Leadless Cardiac Pacemaker Market
The North American region is expected to dominate the leadless cardiac pacemaker market, due to the high prevalence of cardiovascular diseases, high adoption rates of leadless pacemakers, and availability of reimbursements. furthermore, owing to increasing number of patients suffering from atrial fibrillation and presence of major players in the region is also expected to propel the market growth, over the forecast period.
Medical device companies actively participating in the leadless cardiac pacemakers market are Medtronic, EBR Systems Inc, Abbott Laboratories and Boston Scientific Corporation. As of 2019, the leadless pacemaker systems commercially available in the market, having slightly different sizes and implantation requirements, which are Nanostim (Abbott Laboratories) and Micra (Medtronic PLC) and WiSE CRT system (EBR Systems Inc.). However, Boston Scientific, one of the leading pacemaker manufacturers, has been developing its own leadless pacemaker system.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Geriatric Population
4.2.2 Growing Burden of Cardiovascular Diseases
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 Reimbursement Issues
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Micra Transcatheter Pacing System
5.1.2 Nanostim Leadless Pacemaker
5.2 By End User
5.2.2 Ambulatory Surgical Centers
5.3.1 North America
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Medtronic PLC
6.1.3 EBR Systems Inc.
6.1.4 Boston Scientific Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.