The global pacemaker market is expected to generate over $4bn of revenue in 2021. Pacemakers have been a consistent revenue producer within the cardiovascular devices market in the last decade. Revenue growth in the global pacemaker market has been attributed to the growing ageing population and the increasing prevalence of cardiac rhythm diseases. However, recent growth estimations have diminished due to advancements in cardiac rhythm therapy (CRT) devices and implantable cardioverter defibrillators (ICDs), which can both be equipped with pacemaker technology. One question that remains unanswered is how the latest development, leadless pacemakers, will affect the cardiac rhythm management market.
Leadless pacemaker implantations have been associated with improved quality of life, reduced postoperative complications and reduced infections compared to traditional pacemakers. Clinical trials testing the safety and efficacy of leadless pacemakers are showing positive results, which have been strong driving forces for their current success in the US. Leadless pacemakers are rolling out globally, but are expected to have much slower growth outside the US. GlobalData expects the leadless pacemaker market segment to be worth $1bn by 2029, fueled by positive patient sentiment toward the new device. If the adoption of these devices occurs faster than anticipated, a paradigm shift may occur, leading to a major displacement of the current market-leading devices.
Medtronic is the current market share leader, owning approximately 60% of the global pacemaker market. Moreover, Medtronic is the only manufacturer with a leadless pacemaker currently available on the market. However, competitors currently have pipeline products in development and clinical trials. Still, Medtronic has a huge head start in this market. The current lack of direct competition to Medtronic’s leadless pacemakers may position the company to capture significant market share over the next three years and further cement Medtronic’s control over the global pacemaker market.