Global Leadless Pacing Systems Market: Snapshot
The global market for leadless pacing systems has been growing on account of the advancements in the field of cardiology across the globe. Although leadless pacing systems are a relative new product in the market for cardiovascular treatment devices, they are expected to supersede the demand for all other kinds of cardiovascular devices. Pacemakers that use lead have led to complications during the treatment process, mostly due to the injection of leads into the body. Hence, by nature itself, leadless pacing systems are a more convenient mode of treatment for cardiovascular devices. The tremendous investments in healthcare made by a multitude of international bodies are projected to enhance the growth prospects of the global leadless pacemaker systems market.
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The medical fraternity has witnessed a boisterous rate of growth, and the cardiovascular department has been at the fore of this development. As cardiologists approve the use leadless pacing systems and international health organizations reveal their usefulness during treatments, the demand within the global market is expected to escalate. Besides this, several new and more effective models of leadless pacing systems such as the micra transcatheter pacing system have been invented in recent times. The success of such pacing systems has had a positive impact on the growth of the global market for leadless pacing systems.
The expertise of the medical experts and cardiologists in the US and Canada is expected to boost the demand within the market for leadless pacing systems in North America. Furthermore, the large market gap for cardiac devices in Asia Pacific is expected to contribute to the growth of the regional market for leadless pacing systems.
Global Leadless Pacing Systems Market: Overview
Leadless pacing systems are a novel technology in the cardiac pacemaker market, which are small in size as compared to traditional pacemakers. The absence of lead eliminates the potential complications which occurs in patients on whom the lead devices are used. Leadless pacing systems are considered to be less invasive as patients who require pacemakers do not require surgery as opposed to traditional pacemaker procedures. Leadless pacing systems are implanted close to the outer surface of the upper thigh through a window and the retrieval of these devices also possible without causing any complication. It is predicted that the demand for leadless pacing systems will increase in the near future on account of the high implant success rates.
As of now, the market for leadless pacing system comprises of just two products that have received commercial approval. The names of these two products are: Micra Trans catheter pacing system by Medtronic plc and Nanostim leadless pacing system by St. Jude’s Medical (now Abbott).
Global Leadless Pacing Systems Market: Drivers and Trends
One of the key factors boosting the global leadless pacing systems market is the growing number of eligible patients, rise in the disposable income of the people, growing acceptance of new technology, Improvement in the rainbow swim policies, rapidly growing geriatric population, and Rising incidences of cardiovascular diseases. Technological advancements such as long battery life, relief from frequent pacing, and the less-invasive approach are some of the other factors propelling their use. On the other hand it is expected that strict regulatory approval system will hamper the growth of this market. The high cost of production is yet another factor posing a challenge for the growth of the leadless pacing systems market. There are very limited operators with hands-on experience and this is also expected to be a challenge. In addition to this, battery depletion issues will also act as an obstacle for the leadless pacing systems market. However, immense growth opportunities lies in the future as market players are anticipated to direct their efforts to improve the product and come up with innovations such as dual chamber and multi-chamber pacing.
In terms of application, this market is segmented into atrioventricular block, sinus node dysfunction, and atrial fibrillation. Of these, it is the latter that is witnessing highest demand for leadless pacing systems, followed by the sinus node dysfunction.
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Global Leadless Pacing Systems Market: Regional Analysis
On the basis of geography, North America is leading in the market followed by Europe on account of increasing affordability of these products as well as favourable reimbursement scenario. The only adoption of latest technology is yet another factor behind the growth of the North America market for leadless pacing systems. It is expected that the market for leadless pacing system will also be lucrative in the Middle East and Africa. In addition to this region, Asia-Pacific is also holding in men’s potential for growth on account of the growing improvements in Healthcare sector and advancements of healthcare facilities. Latin America on the other hand, presents the smallest market for leadless pacing systems.
The report profiles the leading players operating in the global leadless pacing systems market such as Medtronic plc. and Abbott Laboratories. Boston Scientific Corporation and Biotronik are also profiled in the report. Key players within the market are employing the strategy of acquiring and merging with others as well as on getting product approvals from the various regulatory bodies. Players are also focusing on technical advancements so as to stay ahead of competition and make a mark for themselves in the global leadless pacing systems market. The report also reveals the various strategies employed by key players in order to expand their reach and gain more market shares.