What are leadless pacing systems?
Leadless pacing system is a novel technology in the cardiac pacemakers market. These are smaller in size than conventional pacemakers along with the absence of leads thus eliminating potential lead and pacemaker pocket related complications but the use of these devices is limited for single-chamber ventricular pacing as observed in the case of permanent atrial fibrillation, sinus node dysfunction and atrioventricular block. The implant is considered a less invasive approach for patients requiring pacemakers as it does not require surgery like in traditional pacemaker procedures. These devices are implanted through a vein passing close to the outer surface of the upper thighs. Retrieval of this device is also possible without complications as observed in various clinical studies. High implant success rate as per various global clinical trials has also been observed such as 97% & 95.8% implant success rate of St. Jude’s Nanostim in the leadless and leadless II trial respectively.
Global Leadless Pacing Systems Market: Forecast
The estimated market for leadless pacing systems is estimated to be valued at US$ 29.4 Mn in 2017 and is projected to grow at a CAGR of 10.0% during the forecast period. Market for leadless pacing system products is limited with only 2 commercially approved products: Nanostim leadless pacing system by St. Jude’s Medical (now Abbott) and Micra Trans catheter pacing system by Medtronic plc. Product approvals for leadless pacing systems is a major factor impacting market growth. Companies are focusing on acquisitions, product approvals from various regulatory bodies and technical advancements for staying competitive in the global market.
Global Leadless Pacing Systems Market: Dynamics
The global leadless pacing systems market is mainly driven by a rise in the number of eligible patients, increasing reimbursement scenario, rising disposable income, preference to new technology, growing geriatric population, rising number of cardiovascular diseases, and increasing number of medical insurers. Along with this, several technological benefits also support the market growth such as less invasive approach, long battery life, relief from frequent pacing etc. Certain factors such as strict regulatory approvals, high product cost, limited operators with hands on experience, battery depletion issues restricts the market growth for leadless pacing systems. There are a lot of opportunities available for companies to improve their product penetration in the market such as development of dual chamber and multi chamber pacing, providing professional education & training, distribution reach etc.
Global Leadless Pacing Systems Market: Segmental Analysis
Based on application type, the market for leadless pacing systems has been divided into atrial fibrillation, sinus node dysfunction, atrioventricular block and others. Atrial fibrillation segment dominates the leadless pacing systems market by application (as observed in various historical implants performed) with around 55% market share and is expected to remain dominant over the forecast period. This is followed by sinus node dysfunction application segment and atrioventricular block application segment respectively. Based on end users, the market has been segmented into hospitals and ambulatory surgical centers with hospitals dominating the global market because of more procedures performed in hospitals for leadless pacing implants than ambulatory surgical centers as per the trend observed in patient preferences over the globe.
Regionally, North America holds the maximum market share in the global leadless pacing systems market followed by Europe because of higher demand in these regions, product affordability and a favorable reimbursement scenario. Middle East & Africa represents a significant market size in the global leadless pacing systems market as per the historical acceptance in the procedures for leadless technology over traditional pacemakers. The Asia Pacific market also represents a substantial growth rate over the forecast period owing to the rising healthcare burden and continuous advancement of healthcare facilities. Latin America holds the least market size and growth rate in this market and is projected to continue to do so over the forecast period.
This Persistence Market Research (PMR) report examines the global leadless pacing systems market for the period 2017-2025. The primary objective of the report is to offer updates and information related to market opportunities in the global leadless pacing systems market. To understand the market correctly, the report is categorically split into three sections viz. market analysis by application type, end user and region.
The report analyzes the global leadless pacing systems market in terms of value (US$ Mn). The report begins with the market definition, product advantages and the approvals roadmap. Recent product approvals and developments in the leadless pacing systems market enable the client to identify the overall market scenario in various regions. The report is designed to provide a detailed analysis of historical evolution of leadless pacing systems in the market and possible future growth opportunities. The market dynamics section includes PMR’s analysis of key trends, drivers, restraints, opportunities and macroeconomic factors influencing the global market. Impact analysis of key growth drivers and restraints based on the weighted average model has also been included in the report to better equip clients with crystal clear decision making insights.
The next section of the report analyzes the market based on application type and presents the forecast in terms of value for the next eight years. Application types of leadless pacing systems covered in the report include:
The next section of the report analyzes the market based on end user type and presents the forecast in terms of value for the next eight years. End user types covered in the report include:
The next section of the report analyzes the market based on region and presents the forecast in terms of value for the next eight years. Regions covered in the report include:
One of the key features of this report is an in-depth analysis of the market segments in terms of market attractiveness index. This is the combination of market share index and CAGR of individual segments and provides the incremental opportunity of the particular segment in the overall market. This parameter is very critical for assessing the level of opportunity that a player in the market can look to achieve, as well as to identify potential resources from the sales and delivery perspective. The resulting index helps in the identification of real market growth opportunities.
In the final section of the report on the global leadless pacing systems market, a comprehensive ‘Competitive Landscape’ is included to provide report audiences with a dashboard view of the key differentiators among the various competitor firms operating in the global market. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the leadless pacing systems market and participants across the value chain. Moreover, this section also includes market strategies, regional presence, key financials and SWOT analysis of the major players in the market. Detailed profiles of the various providers of leadless pacing systems are also included in the scope of the report to evaluate their long-term and short-term strategies and recent developments in the global leadless pacing systems market.