The global external pacemaker market size is expected to increase USD 2.48 billion by 2033 from USD 1.77 billion in 2023 with a CAGR of 3.42% between 2024 and 2033.
Key Points
- The North America external pacemaker market size accounted for USD 740 million in 2023 and is expected to attain around USD 1,050 million by 2033.
- North America led the global market with the largest market share of 74% in 2023.
- The Asia Pacific region is experiencing rapid growth in the external pacemaker market.
- By product, the dual chamber segment has held the major market share of 60% in 2023.
- The single chamber segment expected to be fastest growing segment in the market.
- By application, the bradycardia segment has generated more than 86% of market share in 2023.
- By application, the acute myocardial infarction segment is anticipated to witness a promising growth rate in the foreseeable period.
- By end user, the hospitals segment has recorded more than 74% of market share in 2023.
- By end user, ambulatory surgical centre showing a promising future growth and become notably growing segment in the global external pacemaker market.
The external pacemaker market is witnessing steady growth driven by advancements in medical technology and an increasing prevalence of cardiac disorders globally. External pacemakers are medical devices used to regulate the heartbeat in patients experiencing irregular heart rhythms or bradycardia. These devices deliver electrical impulses to the heart muscle to maintain a regular heartbeat rhythm, thus preventing potentially life-threatening complications.
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Growth Factors
Several factors contribute to the growth of the external pacemaker market. Firstly, an aging population, coupled with lifestyle changes leading to an increase in cardiovascular diseases, drives the demand for external pacemakers. Additionally, technological innovations, such as miniaturization and wireless connectivity, improve device performance and patient comfort, fostering market expansion. Moreover, rising healthcare expenditure and growing awareness about cardiac health further fuel market growth.
Region Insights
The external pacemaker market exhibits significant regional variation. Developed regions like North America and Europe dominate the market due to high healthcare infrastructure and a large patient population suffering from cardiac ailments. In contrast, developing regions in Asia-Pacific and Latin America are experiencing rapid market growth attributed to improving healthcare access, rising disposable income, and increasing adoption of advanced medical technologies.
External Pacemaker Market Scope
| Report Coverage | Details |
| Global Market Size in 2023 | USD 1.77 Billion |
| Global Market Size in 2024 | USD 1.83 Billion |
| Global Market Size by 2033 | USD 2.48 Billion |
| Growth Rate from 2024 to 2033 | CAGR of 3.42% |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Product, By Application, and By End-user |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
External Pacemaker Market Dynamics
Drivers
Several key drivers propel the growth of the external pacemaker market. The increasing prevalence of cardiovascular diseases, including arrhythmias and heart blockages, is a primary driver, necessitating the use of external pacemakers for effective treatment. Additionally, advancements in pacemaker technology, such as leadless pacemakers and remote monitoring capabilities, drive market expansion by enhancing device efficiency and patient convenience.
Opportunities
The external pacemaker market presents numerous opportunities for growth and innovation. With ongoing research and development efforts, there is potential for the introduction of more advanced pacemaker technologies with improved safety, efficacy, and longevity. Furthermore, expanding market penetration in emerging economies offers significant growth opportunities for manufacturers to tap into underserved regions and address unmet medical needs.
Challenges
Despite its growth prospects, the external pacemaker market faces certain challenges. Regulatory hurdles and stringent approval processes pose challenges for market entry and product commercialization. Additionally, pricing pressures and reimbursement issues in some regions may hinder market growth. Moreover, concerns regarding device complications, such as infection or lead dislodgement, remain challenges that need to be addressed through continuous technological innovation and improved patient management strategies.
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External Pacemaker Market Recent Developments
- In April 2022, Abbott is levelled-up leadless pacemaker technology with its innovative features that increased battery longevity over current commercially available leadless pacemakers possess and the ability to be retrieved if therapy needs change in the future. The minimally invasive device implanted in the heart’s right ventricle to treat slower-than-normal heart rates was recently approved by the U.S. Food and Drug Administration (FDA).
External Pacemaker Market Companies
- Boston Scientific Corporation
- Medtronic
- Pacetronix.com
- OSYPKA MEDICAL
- OSCOR Inc.
- Fluke
- Abbott
- Avery Biomedical Devices, Inc.
- BIOTRONIK
- Lepu Medical Technology (Beijing) Co., Ltd.
Segments Covered in the Report
By Product
- Single Chamber
- Dual Chamber
By Application
- Bradycardia
- Acute Myocardial Infarction
By End-user
- Hospitals
- Ambulatory Surgical Centers
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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