External Pacemaker Market Size to Grow USD 2.48 Bn by 2033

The global external pacemaker market size is projected to grow around USD 2.48 billion by 2033, growing at a CAGR of 3.42% from 2024 to 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 encompasses the medical devices used to regulate heart rhythm in patients experiencing arrhythmias or other cardiac conditions. These devices are typically temporary solutions used in emergency situations or as a bridge to long-term treatment options. External pacemakers deliver electrical impulses to the heart through electrodes placed on the skin’s surface, providing crucial support to maintain a regular heartbeat.

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Growth Factors

Several factors contribute to the growth of the external pacemaker market. Firstly, the rising incidence of cardiovascular diseases globally has increased the demand for cardiac rhythm management devices, including external pacemakers. Additionally, advancements in technology have led to the development of more efficient and user-friendly external pacemakers, driving market growth. Moreover, increasing healthcare expenditure and growing awareness about the availability of cardiac treatments further stimulate market expansion.

Region Insights:

The external pacemaker market exhibits regional variations influenced by factors such as healthcare infrastructure, prevalence of cardiac diseases, and regulatory frameworks. Developed regions like North America and Europe have well-established healthcare systems and higher adoption rates of advanced medical technologies, leading to a significant market share. In contrast, emerging economies in Asia-Pacific and Latin America present opportunities for market growth due to improving healthcare infrastructure and rising healthcare spending.

External Pacemaker Market Scope

External Pacemaker Market Dynamics

Drivers

Key drivers propelling the external pacemaker market include the growing aging population, as elderly individuals are more susceptible to cardiac conditions requiring pacemaker intervention. Additionally, the increasing prevalence of lifestyle-related risk factors such as obesity and sedentary lifestyles contributes to the rising incidence of cardiac diseases, driving demand for external pacemakers. Furthermore, technological innovations enhancing the effectiveness and safety of external pacemakers serve as major market drivers.

Opportunities

Opportunities in the external pacemaker market lie in expanding into untapped geographical regions, especially in emerging economies with growing healthcare infrastructure. Furthermore, collaborations between medical device manufacturers and healthcare providers to develop customized solutions and improve patient outcomes present promising opportunities for market growth. Moreover, research and development efforts aimed at enhancing the longevity and functionality of external pacemakers open doors for innovation and market expansion.

Challenges

Despite its growth potential, the external pacemaker market faces challenges such as stringent regulatory requirements governing medical devices, which may hinder the approval and commercialization of new products. Additionally, competition from alternative treatments such as implantable pacemakers poses a challenge to market penetration. Moreover, concerns regarding the safety and efficacy of external pacemakers, particularly in critical care settings, demand continuous improvement and stringent quality control measures.

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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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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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