External Pacemaker Market Size to Reach USD 2.48 Bn by 2033

Prathamesh Sakpal

4 weeks ago

The global external pacemaker market size reached USD 1.77 billion in 2023 and is projected to reach 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 refers to the industry involved in the manufacturing, distribution, and use of external cardiac pacemakers. These devices are crucial in managing various cardiac arrhythmias by delivering electrical impulses to regulate the heart’s rhythm. The market encompasses a range of products designed to address different patient needs, including temporary pacing during surgery, emergency situations, or as a bridge to long-term treatment options such as implantable pacemakers.

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Growth Factors

The growth of the external pacemaker market is driven by several factors. One key factor is the increasing prevalence of cardiovascular diseases globally, leading to a greater demand for cardiac rhythm management devices. Technological advancements in external pacemakers, such as smaller, more portable designs with enhanced functionality and compatibility with other medical systems, are also driving market growth. Additionally, the rising geriatric population, who are more prone to cardiac conditions, contributes to market expansion.

Region Insights:

The external pacemaker market exhibits regional variations influenced by factors such as healthcare infrastructure, regulatory environment, and prevalence of cardiovascular diseases. Developed regions like North America and Europe dominate the market due to high healthcare spending, advanced medical technology adoption, and well-established regulatory frameworks. Emerging markets in Asia-Pacific and Latin America are experiencing rapid growth driven by improving healthcare infrastructure, increasing disposable income, and growing awareness of cardiac health.

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 drivers propel the external pacemaker market forward. The growing incidence of cardiac arrhythmias and cardiovascular diseases, coupled with the expanding aging population, creates a substantial patient pool requiring cardiac rhythm management solutions. Advancements in medical technology, including the development of leadless and wireless pacemakers, enhance patient comfort and treatment efficacy, further driving market growth. Moreover, initiatives by governments and healthcare organizations to improve access to cardiac care services contribute to market expansion.

Opportunities:

The external pacemaker market presents various opportunities for manufacturers and healthcare providers. Expanding into emerging markets offers significant growth potential due to increasing healthcare investments and rising demand for advanced medical devices. Innovations in remote monitoring and telemedicine technologies enable better patient management and adherence to treatment regimens, opening avenues for market expansion. Furthermore, collaborations between industry players and research institutions facilitate the development of next-generation pacemaker technologies, tapping into unmet clinical needs.

Challenges:

Despite the promising outlook, the external pacemaker market faces several challenges. Regulatory hurdles, including stringent approval processes and compliance requirements, can impede product commercialization and market entry. Pricing pressures, particularly in cost-sensitive markets, pose challenges for manufacturers in maintaining profitability while ensuring affordability and accessibility of their products. Moreover, concerns regarding device efficacy, safety, and long-term reliability remain critical considerations for healthcare providers and patients, impacting market adoption and acceptance. Addressing these challenges requires concerted efforts from industry stakeholders to foster innovation, streamline regulatory pathways, and enhance healthcare infrastructure and education.

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).