An external pacemaker is a medical device used to temporarily regulate a patient’s heart rate and cardiac output by delivering electrical pulses to the heart via electrodes attached to a patch placed on the chest. These devices are commonly employed to stabilize patients or to provide support during surgical procedures.
Sizing and Forecast
The external pacemakers market size has grown strongly in recent years. It will grow from $1.44 billion in 2023 to $1.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to the shift towards less invasive surgical techniques, the demand for minimally invasive structural heart devices, ongoing training and education programs for healthcare professionals, rising healthcare expenditure, growing patient preference for non-surgical or minimally invasive treatment options.
The external pacemaker market size is expected to see strong growth in the next few years. It will grow to $1.90 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to the increasing aging population, growing awareness about heart health, the implementation of screening programs, favorable reimbursement policies for structural heart procedures, timely regulatory approvals for new structural heart devices. Major trends in the forecast period include increasing adoption of transcatheter valve replacement, ongoing development of innovative devices with advanced materials, growing emphasis on personalized treatment approaches, increasing adoption of hybrid procedures, integration of remote monitoring and telehealth solutions.
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Segmentation & Regional Insights
The external pacemakers market covered in this report is segmented –
1) By Product: Single Chamber, Dual Chamber
2) By Application: Bradycardia, Acute Myocardial Infarction
3) By End-user: Hospitals, Ambulatory Surgical Centers, Other End-Users
North America was the largest region in the external peacemakers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the external pacemakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing incidence of cardiovascular diseases are expected to drive the growth of the external pacemaker market going forward. Cardiovascular disease (CVD) is a class of diseases involving the heart or blood vessels. There is a growing incidence of cardiovascular diseases due to several factors such as sedentary lifestyles, poor dietary habits high in processed foods and sugars, increasing rates of obesity, smoking, high blood pressure, and stress. The external pacemakers are used in cardiovascular diseases to regulate abnormal heart rhythms and improve cardiac function. For instance, in October 2022, according to the World Heart Federation, a Switzerland-based non-governmental organization, the projections indicate a rise in cardiovascular disease (CVD) deaths from 18.9 million in 2020 to surpass 22.2 million by 2030 and to escalate to 32.3 million by 2050. Therefore, the growing incidence of cardiovascular diseases is expected to propel the growth of the external pacemaker market.
<h4 class=reporthtag>Rising Healthcare Expenditure Fuels Growth In Cardiac Resynchronization Therapy Market</h4>
The increasing healthcare expenditure is expected to propel the growth of the external pacemaker market going forward. Healthcare expenditure refers to the total amount of money spent on healthcare goods and services within a specific period, typically on a national or institutional level. Investment in healthcare can support research and development efforts in the field of external pacemaker leading to an advancements in technology, improved access to device, and a more comprehensive approach to individuals health and healthcare systems. For instance, in May 2023, according to the UK’s Office for National Statistics, a UK based government agency, healthcare spending in the UK increased by 9.4% nominally and 9.7% practically. The total cost of healthcare in the UK in 2021 was $367.25 billion (£280.7 billion), pharmaceutical costs were $51.84 billion (£39.6 billion), and spending on preventative care increased significantly in 2021, reaching $45.93 billion (£35.1 billion). Therefore, the increasing healthcare expenditure is driving the growth of the external pacemaker market.
Key Industry Players
Major companies operating in the external pacemakers market are Abbott Laboratories, Medtronic plc, Boston Scientific Corporation, Fluke Corporation, W. L. Gore & Associates Inc., Lepu Medical Technology Co.Ltd., Biotronik, LivaNova PLC, ZOLL Medical Corporation, CryoLife Inc., OSCOR Inc., Sorin Group, Netech Corporation, Cosmos Healthcare, FIAB SpA, Soma Tech Intl, JenaValve Technology Inc., Ancora Heart Inc., Shree Pacetronix Ltd., Osypka Medical Inc., Avery Biomedical Devices Inc., Galix Biomedical Instrumentation Inc, AtaCor Medical Inc., Cor Medical Centre, Navilyst Medical Inc.
The external pacemakers market report table of contents includes:
1. Executive Summary
2. External Pacemakers Market Characteristics
3. External Pacemakers Market Trends And Strategies
4. External Pacemakers Market – Macro Economic Scenario
5. Global External Pacemakers Market Size and Growth
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32. Global External Pacemakers Market Competitive Benchmarking
33. Global External Pacemakers Market Competitive Dashboard
34. Key Mergers And Acquisitions In The External Pacemakers Market
35. External Pacemakers Market Future Outlook and Potential Analysis
36. Appendix
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