Global External Pacemakers Market 2023-2030

Global External Pacemakers Market 2023-2030

Global External Pacemakers Market Size, Share & Trends Analysis Report by Type (MRI Compatible Pacemaker, and Conventional Pacemaker), by Technology (Single-chamber Pacemaker, Dual-chamber Pacemaker, and Biventricular/CRT Pacemaker), by Application, (Bradycardia, and Acute Myocardial Infarction), and by End-Use (Hospitals & Cardiac Centers, and Ambulatory Surgical Centers), Forecast Period (2023-2030)

The global external pacemakers market is anticipated to grow at a CAGR of 3.6% during the forecast period (2023-2030). The market growth is attributed to the rising geriatric population, the increasing prevalence of cardiovascular disease (CVDs), the increasing cost of cardiac disease management, favorable government initiatives and policies, and the introduction of new and enhanced technological products. According to the World Health Organization (WHO), around 17.9 million people were deceased from CVDs in 2019, representing 32% of all global mortalities. Further, in November 2022, the article “Senior Population Statistics: A Portrait of Aging Americans”, reported 54.1 million adults or 16.3% of the US population are seniors including aged 65 or older. The senior population is expected to rise to 22.0% by 2040 and 25.0% by 2060.

Segmental Outlook

The global external pacemakers market is segmented based on type, technology, application, and end-use. Based on the type, the market is sub-segmented into MRI compatible pacemaker, and conventional pacemaker. Based on the technology, the market is sub-segmented into single-chamber pacemaker, dual-chamber pacemaker, and biventricular/CRT pacemaker. Based on the application, the market is sub-segmented into bradycardia, and acute myocardial infarction. Further, based on end-use, the market is sub-segmented into hospitals and cardiac centers, ambulatory surgical centers. Among the end-use, the hospitals and cardiac centers sub-segment is anticipated to hold a largest market share during the forecast period. The large share of this segment is credited to the lower costs, higher efficiency, and availability.

The Bradycardia Sub-Segment is Anticipated to Hold a Considerable Share of the Global External Pacemakers Market

Among the application, bradycardia sub-segments expected to grow over the forecast period. The segment is driven by the owing to the changing sedentary lifestyle, smoking, and excessive alcohol consumption attribute to the prevalence of bradycardia. According to a report titled ""Bradycardia and Heart Rate Fluctuation Are Associated with a Prolonged Intensive Care Unit Stay in Patients with Severe COVID-19,"" bradycardia was identified in 72.1% of the patients admitted to the intensive care unit at Chiang Mai University Hospital between April and June 2021. These health conditions often necessitate the use of external pacemakers to maintain an optimal heart rate. According to the Cleveland Clinic, in 2022, the prevalence of sinus bradycardia increased with age overall, impacting 1 in 600 cardiac patients over 65 years of age and 1 in 1000 persons over 45. Thus, the significantly burden of disease, high prevalence, and mortality rates are anticipated to propel the segment growth.

Regional Outlook

The global external pacemakers market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the Asia-Pacific region is anticipated to grow over the forecast period, owing to the growing demand for external pacemakers, increasing geriatric population, rising adoption of health insurance, the rising healthcare expenditure, driving the external pacemakers market in the Asia-Pacific.

The North America Region is Expected to Grow at a Significant CAGR in the Global External Pacemakers Market

North America is expected to hold a prominent share in the external pacemakers market, during the forecast period. The significant factors fueling the North America market is the rising number of cardiovascular disorders across the North America is estimated to positively impact the external pacemakers market growth in upcoming years. According to the American Heart Association, CVDs remains as the leading cause of death in the US, accounted for 928,741 deaths in the year 2020. Additionally, the increasing number of heart-related disorders and technological advancements are further driving the market in the region. In 2020 in the US, coronary heart disease (CHD) was the leading cause (41.2%) of deaths attributable to CVD in the US, followed by stroke (17.3%), other CVD (16.8%), high blood pressure (12.9%), heart failure (9.2%), diseases of the arteries (2.6%).

Market Players Outlook

The major companies serving the global external pacemakers market include Abbott Laboratories, Boston Scientific Corp., Medtronic plc, Xerox Holdings Corp., BIOTRONIK SE & Co KG, Fluke Corp., Lepu Medical Technology (Beijing)Co., Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2022, Ceryx Medical Ltd, partnered with Osypka medical to develop heart pacing device. Ceryx and Osypka developed a heart pacing device that changed the way patients with heart failure and other cardiac conditions are treated.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global external pacemakers market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.