PUBLISHER: The Business Research Company | PRODUCT CODE: 1518313
PUBLISHER: The Business Research Company | PRODUCT CODE: 1518313
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.
The main product types of external pacemakers included are single chamber and dual chamber. Single-chamber external pacemakers are devices that utilize one lead to deliver electrical impulses to regulate the heart's rhythm. It is provided for applications such as bradycardia, and acute myocardial infarction. These devices are used by end-users such as hospitals, ambulatory surgical centers, and others.
The external pacemakers market research report is one of a series of new reports from The Business Research Company that provides external pacemakers market statistics, including the external pacemaker's industry global market size, regional shares, competitors with external pacemaker's market share, detailed external pacemakers market segments, market trends, and opportunities, and any further data you may need to thrive in the external pacemaker's industry. These external pacemaker's market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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.
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.
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.
Major companies operating in the external pacemaker market are developing innovative products, such as miniaturized pacemakers, to improve battery life and gain a competitive edge in the market. Miniaturized or leadless pacemakers are small electronic devices implanted in the heart to regulate its rhythm. For instance, in May 2023, Medtronic Plc, an Ireland-based medical device company, received Food and Drug Administration approval for Micra AV2 and Micra VR2, the next generation of its industry-leading miniaturized, leadless pacemakers. They provide up to 40% more battery life than previous models, with projected median battery life ranging from nearly 16 to 17 years. These devices feature advanced algorithms for automatic AV synchrony programming and higher tracking capability for active patients. Micra pacemakers minimize complications and improve the patient experience with their small size and lack of leads or surgical pockets.
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.
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.
The countries covered in the external pacemakers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The external pacemakers market consists of sales of MRI-compatible pacemakers and conventional pacemakers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
External Pacemakers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on external pacemakers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for external pacemakers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The external pacemakers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.