May 17, 2024

External Pacemaker Market Size to Rake USD 2.48 Bn by 2033

The global external pacemaker market size was estimated at USD 1.77 billion in 2023 and is predicted 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.

External Pacemaker Market Size 2024 to 2033

The external pacemaker market refers to the segment within the medical device industry that focuses on the production and distribution of external pacemakers. These devices are crucial in the management of various cardiac conditions, including bradycardia and heart block. External pacemakers are designed to deliver electrical impulses to the heart, thereby regulating its rhythm and ensuring proper cardiac function. With advancements in technology and increasing prevalence of cardiac disorders worldwide, the demand for external pacemakers is expected to witness significant growth in the coming years.

Get a Sample: https://www.precedenceresearch.com/sample/4140

Growth Factors:

Several factors contribute to the growth of the external pacemaker market. Firstly, an aging population globally has led to a rise in the incidence of cardiac diseases, thereby driving the demand for pacemakers. Additionally, technological advancements have resulted in the development of more efficient and user-friendly external pacemaker devices, further fueling market growth. Moreover, increasing awareness about cardiac health and the availability of advanced medical treatments are expected to boost the adoption of external pacemakers.

Region Insights

The external pacemaker market exhibits regional variations in terms of demand and adoption. Developed regions such as North America and Europe dominate the market due to their well-established healthcare infrastructure and higher healthcare expenditure. These regions also witness a higher prevalence of cardiac diseases, leading to greater demand for external pacemakers. In contrast, emerging economies in Asia Pacific and Latin America are experiencing rapid growth in the market, driven by improving healthcare facilities, growing healthcare awareness, and rising disposable incomes.

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 contribute to the growth of the external pacemaker market. One of the key drivers is the increasing prevalence of cardiovascular diseases, particularly among the elderly population. Additionally, advancements in pacemaker technology, such as the development of leadless pacemakers and remote monitoring systems, are driving market growth. Furthermore, supportive government initiatives aimed at improving cardiac care and increasing healthcare expenditure are facilitating market expansion.

Opportunities:

The external pacemaker market presents several opportunities for manufacturers and healthcare providers. Expanding into emerging markets presents a significant opportunity for market players to capitalize on the growing demand for cardiac devices. Moreover, the introduction of innovative features, such as wireless connectivity and smartphone integration, can enhance patient convenience and compliance, creating new avenues for market growth. Additionally, strategic collaborations and partnerships can enable companies to expand their product portfolios and reach a wider customer base.

Challenges:

Despite the promising growth prospects, the external pacemaker market faces certain challenges. One of the primary challenges is the high cost associated with pacemaker devices, which can limit access to these life-saving technologies, particularly in developing regions. Regulatory hurdles and stringent approval processes for new pacemaker technologies also pose challenges for manufacturers. Furthermore, concerns regarding the long-term reliability and durability of pacemaker devices remain a significant issue, impacting patient acceptance and adoption. Addressing these challenges requires collaborative efforts from stakeholders across the healthcare ecosystem.

Read Also: Dental Floss Market Size to Rise USD 1,224.48 Million by 2033

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

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Web: https://www.precedenceresearch.com

Blog: https://www.expresswebwire.com/

Blog: https://www.uswebwire.com/

Blog: https://www.autoindustrybulletin.com/

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.

View all posts by Prathamesh →

Leave a Reply

Your email address will not be published. Required fields are marked *