Home > Healthcare & Medical Devices > External Pacemaker Market
External Pacemaker Market size was valued at around USD 1.2 billion in 2022 and is estimated to reach over USD 1.9 billion by 2032. The rising prevalence of cardiovascular diseases, increasing advancements in product technology, a growing aging population, and supportive initiatives adopted by various governments and public organizations are some of the key factors driving market progress.
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The geriatric population faces an elevated susceptibility to chronic ailments such as cardiovascular diseases (CVDs). These health conditions often necessitate the use of external pacemakers to maintain an optimal heart rate. According to the Cleveland Clinic, in 2022, the overall incidence of sinus bradycardia increased with age, affecting 1 in 1000 adults over 45 years old and 1 in 600 cardiac patients over 65 years old. Therefore, the significant disease burden, high prevalence, and mortality rate are expected to drive the growth of the market in the near future.
An external pacemaker is a medical device that delivers electrical impulses to the heart to regulate and control its rhythm and rate. These devices are non-invasive and attached to the skin's surface, usually through adhesive electrode patches, to provide electrical stimulation to the heart when necessary.
Report Attribute | Details |
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Base Year: | 2022 |
External Pacemaker Market Size in 2022: | USD 1.2 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 5% |
2032 Value Projection: | USD 1.9 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 180 |
Tables, Charts & Figures: | 240 |
Segments covered: | Technology, Application, End-use, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The high cost of these devices for patients not covered by insurance in the U.S. and for patients in other parts of the world, along with the expenses associated with implantation procedures, will be one of the major factors impeding the external pacemaker market expansion. External pacemaker devices cost approximately USD 1,000 to 5,000 or more, depending on the type of pacemaker, the location, and the length of stay. The elevated cost of both the device and the procedures renders them unaffordable for the low and middle-income patient population, consequently leading to reduced demand and hindered business progress.
The emergence of the COVID-19 pandemic marked an unparalleled occurrence that significantly affected public health, resulting in a sharp increase in hospitalizations. The pandemic had adverse effects on the healthcare system, necessitating the widespread reassignment of healthcare personnel. Consequently, this resulted in the postponement of numerous surgical procedures, including cardiovascular surgeries and implantation procedures. As a result, the market experienced a decline in growth throughout 2020.
The rising prevalence of cardiovascular diseases, including congestive heart failure, arrhythmias, bradycardia, and tachycardia, is a significant factor driving the growth of the external pacemaker industry.
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Based on technology, the market is segmented into single-chamber and dual-chamber external pacemakers. The Dual-chamber external pacemaker segment was valued at around USD 731 million in 2022 and is expected to exhibit a robust growth trend throughout the analysis period.
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Based on application, the external pacemaker market is segmented as bradycardia, acute myocardial infarction, and others. Bradycardia held the largest revenue share in 2022 and was valued at USD 1 billion and is projected to expand at a CAGR of 5.2% during the forecast period to reach a market value of USD 1.7 billion by 2032. This is primarily attributable to the growing incidence rate of recurrent arrhythmias due to various factors, such as aging populations, lifestyle-related risk factors, and underlying heart conditions.
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Based on end-use, the external pacemaker market is segmented into hospitals, cardiac care centers, and others. The hospitals segment held a significant share in 2022 and is projected to reach more than USD 1.1 billion by 2032. The soaring use of external pacemakers in hospital settings, which delivers rapid and reliable outcomes, is anticipated to drive patient preference for these healthcare facilities.
The U.S. dominated the North American external pacemaker market with a significant market share in 2022 and is anticipated to expand at a notable pace to reach more than USD 633.7 million by 2032.
The external paemaker industry is consolidated in nature, with companies competing to offer superior external pacemakers in this business space. Prominent players such as Medtronic plc, Boston Scientific Corporation, and Abbott hold a significant share in this market. These companies are diligently directing their efforts towards continuous type innovation to gain substantial market share.
Some of the eminent market participants operating in the external pacemaker industry include:
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By Technology, 2018 - 2032 (USD Million)
By Application, 2018 - 2032 (USD Million)
By End-use, 2018 - 2032 (USD Million)
The above information is provided for the following regions and countries: