External Pacemaker Market Analysis
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.
- The increasing prevalence of patients with atrioventricular block stands to benefit significantly from the use of dual-chamber external pacemaker devices. These devices incorporate two leads positioned in the right atrium and right ventricle. When a slow heart rate is detected, these leads work in unison to replicate the natural physiological function of the atrium and ventricle.
- By precisely synchronizing atrial and ventricular contractions, dual-chamber external pacemakers enhance blood flow and cardiac output, with the potential to improve oxygenation in the body's tissues and organs. Consequently, these factors are anticipated to play a crucial role in propelling the future market expansion of dual-chamber external pacemaker devices.
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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.
- For instance, according to a study in The Lancet in 2021, atrial fibrillation (AF) emerged as the most common cardiac arrhythmia globally, with 37.6 million cases and 287,200 deaths attributed to it in 2017. Furthermore, the worldwide prevalence of atrial fibrillation has increased by 33% over the past two decades, creating a significant global burden.
- Therefore, the rising prevalence of arrhythmias such as bradycardia and related conditions worldwide is expected to drive the segment's growth during the forecast period. Consequently, these factors are anticipated to stimulate product demand throughout the forecast period.
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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 availability of a wide range of precise external pacemakers for accurate cardiac rhythm management is poised to make hospitals the preferred choice. The rise in hospital admissions for cardiac conditions, along with expanding disease screening programs and easy access to certified healthcare professionals, contributes positively to the market growth segment.
- Moreover, the increasing disease burden in developed economies with advanced healthcare infrastructure is anticipated to lead to higher rates of diagnosis and treatment within hospital settings. This, coupled with the growing prevalence of cardiovascular diseases and related conditions, will result in more patient visits to hospitals, ultimately boosting revenue growth in this segment.
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.
- This notable market share can be attributed to various factors, including the presence of leading industry players, an increasing demand for cardiovascular devices, a rising incidence of cardiovascular conditions, and the growing number of hospital admissions throughout the country, among other key drivers.
- According to the American Heart Association, Cardiovascular disease (CVD) remains the leading cause of death in the U.S., accounting for 928,741 deaths in the year 2020. The rising prevalence of adverse events is anticipated to upsurge the adoption rate for better CVD management which, in turn, is driving the entry of new players into the market, a trend projected to continue over the forecast period.
- Moreover, various medical device manufacturers that are involved in research & development of modifying external pacemakers are also expected to contribute to market expansion in the region.