External Pacemaker Market - By Technology (Single-chamber, Dual-chamber), By Application (Bradycardia, Acute Myocardial Infarction), End-use (Hospitals, Cardiac care centers) & Forecast, 2023 – 2032

External Pacemaker Market Size

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.
 

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.
 

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.
 

COVID-19 Impact

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.
 

External Pacemaker Market Trends

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.
 

• According to an article from the National Center for Biotechnology Information (NCBI), in 2022, ventricular tachycardia and fibrillation were major contributors to sudden cardiac death, accounting for an estimated 300,000 deaths each year in the U.S. This represents approximately half of all cardiac-related fatalities. The increasing incidence and prevalence of cardiovascular conditions have led to a rise in deaths worldwide. The World Health Organization reported that in 2019, an estimated 17.9 million people died from cardiovascular diseases, comprising 32% of all global deaths.
   
• The growing occurrence of cardiac disorders is expected to result in increased hospitalizations and medical interventions, thereby driving the demand for external pacemakers. Several factors, notably significant shifts in lifestyle-related risk factors such as poor dietary habits, reduced physical activity, increased tobacco use, and excessive alcohol consumption, have contributed to higher incidence and mortality rates associated with cardiovascular diseases.
   

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.
   

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.
   

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.
   

External Pacemaker Market Share

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:

• Boston Scientific Corporation
• Medtronic
• Pacetronix
• OSYPKA MEDICAL
• OSCOR Inc.
• Fluke
• Abbott
• Avery Biomedical Devices, Inc.
• BIOTRONIK
• Lepu Medical Technology
   

External Pacemaker Industry News:

• In May 2023, Medtronic plc announced U.S. Food and Drug Administration (FDA) approval of its Micra AV2 and Micra VR2, the next generation of its industry-leading miniaturized, leadless pacemaker. This product approval may help the company to enhance their product portfolio and business revenue.
   

External pacemaker market research report includes an in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD (million) from 2018 to 2032 for the following segments:

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By Technology, 2018 - 2032 (USD Million)

• Single-chamber
• Dual-chamber

By Application, 2018 - 2032 (USD Million)

• Bradycardia
• Acute myocardial infarction
• Other applications

By End-use, 2018 - 2032 (USD Million)

• Hospitals
• Cardiac care centers
• Other end-use

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA