External Pacemakers Market Size & Share Analysis - Growth, Trends, and Forecasts (2024 - 2029)

External Pacemakers Market Analysis

The External Pacemakers Market size is estimated at USD 1.81 billion in 2024, and is expected to reach USD 2.18 billion by 2029, growing at a CAGR of 3.84% during the forecast period (2024-2029).

The external pacemakers market was significantly impacted during the COVID-19 pandemic owing to a decrease in elective procedures and non-urgent medical device implantations, including external pacemakers. Moreover, various disruptions, including supply chain issues and manufacturing challenges, significantly impacted the manufacturing and distribution of external pacemakers, which has also affected the delivery of timely solutions to patients. According to the Journal of Arrhythmia from NIH published in February 2022, COVID-19 significantly impacted the temporary pacemaker usage rates during the first wave of COVID-19. Still, later, the implication of external pacemaker devices increased remarkably owing to the surging trend of remote monitoring.

According to Sociedad Española de Cardiología (Spanish Society of Cardiology) data of August 2023, the remote monitoring of cardiac implantable electronic devices increased exponentially post-lockdown period and shifted a trend of cardiac monitoring. Thus, the pandemic has had a mixed impact on the external pacemaker market, and the industry is likely to have lucrative growth opportunities in the coming years due to the rising disease burden and high penetration of telemedicine.

The increasing burden of cardiovascular conditions coupled with several risks associated with cardiovascular diseases (CVDs) is driving the global external pacemakers market. Some of the most important risk factors contributing to the higher burden of CVDs include a sedentary lifestyle, physical inactivity, and a surge in an aging population. According to WHO’s data of September 2023, cardiovascular diseases are the leading cause of death across the world, and an estimated 17.9 million people die from it every year. Moreover, more than four out of five cardiovascular disease deaths are owing to stroke and heart failure, which mainly occur from arrhythmia and irregular heart rate. This expanding patient pool, along with the higher need for precise cardiac care, has created a robust demand for various cardiac devices, including external pacemakers, thereby fostering the market opportunity for manufacturers.

Moreover, rising demand for temporary pacemakers owing to several benefits like non-invasive pacing, convenient operation, and leveraging clinical significance has created a high demand across end-users like hospitals, clinician’s offices, and ambulatory surgery centers. For instance, various kinds of conduction abnormalities, including ventricular tachycardia and bradycardia, can be typically managed with an external pacing system until tailored treatment is developed. In addition, the external pacing system has also been found useful in reversing conditions like myocardial infarction and drug-induced electrical disturbances. For instance, according to the National Center of Biotechnology Information’s data from September 2022, external pacing is the fastest and most convenient method to manage emergencies and rhythm disorders like tachycardia and bradycardia. Thus, the ability of external pacing systems to maintain adequate cardiac output in emergencies has facilitated their demand across end-users like hospitals, ambulatory surgical centers, and clinics.

In addition, the increasing geriatric population globally and the presence of various public and private organizations promoting awareness regarding CVDs and arrhythmia are further supporting the global market. For instance, the World Heart Federation is a leading non-governmental organization (NGO) engaged in creating awareness regarding CVDs around the globe in partnership with the WHO.

Also, the surging elderly population, especially those over age 65, are more susceptible to heart rhythm-related disorders, and they often need an external pacing system to maintain a regular heart rate. According to Statistics Canada, in July 2022, over 7.33 million Canadians were aged more than 65 years and older, and the country’s elderly population is projected to grow by 68% over the next 20 years. There is a close relationship between the elderly population and the risk of developing CVD. Hence, the growing elderly population is projected to create a high demand for external pacing systems in the near future. For instance, according to the European Heart Journal published in December 2022, temporary pacemakers can be utilized in elderly patients to achieve atrioventricular synchronous pacing.

Furthermore, technological advancements have made these pacemakers more efficient and user-friendly, thereby bolstering their adoption. Moreover, the evolving disease landscape and high demand for advanced external pacing systems have facilitated manufacturers to develop advanced and precise pacing solutions. For instance, in July 2023, BIOTRONIK received U.S. FDA approval for its next-generation family of pacemakers. This pacemaker family of the company also comprises Amvia Edge, the industry’s smallest single-chamber MR (magnetic resonance) conditional pacemaker for best patient-centric outcomes. This approval marked a significant step in cardiac pacing platforms.

However, factors such as the higher cost of external pacing devices and stringent regulatory frameworks are anticipated to hamper industry growth over the forecast period.

External Pacemakers Market Trends

Dual Chamber Segment is Expected to Hold a Major Market Share

External Pacemakers Industry Segmentation

As per the scope of the report, an external pacemaker or temporary pacemaker is an electrode-based device that is used to regulate heart rhythm and a normal heart rate. The external pacemakers market is segmented by product (single chamber and dual chamber), application (bradycardia, acute myocardial infarction, and other applications), end-user (hospitals, ambulatory surgical centers, and other end-users), and geography (North America, Europe, Asia-Pacific, the Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally.

The report offers the value (in USD) for the above segments.