The Road Ahead for the External Pacemakers Market: Key Growth Trends and Opportunities to Watch
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What CAGR is Anticipated for the External Pacemakers Market During the Forecast Period, and Why?
The market size of external pacemakers has seen robust growth in the past few years. The market is projected to expand from $1.52 billion in 2024 to about $1.61 billion in 2025, registering a compound annual growth rate (CAGR) of 6.0%. The growth during the historical phase can be traced back to the shift towards less invasive surgical methods, demand for minimally invasive structural heart devices, ongoing professional development programs for healthcare providers, increased healthcare spending, and a growing preference among patients for non-surgical or minimally invasive treatment choices.
Expectations suggest that the external pacemakers market will experience significant expansion in the coming years. With a projected compound annual growth rate (CAGR) of 5.6%, the market size is expected to reach $2.01 billion by 2029. Factors contributing to this growth include an aging population, heightened consciousness about cardiovascular health, the introduction of screening programs, favorable coverage policies for structural heart surgeries, and expedited regulatory green lights for new heart devices. The forecast period is set to experience trending inclinations towards the adoption of transcatheter valve replacement, continued advancement of devices equipped with sophisticated materials, a growing focus on individualized treatment strategies, an increase in the adoption of hybrid procedures, and the amalgamation of remote patient monitoring and telehealth solutions.
Which Primary Drivers Are Supporting the Continued Expansion of the External Pacemakers Market?
The escalation in instances of cardiovascular diseases is anticipated to boost the external pacemaker market’s growth in the future. Cardiovascular diseases (CVD) are a myriad of conditions that affect the heart or blood vessels. The surge in cardiovascular diseases is attributed to factors including inactive lifestyles, unhealthy eating habits filled with processed food and sugars, obesity, smoking, hypertension, and stress. In managing cardiovascular diseases, external pacemakers come in handy in controlling abnormal heart rhythms and enhancing cardiac function. As per the World Heart Federation, a non-governmental organization based in Switzerland, in October 2022, it is projected that deaths due to CVD will rise from 18.9 million in 2020 to over 22.2 million by 2030, and further increase to 32.3 million by 2050. As a result, the increasing instances of cardiovascular diseases are projected to spur the growth of the external pacemaker market. A surge in the healthcare expenditure is projected to drive the external pacemaker market’s growth in the forthcoming period. Healthcare expenditure signifies the overall sum spent on healthcare products and services during a specific period, typically on a nationwide or institutional scale. Investment in healthcare can aid research and development in the external pacemaker sector, resulting in technological advancements, enhanced device accessibility, and a noteworthy approach to individual health and health systems. For instance, a report by the Office for National Statistics, a government department in the UK, indicated in May 2023, that healthcare spending in the UK rose by 5.6% between 2022 and 2023, as compared to a 0.9% growth in 2022. The healthcare expenditure in the UK was approximately $317.63 billion (£292 billion) in 2023. Hence, the surge in healthcare expenditure is propelling the growth of the external pacemaker market.
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Which Companies Are Poised to Shape the Future of the External Pacemakers Market?
Major companies operating in the external pacemakers market are:
• AbbVie Inc._x000D_
• Bausch Health Companies Inc._x000D_
• Galderma S/A_x000D_
• Contura International A/S_x000D_
• Hologic Inc._x000D_
What Are the Latest Innovations and Trends Influencing the External Pacemakers Market?
Leading corporations in the external pacemaker market are striving to be at the forefront of innovation by introducing ground-breaking products such as miniaturized pacemakers. These are compact, leadless devices designed to monitor and regulate the rhythm of the heart. Take Medtronic Plc, a medical device manufacturer based in Ireland, for example. In May 2023, they received the green light from the Food and Drug Administration for their next-generation miniaturized, leadless pacemakers – the Micra AV2 and VR2. These boast a battery life that outlasts their predecessors by up to 40%, with a median projected lifespan of 16 to 17 years. The advanced algorithms incorporated in these devices allow for automatic AV synchrony programming and increased tracking for active patients. The compact size of the Micra pacemakers, along with their lack of leads or surgical pockets, serve to enhance the patient experience and decrease potential complications.
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Which Key Segments of the External Pacemakers Market Are Poised for Growth and Innovation?
The external pacemakers market covered in this report is segmented –
1) By Product: Single Chamber, Dual Chamber
2) By Application: Bradycardia, Acute Myocardial Infarction
3) By End-user: Hospitals, Ambulatory Surgical Centers, Other End-Users
Subsegments:
1) Single Chamber Pacemakers: Unipolar External Pacemakers, Bipolar External Pacemakers
2) Dual Chamber Pacemakers: Unipolar Dual Chamber Pacemakers, Bipolar Dual Chamber Pacemakers
What Regions Are Contributing Significantly to the Growth of the External Pacemakers Market?
North America was the largest region in the external peacemakers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the external pacemakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Key Elements Shape the Definition of the External Pacemakers Market?
An external pacemaker is a medical device used to temporarily regulate a patient’s heart rate and cardiac output by delivering electrical pulses to the heart via electrodes attached to a patch placed on the chest. These devices are commonly employed to stabilize patients or to provide support during surgical procedures.
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