External Pacemaker Market: Introduction
- External pacemaker is also known as artificial pacemaker or transcutaneous pacemaker. It is an electrode-based medical device for the initial stabilization of hemodynamically significant bradycardias of all types. External pacing is the fastest available method to synchronize cardiac rhythm. It is used in a patient with atrioventricular nodal dysfunction caused by an acute myocardial infarction, chest or cardiac trauma, infections such as bacterial endocarditis or Lyme disease, and sepsis.
Key Drivers, Restraint, and Opportunities of Global External Pacemaker Market
- Several advancements in pacemaker technology have taken place in the last few decades. The technologies that have the most impact on patient care include tracking device data and patient health through wireless remote monitoring systems, longer battery life, and technology to help reduce pacing requirements to conserve battery power. This is projected to increase adoption of advanced technologies, which is anticipated to boost the growth of the global external pacemaker market. For instance, globally, around 3 million people are living with a pacemaker, and each year about 600,000 pacemakers are implanted to treat bradycardia patients.
- Inclination toward minimally invasive procedures leads to surge in demand for external pacemakers. For instance, in 2017, nearly 15 million minimally invasive cardiac procedures were performed globally, and the number is estimated to reach 30 million by 2030.
- Increase in geriatric population coupled with various cardiac disorders is a key factor likely to boost the growth of the global external pacemaker market. The incidence of arrhythmias in the elderly is increasing, most likely due to enhanced longevity.
- Cardiac abnormality is common with mild disease, which is mostly self-limiting. However, cardiac surveillance leads to severe cardiac involvement including atrial fibrillation and left ventricular dysfunction. Hence, rise in prevalence of cardiac-related disorders is likely augment the global market.
- However, stringent regulatory requirements leads to delay in product approval, which hampers the growth of the global external pacemaker market
- Rise in awareness about advanced technologies and focus on research & development by key players to introduce new products are likely to create significant opportunities in the global market
North America to Dominate Global External Pacemaker Market
- In terms of region, the global external pacemaker market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global external pacemaker market during the forecast period. Early adoption of technologically advanced products and hub for key players are the factors anticipated to propel the market in the region
- The external pacemaker market in Asia Pacific is expected to grow at a rapid pace during the forecast period owing to increase in geriatric population. Moreover, government initiatives to increase health care infrastructure is likely to augment the market in Asia Pacific.
Key Players Operating in Global External Pacemaker Market
The global external pacemaker market is fragmented due to the presence of international as well as local players. A large number of manufacturers hold major share in their respective regions. Demand for external pacemaker products has increased in emerging as well as developed markets owing to rise in awareness about technologically advanced products. Growth strategies adopted by leading players are likely to drive the global market.
Key players operating in the global external pacemaker market are:
- Osypka Medical GmbH
- OSCOR, Inc.
- Boston Scientific Corporation
- Teleflex Incorporated
- Other prominent players
Global External Pacemaker Market: Research Scope
Global External Pacemaker Market, by Type
- Single-chamber Pacemaker
- Dual-chamber Pacemaker
- Biventricular Pacemaker
Global External Pacemaker Market, by End-user
- Hospitals & Specialty Clinics
- Ambulatory Surgical Centers
Global External Pacemaker Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.