Defibrillators Market – Overview
The defibrillators market is valued at USD 11.4 billion in 2022 and is projected to reach a value of USD 26.23 billion in 2030 expanding at a CAGR of 9.7% over the forecast period of 2022-2030.
A defibrillator is defined as a device that gives a high energy electric shock to the heart of someone who is in cardiac arrest. The high energy shock is known as defibrillation and it is an essential part in order to try to save the life of someone who is in cardiac arrest.
In order to help someone who is in cardiac arrest to survive, a defibrillator has to be found as quickly as possible. For every minute that it takes for the defibrillator to reach someone and deliver a shock, the chances of their survival lower.
The rise in prevalence of cardiac arrest has increased the demand of defibrillator market. Also, the emerging markets and the development of S-ICDs and MRI compatible SICDs have also provided many opportunities to the market.
Key market trends- Growth determinants and Challenges
Every market has its growth determinants and challenges. One of the major factor that has fuelled the growth of the market is the rise in prevalence of target diseases, such as cardiac arrest.
Also, the rise in focus on providing public-access defibrillators and the training and awareness programs on it has also fuelled the market growth over the forecast period.
Additionally, the rise in geriatric population across the globe is another key factor that is increasing the prevalence of CVD. This is because aging is associated with progressive deterioration in the structure and function of the heart and it acts as a catalyst in the development of chronic diseases. Thus, with the growth in the geriatric population across the globe, the incidence of heart diseases will also increase. Thus, the market is projected to rise.
On the flipside, the issues that are related to the use of implantable and automated external defibrillators, also the frequent product recalls, and a lack of awareness about sudden cardiac arrest in developing nations are projected to hinder the growth of the defibrillators market during the forecast period.
Also, other factors, such as limited reimbursements in developed nations, lack of infrastructure, particularly in developing and underdeveloped countries also act as a restrain to the market.
There has been a steep rise in the pervasiveness of cardiac ailments. This is powered by factors such as unhealthy eating habits, sedentary lifestyle, hectic work schedule, weight issues, and many more. Sudden heart attacks and instances of arrhythmia has become quite common in today era. This is turn is escalating the demand for defibrillators across the globe.
Emergence Of The COVID-19 Outbreak To Augment Industry Outlook:
The sudden outbreak of the COVID-19 pandemic had a positive influence on the trends of this market place. With rising infection rates, government across the globe shifted their focus towards the enhancement of healthcare infrastructure. Moreover, people having cardiac issues were at high risks since coronavirus is known to harshly affect the lungs and heart. This led to prompt surge in the occurrences of COVID-19 induced heart attacks, necessitating the use of defibrillators across the globe.
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Segmental analysis of the market
Based on product
- Implantable cardioverter defibrillators
- external defibrillators
The implantable segment has dominated the market share. This is because of the increasing prevalence of cardiovascular diseases and also the development of technologically advanced defibrillators.
Based on patient type
- adult
- paediatric
the adult segment has dominated the market share over the forecast period. This is because of the number of cases of cardiac arrest among adults is more as compared to the paediatric segment.
Based on end users
- hospitals
- clinics
- cardiac centres
- homecare settings
- alternate care segments
- others
The hospitals, clinics and cardiac centres segment are dominating the market over the forecast period. This is because of the majority of implantable cardioverter defibrillators are used in these places.
Asia Pacific is anticipated to rise at a considerable CAGR
NORTH AMERICA, Europe, Asia Pacific, Middle east and Africa are the major regions constituting the geographical landscape of the market. Among these, Asia Pacific has dominated the regional market sphere over the forecast period. This is because of rapidly growing diseases and the rise in the prevalence of CVDs.
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Competitive Landscape
The prominent companies that have influenced the competitive hierarchy of the market are Medtronic (Ireland), Stryker Corporation (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), Abbott (US), Nihon Kohden (Japan), MicroPort (China), BIOTRONIK (Germany), CU Medical Systems (South Korea), METsis Medikal (Turkey), Mediana Co. Ltd. (Korea), Mindray Medical International Ltd. (China), Progetti SRL – Medical Equipment Solutions (Italy), and Schiller AG (Switzerland).
Other players in the market include BPL Medical Technologies (India), Metrax GmbH – PRIMEDIC (Germany), MS Westfalia GmbH (Germany), Bexen Cardio (Spain), Axion Medical Equipment Ltd. (Russia), Element Science Inc. (US), Avive Solutions Inc. (US), Jeevtronics Pvt. Ltd. (India), HeartHero Inc. (US), and Shenzhen Comen Medical Instruments Ltd. (China).
Major questions answered in this report
- what is the growth rate of the defibrillators market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- The defibrillators market is projected to expand at a CAGR of 9.7% over the forecast period.
- The rise in the target diseases is aiding market progression.
- The hospitals, clinics segment is poised to expand significantly over the forecast period.
- Asia Pacific is projected to amplify at a considerable CAGR.
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