The global defibrillator market market is expected to reach USD 18.1 billion by 2028 from USD 13.6 billion in 2023, at a CAGR of 5.9% during the forecast period. Factors such as an increase in cardiac arrest among patients with cardiovascular diseases worldwide, growing initiatives by government or private organizations to boost the installation of defibrillators in public access places to enhance the responses during cardiac arrest emergencies, and a rise in defibrillators training & awareness programs are anticipated to propel the growth of defibrillators market during the forecast period. Moreover, ongoing developments in S-ICDs and MRI-compatible ICDs & CRT-Ds and improving healthcare infrastructure in emerging nations will likely support the market’s growth.
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Opportunity: Growing number of mergers & acquisitions among market players
Many key market players in the defibrillator market are increasingly acquiring other players to expand their product offerings globally. These acquisitions help manufacturers of implantable and external defibrillators improve their technical efficiencies, strengthen their financial base, penetrate emerging markets, and offer patients a wide range of products. Acquisitions enable defibrillator manufacturers to maintain their profit margins and enhance their geographic presence despite the increasing cost pressures. Some of the key mergers & acquisitions in the defibrillator market are listed below. In July 2020, ZOLL Medical (an Asahi Kasei subsidiary) acquired Cardiac Science to strengthen its Critical Care segment. This acquisition diversified the company’s defibrillator and cardiac care segment, helping the parent company maintain a competitive edge in the market.
Challenge: Lack of awareness about sudden cardiac arrests in developing countries
Defibrillators are typically used to restore normal heartbeat in critical cardiac patients (such as arrhythmia, cardiac arrest, etc.). However, developing countries such as India, Indonesia, and Brazil are reported with limited public awareness levels about the clinical relevance of timely interventions through defibrillators as well as a limited operational understanding of defibrillators among the general public.
Therefore, clinical and product awareness level in developing countries is a major challenge to sustained and positive demand growth of defibrillator products during the coming decade. This is further aggravated by frequent product recalls resulting in lower availability of innovative external defibrillators in the market.
The defibrillator market is consolidated and dominated by various global players as of 2022. Major players operating in this market are Medtronic (Ireland), Stryker (US), Koninklijke Philips (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), and Abbott (US). These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in defibrillators.
Medtronic (Ireland): Due to its extensive product portfolio, Medtronic is the leading player in the global implantable defibrillators market. The company primarily focuses on developing innovative products to treat and manage heart failure and heart rhythm disorders. The company focuses on inorganic business growth strategies such as product development & commercialization, acquisitions, and market expansions to strengthen its current position and gain a larger share of the neurovascular devices market. The company received the CE Mark for its implantable defibrillator system, Aurora EV-ICD MRI SureScan, and Epsila EV MRI SureScan for managing irregular heart rhythms in 2023.
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North America to dominate the global defibrillator market
The defibrillators market is segmented based on the region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the defibrillators market. This can be attributed to the rapid adoption of technologically advanced defibrillators, favorable reimbursement policy, and the strong presence of defibrillator manufacturers with a strong focus on strengthening R&D through investments in new product development. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of a large target patient pool, government initiatives to modernize & expand healthcare infrastructure, and expansion of market players in the region.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
The global defibrillator market is electrifying the healthcare landscape, with remarkable growth projected in the coming years. The market is expected to reach USD 18.1 billion by 2028 from USD 13.6 billion in 2023, at a CAGR of 5.9% during the forecast period. This substantial growth is driven by the increasing prevalence of cardiovascular diseases, advancements in defibrillator technology, and the growing awareness of the importance of early defibrillation in saving lives.
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In this article, we will explore the key factors propelling the defibrillator market’s expansion, the diverse types of defibrillators, and the promising opportunities it offers for both patients and the healthcare industry.
The Growing Demand for Defibrillators:
The rising incidence of cardiac-related disorders and sudden cardiac arrests (SCAs) is a primary driver behind the growth of the defibrillator market. Each year, millions of lives are affected by heart-related conditions, making immediate defibrillation a critical element in increasing survival rates.
Types of Defibrillators:
- Automated External Defibrillators (AEDs): AEDs are user-friendly devices that have gained popularity due to their simplicity. They are commonly found in public places, allowing even bystanders to provide life-saving assistance during emergencies.
- Implantable Cardioverter Defibrillators (ICDs): ICDs are implanted under the skin, constantly monitoring the heart’s rhythm. They deliver electric shocks when needed to restore normal heartbeats.
- Wearable Cardioverter Defibrillators (WCDs): WCDs are non-invasive devices that can be worn on the body. They are typically prescribed for patients at high risk of sudden cardiac arrest.
Technological Advancements:
Advancements in defibrillator technology have significantly improved their performance, making them more effective and user-friendly. Modern defibrillators come equipped with features like voice prompts, visual instructions, and real-time feedback, enabling even untrained individuals to administer life-saving shocks with confidence.
Market Expansion and Opportunities:
The global defibrillator market offers immense opportunities for both established players and newcomers. With increasing awareness of the importance of defibrillators, governments, healthcare institutions, and communities are investing in making AEDs more accessible in public spaces, schools, and workplaces.
Additionally, the growing elderly population, a demographic more prone to cardiac issues, fuels the demand for implantable defibrillators and other advanced devices. Emerging markets and technological innovations in the field of defibrillation are also contributing to the market’s rapid expansion.
North America to dominate the global defibrillator market
The defibrillators market is segmented based on the region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the defibrillators market. This can be attributed to the rapid adoption of technologically advanced defibrillators, favorable reimbursement policy, and the strong presence of defibrillator manufacturers with a strong focus on strengthening R&D through investments in new product development. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of a large target patient pool, government initiatives to modernize & expand healthcare infrastructure, and expansion of market players in the region.
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Major players in the defibrillator market include Medtronic (Ireland), Stryker (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), MicroPort Scientific Corporation (China), Nihon Kohen Corporation (Japan).
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]