Overview of Global Defibrillator Market
Defibrillators are medical devices that deliver an electric shock or pulse to the heart in order to restore normal heartbeat. These are used to prevent or treat arrhythmias, which are irregular heartbeats that are either too slow or too fast. AEDs (automated external defibrillators) are portable, life-saving devices used to treat people who have suffered sudden cardiac arrest, a medical condition in which the heart suddenly and unexpectedly stops beating.
Defibrillator Market Outlook 2031
- The global defibrillator marketwas valued at US$ 7.2 Bn in 2021
- It is estimated to expand at a CAGR of 8.9% from 2022 to 2031
- The global defibrillator market is expected to cross value of US$ 16.3 Bn by the end of 2031
Automated external defibrillators (AEDs), which are now widely available in public places, are used to save the lives of people who have suffered a cardiac arrest. In an emergency, even untrained bystanders can use these devices. Other defibrillators can help people who are at high risk of dying from a life-threatening arrhythmia. Implantable defibrillators were only recommended for cardiac arrest survivors. With upgrade of surgical techniques and advancement in technology, defibrillator implantation is now considered an outpatient procedure.
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Thus, Increase in research funding, rise in government support, improvements in regulatory framework, technological advancements, and surge in prevalence of chronic diseases are projected to drive the global defibrillator market during the forecast period.
Increase in Incidence of Cardiac Disease and Risk of Cardiac Arrest to Fuel Global Market
Cardiovascular diseases (CVDs) are the leading cause of death globally, claiming the lives of an estimated 17.9 million people every year. Coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other heart & blood vessel disorders are classified as CVDs. Heart attack and stroke account for more than four out of every five CVD deaths, with one-third of these deaths occurring before the age of 70. Sudden cardiac death is the leading cause of natural death in the U.S., accounting for around 325,000 adult deaths each year. Half of all heart disease deaths are caused by sudden cardiac death.
Technological Advancements in Defibrillators to Drive Global Market
The growth of the global defibrillator market can be attributed to technological advancements in the field of defibrillators and defibrillator training and awareness programs. There have been several recent advancements in implantable cardioverter defibrillator (ICD) technology, including improved patient monitoring to prevent unnecessary shocks, the introduction of quadripolar lead devices to improve device programming and therapy effectiveness, and the development of MRI-safe ICDs.
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Abbott Laboratories received CE mark for its product “Gallant” in 2020. It is an ICD (implantable cardioverter defibrillator) that prevents sudden cardiac arrest. Additionally, rise in prevalence of cardiovascular diseases is expected to propel the global market.
Moreover, the introduction of new products by key players is expected to propel the global defibrillator market during the forecast period. For instance, the new HeartStart Intrepid monitor/defibrillator from Royal Philips is designed to assess and treat patients in medical emergencies in both pre-hospital and hospital settings. The HeartStart Intrepid monitor/defibrillator was designed by Philips to be portable, lightweight, and rugged for use by emergency medical services (EMS) and transport within hospitals.
Philips was also a pioneer in providing automated external defibrillator (AEDs) for use in airplanes and was the first to introduce an AED for pediatric use. Presently, Philips AEDs can be found on board major airlines, airports, major hotels, Fortune 100 companies, and professional sports teams’ locker rooms across the world.
Automated External Defibrillator (AED) to be Highly Lucrative Segment
In terms of application, the global defibrillator market has been classified into advanced life support defibrillators (ALS), automated external defibrillator (AED), implantable cardioverter-defibrillator (ICD), and wearable cardiac defibrillator. The automated external defibrillator (AED) segment accounted for major market share in 2020. AEDs are portable devices used to help those experiencing sudden cardiac arrest. Automated external defibrillator is a medical device that can analyze the heart’s rhythm and deliver an electrical shock or defibrillation to help the heart re-establish an effective rhythm.
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Rise in Demand for Defibrillators Due to High Number of Cardiac Patients Admitted and Surgeries Performed
Based on end-user, the global defibrillator market has been classified into hospitals, emergency care, home care, and others. The hospitals segment dominated the global defibrillator market in 2020, and the trend is expected to continue during the forecast period due to higher number of cardiac patients treated in hospitals and surgeries performed in hospital settings.
In hospitals, both ICDs and external defibrillators are increasingly being used to treat patients with sudden cardiac arrest and other conditions.
Technical Issues in Implantable and Automated External Defibrillators to Hamper Market Growth
Automated external defibrillator (AEDs) in public places are occasionally prone to failure due to issues with the battery, software, or hardware. Failure to defibrillate can result in treatment delays or even death. A number of defibrillators have been recalled in the past few years due to technical errors in the device’s operation, including shock delivery, electrical issues, and hardware configuration. In some cases, these flaws can result in poor product performance and even death of the patient.
Regional Outlook of Global Defibrillator Market
In terms of region, the global defibrillator market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to be a highly lucrative market for defibrillators during the forecast period. Rise in prevalence of cardiac disease in the U.S. is a major factor driving the market in the region. Surge in installations of external defibrillator in hospitals as well as in public spaces and favorable regulations are likely to drive the defibrillator market in North America during the forecast period.
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Analysis of Key Players in Global Defibrillator Market
This report profiles major players in the global defibrillator market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. The global defibrillator market is quite competitive, with the top 10 players accounting for key share of the market and companies focusing on research & development to produce better pharmaceutical and vaccine products for existing diseases.
Leading players operating in the global defibrillator market are Medtronic, Stryker Corporation, Koninklijke Philips N.V., Asahi Kasei Corporation, Boston Scientific Corporation, Abbott, Nihon Kohden, MicroPort, BIOTRONIK, CU Medical Systems, METsis Medikal, Mediana Co. Ltd., and Mindray Medical International Ltd., among others.
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