Defibrillator Market Is Projected to Reach USD 24,608.3 Million by 2030, registering a CAGR of 6.6%| Valuates Reports

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May 31, 2023, 12:43 ET

BANGALORE, India, May 31, 2023 /PRNewswire/ -- Defibrillators Market is Segmented By Product (By Product, External Defibrillators), By End-user (Hospitals, Pre-Hospitals, Public Access Market, Alternative Care, Home) : Global Opportunity Analysis and Industry Forecast 2020–2030. It is published in Valuates Reports under the Heart & Hypertension Category.

The global defibrillator market size was valued at USD 13,168 million in 2020 and is projected to reach USD 24,608.3 million by 2030, registering a CAGR of 6.6% from 2021 to 2030.

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Major factors driving the Growth of the Defibrillators Market

Public and private organizations' increasing attention to public access defibrillators (PAD) has spurred market expansion. Additionally, a rapidly expanding elderly population with a high risk of cardiac arrest, an increase in the prevalence of cardiac disorders, and an increase in the number of important manufacturers developing sophisticated defibrillator devices all contribute to the market's expansion.

The Defibrillators Market is expected to develop as a result of rising demand for high-quality medical treatment, increased acceptance of technologically improved defibrillator devices, and an increase in the prevalence of SCA.

The Defibrillators Market is growing as a result of the increased emphasis on and accessibility of defibrillators at workplaces, schools, shopping centers, supermarkets, and airports.

A few other factors influencing the growth of the defibrillator include the increased focus of key market participants on public access defibrillators and the rise in the number of training and awareness programs worldwide.

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TRENDS INFLUENCING THE GROWTH OF THE DEFIBRILLATORS MARKET

The Defibrillators Market is growing as a result of the increased emphasis on and accessibility of defibrillators at workplaces, schools, shopping centers, supermarkets, and airports. A few other factors influencing the growth of the defibrillator are the increased focus of leading market participants on public access defibrillators and the expansion of training and awareness programs globally. In the United States, cardiac arrest significantly leads to preventable mortality and disability. After a cardiac arrest, using CPR and a defibrillator as soon as possible can significantly increase survival rates. Public access defibrillation (PAD) policies and programs aim to make defibrillators readily accessible to bystanders whenever and wherever they are required.

It is projected that the development of next-generation external defibrillators would open up profitable potential by enhancing safety and efficacy. Defibrillators work to improve the industry's capacity for recognizing and solving device-related issues. SCA is a condition that poses a threat to life and is the top cause of mortality in the world. Defibrillation administered at the appropriate moment in the early stages of the illness can successfully treat it. Additionally, it is anticipated that the rising number of product releases by various governments and market participants would aid in the Defibrillators Market expansion.

Children and young adults who need a cardiac pacing device have been steadily rising in number. The most recent generation of medical equipment is capable of treating heart failure, Brady and tachyarrhythmias, and young patients' needs. The range and therapeutic indications for employing these devices have expanded as a result. This factor is expected to drive the growth of the Defibrillators Market.

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DEFIBRILLATORS MARKET SHARE ANALYSIS

Due to the rapid increase in the geriatric population, the emergence of new technologies, the rise in the adoption of S-ICDs, and the rise in the incidence of sudden cardiac arrest (SCA), the implantable defibrillator segment currently dominates the global defibrillator market by product. This trend is anticipated to continue during the forecast period. However, due to technological developments in the healthcare industry and an increase in the acceptance of external defibrillator installations, the external defibrillators segment is anticipated to see significant growth over the projection period.

The hospital's segment led the worldwide defibrillator market in terms of end users in 2020, and it is predicted that it will continue to dominate the market due to the larger number of cardiac patients treated in hospitals and operations carried out in hospital settings. Hospitals are using both ICDs and external defibrillators more often to treat patients suffering from sudden cardiac arrest as well as for other purposes.

Due to initiatives by key players, favorable laws, and technologically sophisticated healthcare facilities in the U.S. and Canada, North America captured a significant portion of the defibrillator market in 2020 and is anticipated to maintain its dominance over the forecast period.

However, due to its growing healthcare infrastructure, large patient population, and high prevalence of cardiac illnesses, Asia-Pacific is anticipated to experience the highest CAGR of 8.2% from 2021 to 2030.

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Key Companies:

Asahi Kasei Corporation
Stryker Corporation
Biotronik SE & Co. KG
Boston Scientific Corporation
Philips Healthcare
LivaNova PLC
Medtronic plc
Cardiac Science Corporation
Nihon Kohden Corporation
St. Jude Medical, Inc.

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