Defibrillator Market Size to Reach USD 17430 Million by 2027 at CAGR 3.3% - Valuates Reports
BANGALORE, India, Dec. 13, 2021 /PRNewswire/ -- The Defibrillator Market is Segmented by Type (Automatic External Defibrillators, Implantable Cardioverter Defibrillators, Wearable Cardioverter Defibrillator, Advanced Life Support (ALS)), Application (Hospital, Public Access, Home Healthcare, Other). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.
In 2020, the global Defibrillator market size was USD 13900 Million and it is expected to reach USD 17430 Million by the end of 2027, with a CAGR of 3.3% during the forecast period 2021-2027.
Major Factors Driving The Growth Of The Defibrillator Market Are:
The primary growth factors for this defibrillator market are the rising occurrences of cardiac illnesses and regulatory revisions mandating the use of defibrillators in all ambulances and emergency rooms.
The rising emphasis on public-access defibrillators, as well as defibrillator training and awareness campaigns, is expected to fuel the growth of the defibrillator market. Emerging markets, as well as the development of S-ICDs and MRI-compatible ICDs and CRT-Ds, are likely to provide growth possibilities for defibrillator market players.
Furthermore, the rising geriatric population, which is at an increased risk of developing targeted diseases, is propelling the defibrillator market forward.
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Trends Influencing The Growth Of The Defibrillator Market :
The defibrillator market is predicted to increase due to the increasing prevalence of sudden cardiac arrest. Furthermore, the Defibrillator Market is expected to grow due to the increasing prevalence of out-of-hospital cardiac arrests and the comfort provided by external defibrillators over the forecast period. Furthermore, in industrialized countries, strong government rules are driving the installation of external defibrillators in public locations.
For instance, according to the National Heart, Lung, and Blood Institute (2020), more than 250,000 people die in the United States each year as a result of sudden cardiac arrest. To reduce mortality due to sudden cardiac arrest, all states in the United States have endorsed and implemented broad public access regulations. According to the American Heart Association, public access to defibrillators saves around 20,000 lives each year.
In COVID19, defibrillators were proven to be particularly beneficial in reviving abrupt cardiac arrest, which increased demand for defibrillators in a pandemic situation. In the coming years, it is expected that timely supportive policies and rising adoption will provide the defibrillators market with a lucrative growth platform.
However, product failures and recalls, rising pricing pressure on companies, and a lack of awareness regarding sudden cardiac arrest (SCA) are all limiting the defibrillators market's growth.
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Defibrillator Market Share Analysis:
Based on region, North America held the largest defibrillator market share of about 50%, followed by Europe, and Asia-Pacific, both having a share of about 45 percent.
Increased installation of external defibrillators in hospitals, as well as public places such as schools, hotels, streets, train stations, and other locations, with the goal of preventing fatalities from sudden cardiac arrest, is a major factor driving North America's defibrillator market share.
Based on product, the Automatic External Defibrillators segment held the largest defibrillator market, with a share over 45%.
Based on application, the Hospital segment is expected to hold the largest market share followed by Public Access, Home Healthcare, etc. This is due to the fact that hospitals are the first line of treatment for any condition, including cardiac arrests. According to the Centers for Disease Control and Prevention (CDC), 659,000 Americans will die each year from cardiovascular disease by 2021.
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Leading Players in the Defibrillator Market
- Medtronic
- Abbott
- Boston Scientific
- Biotronik
- Physio-Control
- Nihon Kohden Corporation
- Zoll Medical
- Cardiac Science
- Philips Healthcare
- PRIMEDIC
- Schiller
- Sorin Group
- HeartSine Technologies
- Defibtech
- Others
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