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Press Release: Defibrillators Market to Surpass US$ 22,014.9 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Defibrillators Market
Defibrillation is a technique that is considered as a definitive treatment of cardiac arrests and arrhythmias. Defibrillators are devices that are used to defibrillate or stabilize the heartbeat of the patient in a condition of arrhythmias and ventricular tachycardia. The major function of defibrillation in ventricular arrhythmias is to apply a controlled electrical shock to the heart, which leads to the depolarization of the electrical conduction system of the heart. After the heart is polarized the normal electrical conduction is attained, thus terminating ventricular arrhythmia.
Factors driving demand for defibrillators include high prevalence of cardiovascular disorders, increasing product approvals and launches, and growing adoption of expansion strategies by key market players to expand their geographical presence and product portfolio.
The global defibrillators market size was valued at US$ 13,676.1 million in 2018, and is expected to exhibit a CAGR of 5.5% over the forecast period (2019–2027).
Figure 1. Global Defibrillators Market Value (US$ Mn), by Region, 2018
Source: Coherent Market Insights Analysis (2019)
Increasing incidence and prevalence of cardiovascular disorders is expected to fuel growth of the global defibrillators market
Increasing incidence and prevalence of cardiovascular disorders in developed and emerging economies worldwide is expected to lead to high demand for efficient defibrillator products during the forecast period. For instance, according to the Centers for Diseases Control and Prevention (CDC) 2017 report, around 735,000 people in the U.S. suffer from a heart attack, annually, of which 525,000 people suffer from first heart attack and 210,000 people have already had a heart attack.
Moreover, increasing patient population affected with cardiovascular disorder is expected to lead to high demand for defibrillators over the forecast period. However, product recalls is expected to hinder growth of the market during the forecast period. For instance, in June 2019, Abbott recalled 204 Ellipse implantable cardioverter defibrillators due to electrical failure because of faulty manufacturing which led to exposed aluminum wires which can cause electrical shorting of the capacitor.
Figure 2. Global Defibrillators Market Share (%), by Product Type, (2019-2027)
Source: Coherent Market Insights Analysis (2019)
Increasing technological advancements is a major factor propelling growth of the global defibrillators market
Defibrillators have improved significantly in terms of cost, size reduction, and ease of operation. Two of the most important of these advancements are development of automated external defibrillator (AED) and implantable cardioverter defibrillator (ICD). These devices help prevent cardiac attacks, with little or no external assistance irrespective of the time and location in case of any major variations in heartbeat.
With technological improvements, operating a defibrillator has become easy for a by-stander post induction of proper training. Inbuilt audio and video support with combined CPR and defibrillator facility has encouraged people to use them at public places and at homes. For instance, according to a research published in 2016 by the Johns Hopkins University and Germany’s University of Bonn, are conducting research for use of light defibrillators. The study focuses on the effect of gentle light beams rather than harsh electrical shocks for the treatment of heart arrhythmias. The technology is termed as ‘Light Defibrillation’ and can be used in implantable defibrillators.
Key Players
Major players operating in the global defibrillators market include, Koninklijke Philips N.V., Metrax GmbH, Medtronic, Mindray Medical International Limited, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Abbott, BIOTRONIK, Stryker, and LivaNova PLC.
Defibrillators are used to restore normal heartbeat by sending controlled electric pulse to the heart. These devices are used to correct an arrhythmia. There are different types of defibrillators, such as implantable and external defibrillators. Defibrillators work on the principle of electrical shock transfer to the chest area of the patient. This induces impulses to the heart membrane, which stabilizes cardiac rhythm. Defibrillator is also considered as an effective resuscitation tool in emergency medical services.
Market Dynamics
High incidence of cardiac disorders along with increasing technological advancements, product launches, and healthcare expenditure are major factors driving the global defibrillators market growth. For instance in 2019, according to the Center for Medicare and Medicaid Services’ report, the national healthcare expenditure is projected to increase by 4.8% in 2019, up from 4.4% in 2018, to reach US$ 3.8 trillion in the U.S.
Furthermore, key players in the market are focused on adopting growth strategies such as mergers and acquisitions and product development to expand their product portfolio, which is expected to drive the market growth. For instance, in June 2019, Koninklijke Philips N.V. received U.S. Food and Drug Administration (FDA) premarket approvals for automated external defibrillators, HeartStart OnSite defibrillator and HeartStart Home defibrillator.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 35 market data tables and 24 figures on "Defibrillators Market - Global forecast to 2027”.
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