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  • Published In : Mar 2024
  • Code : CMI115
  • Pages :180
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

Market Size and Trends

The defibrillators market is estimated to be valued at USD 12.70 Bn in 2024 and is expected to reach USD 20.10 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2031.

Defibrillators Market Key Factors

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The defibrillators market is expected to witness a positive growth trend over the forecast period. The rising prevalence of target diseases like cardiac arrest and sudden cardiac arrest is expected to be a key growth driver. Additionally, growing focus on providing public access defibrillators at public places is also anticipated to propel the demand for defibrillators globally. Other factors such as increasing adoption of external defibrillators over implantable defibrillators due to their non-invasive nature and higher acceptance among patients will further aid the market expansion. However, issues related to the high cost of advanced defibrillators may hinder the market growth to some extent during the analysis period.

Increasing incidence and prevalence of cardiovascular disorders

Increasing incidence and prevalence of cardiovascular disorders in developed and emerging economies worldwide is expected to lead to a high demand for efficient defibrillator products during the forecast period. For instance, according to World Health Organization, 17.9 million people die each year from cardio vascular disease, an estimated 32% of all deaths worldwide. Less than 75% of the cardiovascular disease deaths occur in low- and middle-income countries. 85% of all cardio vascular disease deaths are due to heart attacks and strokes. Moreover, increasing patient population affected with cardiovascular disorder is expected to lead to a high demand for defibrillators over the forecast period. However, product recalls are expected to hinder the growth of the market during the forecast period.

Market Concentration and Competitive Landscape

Defibrillators Market Concentration By Players

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Increasing technological advancements in defibrillators

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 an observer post induction of proper training.

Defibrillators Market Key Takeaways From Lead Analyst

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Market Challenges: High costs associated with the devices

The defibrillators market faces several challenges. High costs associated with the devices pose a major barrier, especially in price-sensitive emerging markets. Additionally, lack of awareness among general public about importance of early defibrillation acts as a roadblock. Many people are not trained to use defibrillators in emergency situations. Further, reimbursement policies for these life-saving devices vary significantly across countries. Together, these factors limit greater adoption of defibrillators.

Market Opportunities: Investments by governments and charitable organizations

Rising prevalence of target diseases like sudden cardiac arrest and cardiovascular disorders drives demand. Favorable regulatory environment promoting public-access defibrillators also augurs well. Technological advancements enabling miniaturization and portability widen the target base. Investments by governments and charitable organizations to install more devices create a conducive environment.

Defibrillators Market By Product Type

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Insights, By Product Type: Increasing out-of-hospital cardiac arrests drives external defibrillators

The product type segment includes implantable cardioverter defibrillators and external defibrillators. External defibrillators is anticipated to hold 61.8% of the market share in 2024. The external defibrillators segment dominates the global defibrillators market due to the growing incidence of sudden cardiac arrests occurring outside hospitals. According to the American Heart Association, around 90% of cardiac arrests occur in homes or other non-hospital settings. External defibrillators are easy to use, light in weight, and portable devices that can be easily operated by laypeople to provide defibrillation therapy in emergency situations until professional medical help arrives. Advancements in technology are further fueling the adoption of external defibrillators. Self-adhesive electrode pads and automated voice prompts make modern external defibrillators simple to operate with minimal training. The development of lightweight and compact devices has improved portability for public access use. Biphasic technology provides a higher success rate of cardioversion with less energy delivered. Falling device prices are also supporting the procurement of external defibrillators for placement in offices, sports facilities, transportation hubs and other public areas. Overall, the ease of use, technological improvements and focus on improving out-of-hospital resuscitation are driving the growth of external defibrillators globally.

Insights, By End User: Heavy defibrillator utilization propels hospitals growth

The end user segment includes hospitals, homecare settings, public access settings, pre-hospital care settings, and others. Hospitals contributes the highest share of the defibrillators market and is projected to hold 56.3% of the market share in 2024. Hospitals account for the largest share of the global defibrillators market owing to the high volume of defibrillator procedures performed in hospitals settings. A defibrillator is an integral part of emergency response technology in modern hospitals for managing life-threatening cardiac conditions like ventricular fibrillation and pulseless ventricular tachycardia.

According to Centers for Disease Control and Prevention, the national public health agency of the U.S., as many as 356,000 Americans may experience sudden cardiac arrest each year, and hospitals treat a bulk of these cases. The emergency nature and acute management of cardiac emergencies demand quick accessibility to defibrillators within the hospital infrastructure. Defibrillators are regularly used in intensive care units, cardiac catheterization labs, cardiac surgery suites, and emergency rooms where the monitoring and treatment of arrhythmias is frequently needed. Rising healthcare spending on quality of care and new hospital infrastructure development in developing countries is also driving the hospitals segment growth. Stringent guidelines regarding defibrillator availability in all hospital departments and areas further boost hospital procurement.

Regional Insights

Defibrillators Market Regional Insights

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North America has been the largest and most dominant regional market for defibrillators globally and is anticipated to hold 42.9% of the market share in 2024. The region enjoys a strong presence of major industry players with huge investments in R&D and manufacturing facilities. Most of the world's top defibrillator companies such as Medtronic, Boston Scientific, and Abbott Laboratories are headquartered in the U.S., giving them a major competitive advantage. With an advanced healthcare infrastructure and higher healthcare spending, there is considerable demand for premium and technologically-advanced defibrillator devices in the region. The costs of devices in North America are also generally higher compared to other regions due to strong Intellectual property (IP) protection and brand premiumization strategies of players.

The Asia Pacific region, especially China and India, has emerged as the fastest growing regional market for defibrillators in recent years. Rising medical needs due to large populations and improving economic conditions are driving heavier investments in healthcare infrastructure and services across developing nations. This has boosted the demand for defibrillators across hospitals, public access points, and community centers. At the same time, the region is witnessing steady growth in medical device manufacturing with emerging multinational players setting up production bases to cater to the local and export markets. The low production costs have made Asia Pacific an attractive sourcing destination for defibrillator devices globally and boosted its exports. However, due to minimal IP protection and price sensitive end users in some nations, the average selling prices of devices is relatively lower compared to developed markets.

Market Report Scope

Defibrillators Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 12.70 Bn
Historical Data for: 2019 To 2023 Forecast Period: 2024 To 2031
Forecast Period 2024 to 2031 CAGR: 6.8% 2031 Value Projection: US$ 20.10 Bn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: South Africa, North Africa, Central Africa
Segments covered:
  • By Product Type: Implantable Cardioverter Defibrillators, External Defibrillators
  • By End User: Hospitals, Homecare Settings, Public Access Settings, Pre-hospital Care Settings, Others 
Companies covered:

Koninklijke Philips N.V., Metrax GmbH, Medtronic, Mindray Medical International Limited, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Abbott, BIOTRONIK, Stryker, LivaNova PLC, Asahi Kasei Corporation, MicroPort Scientific Corporation, Schiller AG, Bexen Cardio

Growth Drivers:
  • Increasing incidence and prevalence of cardiovascular disorders
  • Increasing technological advancements in defibrillators 
Restraints & Challenges:
  • High costs associated with the devices
  • Lack of awareness and trained professionals

Key Developments

  • On February 8, 2024, ZOLL, an Asahi Kasei company that manufactures medical devices and software solutions, announced that the ZOLL AED 3 defibrillator has been certified under the European Union's (EU) Medical Device Regulation 2017/745, referred as EU MDR.
  • On January 25, 2024, Element Science, an innovative health technology company pioneering a digital wearable platform for high-risk cardiovascular patients, announced that its Notified Body, the BSI Group, has certified its novel Patch Wearable Cardioverter Defibrillator (P-WCD) with the European Union's CE mark and the Great Britain’s UK Conformity Assessed (UKCA) mark.
  • In October 2023, Medtronic plc, a global leader in healthcare technology, announced that the Aurora EV-ICD MRI SureScan (Extravascular Implantable Cardioverter-Defibrillator) and Epsila EV MRI SureScan defibrillation leads have been approved by the U.S. Food and Drug Administration (U.S. FDA) to treat dangerously fast heart rhythms that can cause sudden cardiac arrest (SCA).
  • In January 2023, Mindray, an innovative medical device manufacturer, announced the launch of BeneHeart D60 and D30 defibrillators, the next generation in the BeneHeart line. The new BeneHeart defibrillators aim to increase resuscitation standards by offering improved dependability, professional comprehensive diagnosis and monitoring tools, and a whole-process quality improvement solution for both in-hospital and pre-hospital rescue.

*Definition:The defibrillators market involves the various tools, equipment, media, and reagents used to propagate and grow eukaryotic and prokaryotic cells outside of their natural environment. Cells are maintained and grown in carefully controlled sterile laboratory conditions for scientific research, biomanufacturing of biologics and vaccines, toxicology testing, and clinical cell therapy applications. Key products in this multibillion-dollar market include defibrillators media, sera, reagents, bioreactors, incubators, centrifuges, and microscopes.

Market Segmentation

  •  Product Type Insights (Revenue, USD BN, 2019 - 2031)
    • Implantable Cardioverter Defibrillators 
    • External Defibrillators 
  •  End User Insights (Revenue, USD BN, 2019 - 2031)
    • Hospitals
    • Homecare Settings
    • Public Access Settings
    • Pre-hospital Care Settings
    • Others
  • Regional Insights (Revenue, USD BN, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East
      • GCC Countries
      • Israel
      • Rest of Middle East
    • Africa
      • South Africa
      • North Africa
      • Central Africa
  • Key Players Insights
    • Koninklijke Philips N.V.
    • Metrax GmbH
    • Medtronic
    • Mindray Medical International Limited
    • Boston Scientific Corporation
    • GE Healthcare
    • Nihon Kohden
    • Abbott
    • BIOTRONIK
    • Stryker
    • LivaNova PLC
    • Asahi Kasei Corporation
    • MicroPort Scientific Corporation
    • Schiller AG
    • Bexen Cardio

Frequently Asked Questions

The CAGR of Defibrillators Market is projected to be 6.8% from 2024 to 2031.

Increasing incidence and prevalence of cardiovascular disorders and increasing technological advancements in defibrillators are the major factor driving the growth of Defibrillators Market.

High costs associated with the devices and Lack of awareness and trained professionals are the major factor hampering the growth of Defibrillators Market.

In terms of Product Type, External Defibrillators, estimated to dominate the market revenue share 2024.

Koninklijke Philips N.V., Metrax GmbH, Medtronic, Mindray Medical International Limited, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Abbott, BIOTRONIK, Stryker, LivaNova PLC, Asahi Kasei Corporation, MicroPort Scientific Corporation, Schiller AG, Bexen Cardio are the major players.

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