Global Defibrillators Market, by Product Type (Implantable Cardioverter Defibrillators (Single Chamber Implantable Cardioverter Defibrillators and Dual Cardioverter Defibrillators) and External Defibrillators (Manual External Defibrillators, Automated External Defibrillators, and Wearable Cardioverter Defibrillators)), by End User (Hospitals, Cardiac Clinics, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 16,843.5 Million in 2022 and is expected to exhibit a CAGR of 5.7% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing incidence of cardiovascular disorders along with increasing demand for defibrillators is expected to drive the market growth during the forecast period. For instance, according to the American Heart Association’s report published in 2019, around 50% of all adults in the U.S. suffer from ]cardiovascular disorders. According to the data published by American Heart Association, in 2020, there were 7.08 million deaths attributable to cerebrovascular disease worldwide (3.48 million deaths from ischemic stroke, 3.25 million deaths from intracerebral hemorrhage (ICH), and 0.35 million from subarachnoid hemorrhage). Rising of obesity within population is increasing patients with cardiovascular disorder. According to the World Health Organization, worldwide, high body mass index was attributed to 2.40 million deaths in 2020, a change of 131.46% compared with 1990.
Global Defibrillators Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a negative impact on the global defibrillators market, owing to decrease in production of defibrillators and other heart implants due to shortage of raw material and regulations applied by the regulatory bodies. For instance, in July 2022, according to National Center for Biotechnology Information, the US Food and Drug Administration updated the device shortage list which included automated external defibrillators (AEDs) (product codes MKJ and MVK) and Chest drains/suction canisters and autotransfusion systems (product codes CAC and KDQ). The FDA publishes a device shortage list to provide transparency to the American public, particularly those who use or purchase medical devices. The list fulfills a statutory obligation under section 506J of the Federal Food, Drug, and Cosmetic Act (FD&C Act) Act and reflects the categories of devices the FDA has determined to be in shortage at this time and would be maintained and updated as the COVID-19 public health emergency evolves. The presence of a device type on this list does not necessarily indicate that patient care has been affected. The FDA determines it is appropriate to remove a product code from the device shortage list when the FDA determines demand or projected demand for the device in the U.S. no longer exceeds the supply for a sustained period of time.
Moreover, due to increasing risk of Covid-19, the governments of all countries announced lockdowns which restricted the import and export of raw materials all over the world. The researcher and clinical associates were prioritizing the production of vaccines and concentrating on the US Food and Drug Administration approval for vaccines used in preventing corona virus.
Global Defibrillators Market: Key Developments
In March 2022, UCB, a global biopharmaceutical company, acquired Zogenix, Pharmaceutical Company, for US$ 26.00 per share plus a milestone-based contingent value right for a potential cash payment of US$ 2.00 per share. This acquisition is expected to contribute to UCB's revenue growth, be dilutive to 2022 earnings and be accretive to UCB's earnings from 2023 onwards.
In July 2022, Koninklijke Philips N.V., a medical device company, a company in health technology. Philips launched a new Artificial Itelligence -powered precision diagnosis portfolio at European Congress of Radiology 2022. The new Artificial Itelligence -powered precision diagnosis portfolio helps in identifying the problem associated with the cardiac disorder in individual and help to proceed further with accurate treatment.
Browse 35 Market Data Tables and 24 Figures spread through 180 Pages and in-depth TOC on “Global Defibrillators Market”- Forecast to 2030, Global Defibrillators Market, by Medical Condition (IBS-constipation and IBS-diarrhea), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/defibrillators-market-115
Key Takeaways of the Global Defibrillators Market:
- Global defibrillators market is expected to exhibit a CAGR of 5.7% during the forecast period owing to increasing merger & acquisition activities by the key players. For instance, in June 2019, Zoll Medical Corporation entered into a definitive agreement to acquire Cardiac Science Corporation, a provider of automated external defibrillators (AEDs). The agreement is expected to strengthen the market position of Zoll Medical Corporation by increasing its product offerings.
- Among end users, the hospitals segment held dominant position in the global defibrillators market in 2018, owing to rapidly increasing hospital industry in emerging and developed economies. For instance, according to the India Brand and Equity Foundation report published in 2019, the Indian hospital industry is expected to reach a market value of US$ 132.8 billion by 2022. The rapid increase in primarily due to increasing government investment in healthcare infrastructure.
- Among regions, North America is estimated to account for the largest market share in the global defibrillators market over the forecast period, owing to the increasing prevalence of cardiovascular disorder in the region and surgical procedures for the heart related disease. For instance, according to American Heart Association, in 2019, stroke accounted for approximately 1 of every 19 deaths in the U.S. When considered separately from other Cardiovascular Disorder, stroke ranked No. 5 among all causes of death in the U.S., causing 150,005 deaths in 2019. According to 2020 U.S. data, the majority of Out of Hospital Cardiac Arrests (OHCA) occur at a home or residence (73.9%). Public settings (15.1%) and nursing homes (10.9%) were the second and third most common locations of Out of Hospital Cardiac Arrest. In 2018, 25.4% of the U.S. adults did not engage in leisure-time physical activity. In 2018, the overall prevalence of meeting the 2018 Physical Activity Guidelines for Americans for both aerobic and muscle-strengthening guidelines was 24.0% in U.S. adults. According to 2017 to 2018 data, the prevalence of obesity for U.S. children aged 2 to 5 years was 13.4%, for children aged 6 to 11 years, prevalence was 20.3%, and for adolescents aged 12 to 19 years, prevalence was 21.2%. Cardiovascular disease (CVD), listed as the underlying cause of death, accounted for 874,613 deaths in the U.S. in 2019.
- 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
