Defibrillator Market Trends, Key Players Analysis, Regional Trends, Competitive Landscape, and Industry Potential by 2028
Defibrillator Market in terms of revenue was estimated to be worth $13.6 billion in 2023 and is poised to reach $18.1 billion by 2028, growing at a CAGR of 5.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. The defibrillators market is mainly driven by the rising incidence of coronary artery diseases, growth in the older population, availability of medical reimbursements for cardiac procedures, expansion of healthcare infrastructure across emerging economies, growing number of players on boosting the research in defibrillators machine, and increase government focuses in boosting the installation of automated external defibrillators in public access places. However, frequent product recalls and issues related to implantable and automated defibrillators are some of the key challenges the leading players face in the global market.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=549
By product, Implantable Cardioverter-Defibrillator (ICDs) segment is expected to account for the largest defibrillators market share in 2022
Based on product, the defibrillators market is broadly segmented into implantable cardioverter defibrillators (ICDs) and external defibrillators. The implantable cardioverter defibrillators (ICDs) segment is anticipated to capture the largest global defibrillators market share by product in 2022. Timely intervention using implantable defibrillators during cardiac emergencies is a key advantage offered by this programmed device. Moreover, growing approvals of technologically advanced implantable defibrillators and rising preference for subcutaneous ICDs are likely to support the growth of this segment during the forecast period.
By end-users, the hospitals, clinics, and cardiac centers segment is anticipated to dominate the defibrillator market in 2022
Based on end users, the defibrillators market is segmented into hospitals, clinics, and cardiac centers; public-access markets; pre-hospital care settings; home care settings; alternate care facilities; and other end users. The hospitals, clinics, and cardiac centers segment will dominate the global defibrillators market in 2022. The significant rise in hospitalization for critical cardiac conditions, the growing number of ICD and CRT-D implant procedures performed in hospitals & cardiac centers, and the rising prevalence of cardiac diseases among geriatric patients are the major factors boosting the demand for defibrillators among target end user segments during the study period.
North America to dominate the global defibrillator market
The defibrillators market is segmented based on the region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the defibrillators market. This can be attributed to the rapid adoption of technologically advanced defibrillators, favorable reimbursement policy, and the strong presence of defibrillator manufacturers with a strong focus on strengthening R&D through investments in new product development. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of a large target patient pool, government initiatives to modernize & expand healthcare infrastructure, and expansion of market players in the region.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=549
Defibrillator Market Dynamics:
Drivers:
- Growing prevalence of target diseases
Restraints:
- Issues related to the use of implantable and automated external defibrillators
Opportunities:
- Growing number of mergers & acquisitions among market players
Challenges:
- Lack of awareness about sudden cardiac arrests in developing countries
Key Market Players:
Major players in the defibrillator market include Medtronic (Ireland), Stryker (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), MicroPort Scientific Corporation (China), Nihon Kohen Corporation (Japan).
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=549
Recent Developments:
- In February 2023, Medtronic (Ireland) received the CE Mark for its implantable defibrillator system, Aurora EV-ICD MRI SureScan, and Epsila EV MRI SureScan for the management of irregular heart rhythm
- In January 2022, Koninklijke Philips N.V. (Netherlands)acquired Cardiologs (France)to boost its cardiac diagnostic and monitoring product offerings
- In May 2021, MicroPort Scientific Corporation (China) and Implicitly Inc. (US) entered into a distribution agreement to scale up Microport’s cardiac rhythm product offerings
Defibrillator Market Advantages:
- Life-Saving Potential: Defibrillators are critical medical devices used to restore the heart’s normal rhythm during cardiac emergencies such as sudden cardiac arrest. Their primary advantage is their ability to deliver a controlled electric shock to the heart, potentially saving a person’s life by restarting their heart and restoring circulation.
- Prompt Intervention: Defibrillators enable prompt intervention in emergency situations. With rapid response and early defibrillation, the chances of survival and positive patient outcomes significantly increase. Having defibrillators readily available in public spaces, workplaces, and healthcare facilities can ensure timely access to life-saving treatment.
- Accessibility and Ease of Use: Defibrillators have become increasingly accessible and user-friendly, allowing individuals with minimal training to use them effectively. Automated external defibrillators (AEDs) are designed to provide simple, step-by-step instructions to guide even non-medical personnel through the defibrillation process, increasing the likelihood of successful intervention.
- Mobile and Portable Solutions: The market offers a range of portable and mobile defibrillator solutions, including wearable defibrillators and compact AEDs. These devices provide flexibility and mobility, making them suitable for use in various settings such as homes, ambulances, sports arenas, and public spaces.
- Technological Advancements: The defibrillator market is witnessing continuous technological advancements. Integration of AI, machine learning algorithms, and advanced sensors allows for more accurate rhythm analysis, personalized treatment, and improved outcomes. Connectivity features enable data transmission for real-time monitoring and remote assistance, enhancing the quality of care.
- Integration with Emergency Medical Services (EMS): Defibrillators are an integral part of emergency medical services. Ambulances and paramedics rely on defibrillators for immediate response to cardiac events. Seamless integration with EMS systems and telemedicine platforms facilitates communication, data sharing, and coordination of care, leading to more efficient and effective emergency medical services.
- Enhanced Patient Outcomes: Defibrillators play a crucial role in improving patient outcomes for individuals with cardiac conditions. Early defibrillation can significantly increase the chances of survival and reduce the risk of long-term complications. By restoring normal heart rhythm promptly, defibrillators contribute to better quality of life and long-term cardiac health.
- Public Health Impact: The widespread availability and use of defibrillators contribute to the overall public health impact. By empowering individuals to respond to cardiac emergencies, defibrillators help create heart-safe communities and increase community resilience against sudden cardiac arrest.
- Increasing Awareness and Training: The growing awareness about cardiac health and the importance of early defibrillation has led to increased training programs for both medical professionals and the general public. This increased knowledge and preparedness further enhance the effectiveness of defibrillators in saving lives.
- Continuous Market Growth: The global defibrillator market continues to grow, driven by the rising incidence of cardiovascular diseases, advancements in technology, and increasing focus on public access to defibrillation. The expanding market provides opportunities for innovation, competition, and improved product offerings, ultimately benefiting patients and healthcare providers alike.
Defibrillator Market – Report Highlights:
- Recession Impact Analysis: The existing report includes an analysis of the impact of the recession on the market overview section.
- Newer and improved representation of financial information: The report’s latest edition provides updated financial information till 2022-2023 (depending on availability) for each listed company in a graphical representation in a single diagram (instead of multiple tables). This will allow for the easy analysis of the present status of profiled companies in terms of their financial strength, profitability, critical revenue-generating country/region, and business segment focus in terms of the highest revenue-generating segment.
- Recent Market Developments: Recent developments are helpful in knowing the market trend and growth strategies adopted by players in the market. The report provides updated developments regarding acquisitions, expansions, agreements/collaboration, etc.
- Latest Product portfolio: The new edition of the report provides an updated product portfolio of the companies profiled.
Competitive leadership mapping: The competitive landscape chapter is updated with the market evaluation matrix. The competitive landscape also includes the market share analysis for 2023, updated competitive leadership mapping, and competitive situation & trends. This report version has added the vendor dive matrix, covering a comprehensive study of the key vendors. Competitive leadership mapping has also been done for start-ups/SMEs.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/automated-external-defibrillator-market-549.html