A defibrillator is a device used to deliver an electric shock to the heart in order to restore normal heart rhythm (arrhythmia) when the heart's electrical system malfunctions. It is commonly used after sudden cardiac arrest (SCA) to allow immediate restoration of the normal heart rhythm through cardioversion, defibrillation, and pacing of the heart. The rising incidence of SCA is one of the key factors driving the demand for defibrillators globally. Some other advantages of defibrillators include portability, ease of use, and ability to deliver multiple shocks to restore heart rhythm effectively.They play a crucial role in saving lives by preventing or terminating life-threatening cardiac arrhythmias like ventricular fibrillation.
The Global Defibrillators Market is estimated to be valued at US$ 16,843.5 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Defibrillators market are Koninklijke Philips N.V., Metrax GmbH, Medtronic, Mindray Medical International Limited, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Abbott, BIOTRONIK, Stryker, and LivaNova PLC. Koninklijke Philips N.V. held the largest market share in 2021 owing to its diverse product portfolio and strong global presence.
Growing prevalence of cardiovascular diseases and rise in demand for advanced defibrillation devices present significant growth opportunities in the market. The U.S., Japan, China, and India are expected to offer high potential for defibrillator devices amid rise in healthcare expenditure.
Key players are focusing on expanding their footprint in emerging markets through strategic collaborations and new product launches. For instance, in 2022, Abbott launched its strongest and most versatile defibrillator - EnSite X EP System -indicated for cardiac mapping and ablation procedures globally.
Market Drivers
Rising geriatric population susceptible to cardiac conditions- Globally, the geriatric population aged 65 years and above is growing at an impressive rate. As age advances, the risk of cardiac arrhythmias increases significantly. This growing senior demographic presents a strong patient pool driving the defibrillators market.
Improving reimbursement policies- Favorable reimbursements especially in developed nations encourage widespread adoption of expensive defibrillator devices. Public and private insurance coverage for defibrillators boosts their market value.
Market Restrains
High cost of implanted defibrillators- Implantable cardioverter defibrillators (ICDs) and cardiac resynchronization therapy defibrillators (CRT-Ds) involve substantial upfront costs, making them inaccessible for many patients. This hinders overall market revenue growth.
Lack of awareness in developing nations- In lower and middle-income countries, there exists a lack of awareness about sudden cardiac arrest and the role of defibrillators in arrest management. This acts as a key restraint.
Segment Analysis
This market is dominated by the automated external defibrillator (AED) segment accounting for over 40% share. AEDs are designed to be used by laypeople without any medical training. They have voice prompts to guide the user through the process of administering electric shocks to heart. These devices are majorly installed in public places like malls, airports, railway stations etc to enable quick response in case of cardiac emergencies. The demand is high in such segments owing to increasing focus on public access defibrillation programs globally.
The implantable cardioverter defibrillator (ICD) segment is the next major segment with around 30% share. ICDs are small devices implanted in the chest or abdomen to monitor the heart rhythm continuously and treat life-threatening cardiac arrhythmias like ventricular tachycardia and ventricular fibrillation with electric shocks. The growth is driven by rising risk of arrhythmias due to ageing population and growing incidence of cardiovascular diseases. Advanced features like cardiac resynchronization therapy in CRT-Ds and subcutaneous ICDs are gaining market acceptance.
Global Analysis
The North America region dominates the global defibrillators market with around 45% share attributed to growing geriatric population, rising awareness about sudden cardiac arrest, and strategic initiatives to install AEDs in public places. Asia Pacific is expected to be the fastest growing region during the forecast period due to rising medical tourism, improving healthcare infrastructure and increasing burden of cardiovascular diseases. Countries like China and India offer immense growth opportunities owing to their large population base experiencing higher vulnerability to cardiac conditions. Regions like Europe and Latin America are also promising markets backed by supportive reimbursement policies and government funding initiatives regarding public defibrillation programs.
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