Revenue of Defibrillators Market to cross US$ 16.3 Bn by 2031, TMR Report
Role of key players to introduce new products to treat patients during medical emergencies paves way for defibrillators market expansion
Wilmington, Delaware, United States, June 20, 2022 (GLOBE NEWSWIRE) — The defibrillators market is estimated to expand at a CAGR of 8.9% for the forecast period from 2022 to 2031. Statistics of half heart disease deaths related to sudden cardiac arrest spells demand for defibrillators for both cardiac arrest survivors and for those at high risk of dying from life-threatening arrhythmia.
Defibrillators play an important role in cardiac arrhythmia and let natural pacemaker cells re-establish the normal cardiac rhythm. During sudden cardiac arrest, defibrillators complement cardiopulmonary resuscitation to regularize beating of heart muscles and obtain effective results.
The prolonged ravage of COVID-19 leading to increasing demand for home care settings opened alternative revenue streams for med-tech companies in the defibrillator market. Whilst implantable cardioverter defibrillators are linked with advantages for patients, risk of tearing of heart muscle and collapsed lung function is affecting market demand for defibrillators. This is compelling companies in the defibrillator market to diversify their product portfolio for automated external defibrillators and wearable cardioverter.
Increased training and awareness programs for defibrillators for the growing prevalence of cardiovascular disorders is fueling the demand for automated external defibrillators. Med-tech companies and healthcare practitioners are also increasing awareness about consent forms and precautions for implantation to avoid adverse situations and prevent unnecessary healthcare burdens.
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Defibrillators Market – Key Findings of the Report
- Ease of use of automated external defibrillators substantiate their installation in public places to save the lives of people who suffer a cardiac arrest. Alternately, other defibrillators are used for individuals who are at a high risk of dying from life-threatening arrhythmia. Historically, implantable defibrillators were recommended only for cardiac arrest survivors.
- Advancements of surgical procedures and supportive regulatory framework have led implantation of defibrillator to evolve to be an outpatient procedure
- Technological advancements in defibrillators for optimum results is steering growth of defibrillators market. Some recent advancements in implantable cardioverter defibrillator (ICD) technology include improved patient monitoring to prevent unnecessary shocks, introduction of quadripolar lead devices to improve device programming and therapy effectiveness, and development of MRI-safe ICDs.
- Introduction of new products for increased market share for defibrillators is intensifying competition in this space. For instance, the new HeartStart Intrepid defibrillator from Royal Philips is designed to evaluate and treat patients during medical emergencies in both pre-hospital and hospital settings. Portability, lightweight, and tough for use by emergency medical services and transport within hospitals are some distinguishing offerings of the new product.
- Automated external defibrillator product type held the leading share among key segments of defibrillator market in 2020. Automated external defibrillators are portable to help individuals with sudden cardiac arrest.
- Hospitals end user segment led the defibrillator market in 2020, and the trend is anticipated to continue during the forecast period. This is due to high number of patients treated in hospitals for cardiac conditions.
- North America is a key region in the global defibrillators market. High prevalence of cardiac diseases in the U.S. primarily fuels the growth of defibrillators market in the region.
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Defibrillators Market – Growth Drivers
- Critical role of defibrillators in cardiac arrhythmia to complement cardiopulmonary resuscitation to re-establish normal cardiac rhythm fuels the growth of defibrillators market
- Availability of easy-to-use automated external defibrillators supported by favorable regulatory policies strengthens demand
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Defibrillators Market – Key Players
Some of the key players operating in the defibrillators market are;
- Medtronic Inc.
- Koninklijke Philips N.V.
- Boston Scientific Corporation
- Nihon Kohden
- BIOTRONIK SE &Co. KG
- METsis Medikal
- Mindray Medical International Ltd.
- Stryker Corporation
- Asahi Kasei Corporation
- Abbott
- MicroPort
- Zoll Medical Corporation
- Schiller AG
- Philips Healthcare
- Nihon Kohden Corporation
- Defibtech LLC
- St. Jude Medical Inc.
- Sorin Group
- HeartSine Technologies Inc.
- Physio-Control Inc.
- GE Healthcare
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The defibrillators market is segmented as follows;
Defibrillators Market, by Type
- Advanced Life Support Defibrillators
- Automated External Defibrillator
- Implantable Cardioverter Defibrillator
- Wearable Cardiac Defibrillator
Defibrillators Market, by End-user
- Hospitals
- Emergency Care
- Home Care
- Others
Defibrillators Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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