Defibrillators Market
Number of pages: 120 | Report Format: PDF | Published date: June 10, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 12.32 billion |
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Revenue Forecast in 2031 |
US$ 22.46 billion |
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CAGR |
6.9% |
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Base year for estimation |
2022 |
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Forecast period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global defibrillators market was valued at US$ 12.32 billion in 2022 and is expected to register a revenue CAGR of 6.9% to reach US$ 22.46 billion by 2031.
Defibrillators Market Fundamentals
Defibrillators are medical devices that restore the normal heartbeat of a person experiencing a sudden cardiac arrest. A sudden cardiac arrest occurs when the heart's electrical system malfunctions, causing an irregular heartbeat (arrhythmia). This can cause the heart to stop pumping blood to the body, which can be life-threatening. Defibrillators deliver an electrical shock to the heart, which helps restore the heart's normal rhythm. The shock is delivered through paddles or electrodes placed on the patient's chest. The shock depolarizes the heart muscle, allowing the heart's electrical system to reset and restore normal rhythm. Defibrillators are critical in saving lives during sudden cardiac arrests. They are used in emergencies and require trained personnel to operate and interpret the data. Different defibrillators exist, including external defibrillators and implantable cardioverter defibrillators (ICDS).
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Defibrillators Market Dynamics
The rising incidence of cardiovascular diseases such as heart attacks and arrhythmias are the primary drivers for the growth of the global defibrillators market. Defibrillators restore the heart's normal rhythm and prevent sudden cardiac arrest, a leading cause of death worldwide. For instance, according to the WHO’s June 2021 factsheet, cardiovascular diseases are one of the leading causes of death globally, accounting for 17.9 million deaths in 2019, 32 % of all global deaths. Developing advanced defibrillators with features like remote monitoring and wireless connectivity has improved patient outcomes and increased healthcare systems efficiency, fueling the defibrillators market's growth. Automated external defibrillators (AEDs) are portable devices that deliver electric shocks to the heart in case of sudden cardiac arrest. The increasing availability of AEDs in public places such as airports, shopping malls, and sports stadiums has also contributed to the growth of the global defibrillator market.
However, defibrillators are expensive medical devices, and their high cost is a significant challenge for healthcare providers, especially in developing countries. The high cost of defibrillators limits their adoption in resource-limited settings and may hinder market growth. Furthermore, the need for more awareness about the use and benefits of defibrillators among the general population and healthcare professionals is a major challenge for the market. The shortage of trained personnel to operate and maintain defibrillators is another challenge that limits their adoption. Alternative therapies, such as drugs and surgeries, are also used to treat cardiovascular diseases, and their effectiveness may limit the demand for defibrillators. Moreover, developing non-invasive and implantable defibrillators may also threaten the traditional defibrillators market. Additionally, the high cost of defibrillators, lack of trained personnel, and competition from alternative therapies are some restraints impeding the overall defibrillator market growth.
Defibrillators Market Ecosystem
The global defibrillators market is analyzed from three perspectives: type, end user, and region.
Defibrillators Market by Type
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Based on the types, the global defibrillators market is segmented into implantable cardioverter defibrillators and external defibrillators.
The implantable cardioverter defibrillators segment dominated the market with the principal revenue share in 2022. Implantable cardioverter-defibrillators (ICDs) are a type of defibrillator implanted under the chest’s skin to monitor and treat abnormal heart rhythms. The ICD is connected to the heart through one or more leads, thin wires that carry electrical signals to and from the heart. ICDs treat patients at high risk of sudden cardiac arrest due to certain types of heart diseases, such as arrhythmias or heart failure. These devices continuously monitor the heart's rhythm and are programmed to deliver electrical shocks to the heart when an abnormal rhythm is detected. Electrical shocks help restore the heart’s normal rhythm and prevent sudden cardiac arrest.
Moreover, ICDs are becoming smaller and more advanced, with features such as remote monitoring and wireless connectivity. These features improve patient outcomes and allow healthcare professionals to monitor patients more closely, reducing the risk of complications and improving patient safety. These aspects contribute to the growth of the implantable cardioverter defibrillators segment.
The external defibrillators segment is expected to grow at the fastest growth rate, between 7.3-7.6% during the forecast period, owing to increasing awareness about the benefits of defibrillators and the availability of automated external defibrillators (AEDs) in public places. External defibrillators are medical devices used to treat patients with sudden cardiac arrest in emergencies. They are commonly used in hospitals, clinics, and public places such as airports, sports stadiums, and shopping malls. External defibrillators can be manually automated and are operated by trained healthcare professionals. Manual external defibrillators require the healthcare professional to interpret the patient's heart rhythm and deliver a shock manually. AEDs are designed to be used by non-medical personnel, such as first responders or bystanders. AEDs are easy to use and provide step-by-step instructions for the user. These aspects contribute to the growth of the external defibrillators segment.
Defibrillators Market by End User
Based on the end users, the global defibrillators market is segmented into hospitals & clinics, pre-hospitals, public access market, home care settings, and others.
The hospitals & clinics segment dominated the market with the largest revenue share of the market in 2022. These healthcare facilities use defibrillators to treat patients with cardiac arrest and other life-threatening cardiac conditions. Hospitals and clinics also play a key role in adopting new technologies and devices in the defibrillators market. Hospitals and clinics use various types of defibrillators, including external defibrillators and implantable cardioverter-defibrillators (ICDs). External defibrillators are commonly used in hospital emergency rooms and intensive care units (ICUs) to treat patients with cardiac arrest. They can be manual or automated and are operated by trained healthcare professionals. ICDs are also used in hospitals and clinics to treat arrhythmias or heart failure patients. These devices continuously monitor the heart's rhythm and are programmed to deliver electrical shocks to the heart when an abnormal rhythm is detected. Hospitals and clinics also play a crucial role in adopting new technologies and devices in the defibrillators market. These overall factors contribute to the growth of the hospital segment.
The public access segment is expected to be the fastest-growing segment throughout the forecast period, owing to the growing awareness of the importance of immediate treatment for sudden cardiac arrest. Public access defibrillators refer to the distribution of external defibrillators, mainly automated external defibrillators (AEDs), in public places such as airports, schools, sports venues, and other high-traffic areas. These defibrillators aim to increase the accessibility of defibrillators and improve the survival rates of people experiencing sudden cardiac arrest in public places. Public access defibrillators are designed to be easy to use by non-medical personnel, such as bystanders or first responders. They provide step-by-step instructions and require minimal training. The devices are often stored in cabinets or wall-mounted boxes with clear signage to help people quickly locate them in emergencies. These overall factors contribute to the growth of the ambulatory surgery centers segment.
Defibrillators Market by Region
Geographically, the global defibrillators market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global defibrillators market with the largest revenue share of over 33% in 2022, owing to key market players, favorable reimbursement policies, and technologically sophisticated healthcare facilities. According to the American Red Cross, sudden cardiac arrest is one of the leading causes of death in the United States, and this year, more than 350,000 people will have a cardiac arrest. Additionally, companies across the region are continuously involved in launching new and innovative products, which are also expected to improve the defibrillators market outlook. For instance, in January 2023, Avive Solutions, Inc. received pre-market clearance (PMA) from the United States Food and Drug Administration (FDA), the agency's highest level of certification, for its Avive AED, a unique Automated External Defibrillator (AED). This 2.1-pound gadget is the only one on the market with Cellular, WiFi, GPS, and Bluetooth connection. Avive's breakthrough REALConnect Technology is powered by this connection package. It's intended to assist people in accessing life-saving therapy when and where they need it by connecting with 911 centers through a partnership with RapidSOS.
Defibrillators Market Competitive Landscape
The prominent players operating in the global defibrillators market are:
Defibrillators Market Recent Developments
Defibrillators are medical devices that restore the regular heartbeat of a person experiencing a sudden cardiac arrest.
The global defibrillators market was valued at US$ 12.32 billion in 2022.
The estimated market size of the global defibrillators market in 2031 is US$ 22.46 billion.
The expected revenue CAGR of the global defibrillators market is 3.7% during the forecast period 2021-2031.
Some key players operating in the global defibrillators market areStryker Corporation, CU Medical Germany GmbH, MicroPort Scientific Corporation, Abbott Laboratories Inc., Zoll Medical Corporation, and Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
*Insights on financial performance are subject to the availability of information in the public domain