Defibrillator Market to witness highest CAGR of 9.7%

Defibrillators are innovative devices that deliver electric shocks to rectify abnormal heath rhymes on detection, and the heart rhythm and as such, play an important role in the treatment of sudden cardiac arrest. Growth in this market is mainly driven by the rising prevalence of target diseases, growing focus on providing public-access defibrillators, and training and awareness programs on defibrillators. Therefore, the global defibrillator market is all set to witness the highest CAGR of 9.7% and reach from 11.4 billion to 18.2 billion by 2026.

In addition, emerging markets and the development of S-ICDs and MRI-compatible ICDs and CRT-Ds are expected to offer growth opportunities for players in the Defibrillator Market. Cardiovascular disease (CVD) is a leading cause of death and disability across the globe. Globally, 17.9 million deaths due to CVD were reported in 2019, which amounts to 32% of the total deaths worldwide. More than 75% of deaths due to CVDs occur in low- and middle-income countries. In the US alone, there were more than 390,000 sudden cardiac arrests in 2018 (Source: American Heart Association). Of the total US population, around 65% of deaths due to CVDs occur in people aged 75 and over, 29% in the age group of 55–74, and 6% in the age group of 35–54. Owing to this, the demand for defibrillators has increased, as these devices help save the lives of patients at a high risk of cardiac arrest.

Depending on end-user, Hospitals, clinics, and cardiac centers segment to witness market growth

 The hospitals, clinics, and cardiac centers segment dominated the global defibrillators market, with a share of 80.2%, in 2020. The development of advanced ICDs and CRT-In addition, the Ds and the large number of ICD and CRT-D implant procedures performed in hospitals, clinics, and cardiac centers are the major factors contributing to the large share of this end-user segment. The growing number of cardiac implant procedures and the availability of reimbursements across developed markets are the other major factors driving the growth of this end-user segment.  The defibrillators market is segmented into hospitals, clinics, cardiac centers; pre-hospital care settings; public access markets; alternate care facilities; home care settings; and other end users. The hospitals, clinics, and cardiac centers segment dominated the global defibrillators market, with a share of 80.2%, in 2020.

Depending on type: Implantable Cardioverter Defibrillator segment to witness market growth  

The ICDs segment accounted for a share of 71.5% of the global defibrillators market in 2020. The large share of this market segment can be attributed to the increasing prevalence of cardiovascular diseases and the development of technologically advanced defibrillators. For instance, in July 2020, Abbott received FDA approval for its next-generation ICDs and CRT-Ds under the brand name Gallant. The ICDs are further divided into transvenous implantable cardioverter defibrillators and subcutaneous implantable cardioverter defibrillators, whereas external defibrillators are divided into manual and, fully automated and wearable defibrillators.

Depending on patient type; “Adult patients segment accounts largest market size

In 2020, there were roughly 75 million adult patients (in the age group of 15 years and over) globally and 25 million pediatric patients (in the age group of 0–14 years) (Source: World Bank). According to data by the World Health Organization (WHO), around 30% of all global deaths occur due to cardiovascular disease, accounting for 17.9 million lives lost each year. About 2 in 10 deaths due to CVD (cardiovascular disease) occur in patients aged less than 65 (Source: Center for Disease Control and Prevention). The major reasons for heart disease are high blood pressure, high cholesterol, diabetes, obesity, unhealthy diets, physical inactivity, and excessive alcohol use. Moreover,  The adult patients segment dominated the global defibrillators market with a share of 59.5% in 2020. The development of advanced ICDs, CRT-Ds, and AEDs, along with increasing awareness about cardiac diseases and preventive measures taken by government bodies, are the major factors contributing to the growth of the market.

Based on region, APAC is registered to witness market growth

The global defibrillators market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 44.2% of the global defibrillators market, followed by Europe. On the other hand, the Asia Pacific market is estimated to register the highest growth rate during the forecast period. Factors such as the high burden of target diseases, rising geriatric population, and increasing awareness regarding defibrillators support the growth of the defibrillators market in the APAC. Particularly in Japan; increasing disposable incomes, allowing for greater affordability for advanced technologies; the rising prevalence of target diseases; and favorable government initiatives. Such factors help to drive the market in this region and draw foreign investments and partnerships. On the other hand, low hospital budgets, high equipment costs, and a lack of government investments in some countries are limiting the growth of the market in the Asia Pacific to a certain extent. Prominent players in the defibrillators market include Medtronic (Ireland), Stryker Corporation (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), Abbott (US), Nihon Kohden (Japan), and MicroPort (China).

By Company Type: Tier 1–25%, Tier 2–37%, and Tier 3– 38%

By Designation: C-level–34%, Director-level–35%, and Others–31%

By Region: North America–24%, Europe–32%, Asia Pacific–28%, Latin America–10%, and the Middle East & Africa–6%

Research Coverage:

The research study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts, and other key people to have ready-to-access and self-analyzed study to help understand market trends, growth drivers, opportunities, and upcoming challenges and about the competitors. This report also provides information regarding market size, share, trends, growth, cost structure, capacity, and revenue, and forecast for 2026.

This study evaluates the competitive landscape and the value chain analysis to understand the competitive environment across geographies. Major countries in each region are mapped according to the individual market revenue. Moreover, the report provides the best way for users to understand the customer and thus increase their satisfaction by answering the needs and expectations.

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