Pune India, July 19, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the defibrillator market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the defibrillator market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the type, patients type, end users, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global defibrillator market are Medtronic, Abbott, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, MicroPort Scientific Corporation, Koninklijke Philips N.V., Stryker, ZOLL Medical Corporation (Asahi Kasei), Nihon Kohden Corporation, and Schiller AG among others. To achieve a substantial market share in the worldwide defibrillator market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Boston Scientific Corporation is one of the most significant manufacturers and distributors present in the global defibrillator market.
Defibrillation is a procedure used for the treatment of life threatening conditions that involves impact on the rhythm of the heart. These conditions include ventricular fibrillation, cardiac arrhythmia, and pulseless ventricular tachycardia. Defibrillator is a device used for delivering a therapeutic shock to the heart to ensure depolarization of the heart muscles as well as restoration of normal conduction of heart’s electrical impulse. Major types of defibrillators include external defibrillators, implanted defibrillators, and transvenous defibrillators.
These devices have become a prominent device for preventing and to correct an arrhythmia which causes uneven heartbeat that is too fast or too slow. There is a significant prevalence of arrhythmia among the global population. For instance, according to the Scripps Health, a nonprofit health care system based in San Diego, California, about one in 18 people, or 5% of the U.S. population has an arrhythmia. In addition, the recent studies suggested that one in four adults across the U.S. over the age of 40 might develop an irregular heartbeat. Such prevalence of target diseases associated with irregular heartbeat fuels demand for defibrillators that send an electric shock or pulse to the heart for restoring a normal heartbeat.
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Scope of Defibrillator Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Patients Type, and End Users |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | Medtronic, Abbott, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, MicroPort Scientific Corporation, Koninklijke Philips N.V., Stryker, ZOLL Medical Corporation (Asahi Kasei), Nihon Kohden Corporation, and Schiller AG among others |
Segmentation Analysis
Fully automated external defibrillators segment is expected to be the fastest growing segment in 2021.
The type segment includes implantable cardioverter defibrillators, transvenous implantable cardioverter defibrillators, subcutaneous implantable cardioverter defibrillators, external defibrillators, manual & semi-automated external defibrillators, fully automated external defibrillators, and wearable cardioverter defibrillators. Fully automated external defibrillators segment is expected to witness highest CAGR during the forecast period. This is mainly attributed to technological developments as well as emergence of initiatives and policies promoting access to automated external defibrillators (AEDs) across public places. In addition, there is increased trend of special AED box installation at the public places such as airports, gyms, malls, casinos, and sporting venues. Such factors contributes to the demand for fully automated external defibrillators segment.
Pediatrics segment is expected to be the fastest growing segment in 2021.
The patient type segment includes adult and pediatrics. Pediatrics segment is expected to witness highest growth rate during the forecast period. This is attributed to the rising prevalence of sudden cardiac arrest among the children. For instance, about 16,000 children experiences a sudden cardiac arrest (SCA) in the U.S. every year. Furthermore, development of pediatric defibrillators is expected to be opportunistic for growth of this segment. For instance, in September 2020, Philips introduced HeartStart automated external defibrillators (AEDs) mainly focused on pediatrics and are child-friendly. With the help of this product, untrained bystanders can also safely resuscitate a child fallen victim to Sudden Cardiac Arrest (SCA).
Public access markets segment is expected to be the fastest growing segment in 2021.
The end users segment includes hospitals, clinics and cardiac centers, pre-hospital care settings, public access markets, home care settings, alternate care facilities, and others. Public access markets is expected to witness highest growth rate during the forecast period. Growth of this segment is mainly driven by increased availability of public access AEDs and need for better response to sudden cardiac arrest (SCA) on the public places. In addition, rising implementation of government regulations and policies for deployment of AEDs in public places is expected to create lucrative growth opportunities for the market.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the defibrillator include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
North America region witnessed a major share. Growth of market in this region is mainly driven by factors such as favorable regulations and technically innovative healthcare facilities across the U.S. and Canada. In addition, this region is home to key market leaders such as Boston Scientific Corporation, Abbott, and Stryker Corporation. However, Asia-Pacific is expected to witness highest growth rate during the forecast period due to prevalence of cardiac diseases.
Country Analysis
Germany
Germany Defibrillator market size was valued at USD 1.29 billion in 2021 and is expected to reach USD 2.24 billion by 2029, at a CAGR of 7.4% from 2022 to 2029.
In the Europe region, Germany is one of the leading shareholders in the defibrillator market. In addition, the huge healthcare spending by government in this country has been a major contributor to the market growth. For instance, according to the Federal Statistical Office (Destatis), 67.9 billion euros of health spending in the country was only financed from government transfers as well as subsidies. Also, the country has spent 12.5% of its GDP on healthcare in 2020.
China
China defibrillator market size was valued at USD 2.22 billion in 2021 and is expected to reach USD 3.78 billion by 2029, at a CAGR of 7.1% from 2022 to 2029. The factors such as aging population, increasing consumer income, and government initiatives has primarily driven growth of the China defibrillator market. In addition, the first-tier cities as well as several coastal provinces in the country are taking actions to install automated external defibrillators (AEDs).
Furthermore, according to its an action plan published in 2019, China planned of disseminating AEDs across all schools, public institutes, airports, government offices, shopping malls, and cinemas around the country. Such initiatives by Chinese government are opportunistic for growth of the market.
India
India defibrillator market size was valued at USD 0.59 billion in 2021 and is expected to reach USD 1.07 billion by 2029, at a CAGR of 8.1% from 2022 to 2029. India is one of the strongest growing economies in Asia. Several public health schemes introduced by government, emergence of COVID-19 pandemic, and rising heart disease prevalence rates in India are the major factors contributing to the defibrillator market. For instance, according to the Global Burden of Disease, the most comprehensive global observational epidemiological study, about a quarter (24.8%) of all deaths in India are caused by cardiovascular diseases (CVDs).
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as electronics, semiconductors, manufacturing, and, automobile, etc. However, several companies operating in healthcare sector has seen upsurge in their revenue due to significant changes in consumer preferences towards seeking healthcare services. In addition, the pandemic has led to significant growth in healthcare spending across the developing as well as developed countries.
Furthermore, the COVID-19 pandemic has enhanced purchasing capacities of hospitals owing to shift in focus toward buying equipment to treat Covid-19 patients. This has boosted demand for defibrillators, fuelling growth of the market.
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