Jersey City, NJ, March 20, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Defibrillator Market Size, Share & Trends Analysis Report By Product (Implantable Defibrillators, External Defibrillators), By Patient Type (Adult, Pediatrics) And End-User (Hospitals, Pre-Hospitals, Public Access Market, Alternative Care And Home)- Market Outlook And Industry Analysis 2031"
The global Defibrillator Market is estimated to reach over USD 24.79 billion by 2031, exhibiting a CAGR of 6.5% during the forecast period.
The defibrillator market is driven by the increasing incidence of cardiovascular diseases, which can lead to sudden cardiac arrest, a life-threatening condition requiring immediate defibrillator treatment. Other factors driving the growth of the defibrillator market include the growing elderly population, increasing awareness about the importance of early detection and treatment of cardiac arrhythmias, and technological advancements in defibrillator devices.
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The Defibrillator Market is for medical devices that restore normal heart rhythm in patients experiencing cardiac arrhythmias. Defibrillators deliver an electric shock to the heart, which stops the abnormal heart rhythm and allows the heart to resume normal function.
The defibrillator market is expected to witness significant growth in the coming years, driven by the increasing burden of cardiovascular diseases and the growing adoption of technologically advanced defibrillator devices. The defibrillator market is highly regulated, and the approval process for new products can be lengthy and complex. This can delay the introduction of new and innovative defibrillator products into the market.
Several alternative therapies are available for treating cardiac arrhythmias, such as medications and surgical procedures. These alternative therapies can limit the demand for defibrillators, especially in cases where they are not considered the first-line treatment option.
List of Prominent Players in the Defibrillator Market:
- Abbott
- AMI Italia
- Asahi Kasei Corporation
- Avive Solutions Inc.
- AXION Ltd.
- Bexen Cardio
- Biotronik SE & Co. KG
- Boston Scientific Corporation
- BPL Medical Technologies
- CU Medical Systems
- Element Science Inc.
- HeartHero Inc.
- Jeevtronics Pvt. Ltd.
- LivaNova PLC
- Mediana Co. Ltd.
- Medtronic plc
- Metrax GmbH – PRIMEDIC
- METsis Medikal
- MicroPort Scientific Corporation
- Mindray Medical International Ltd.
- MS Westfalia GmbH
- Nihon Kohden Corporation
- Philips Healthcare
- Progetti SRL
- Schiller AG
- Shenzhen Comen Medical Instruments Ltd.
- St. Jude Medical, Inc.
- Stryker
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Recent Developments:
- In January 2019, BioTelemetry, Inc., a remote and wireless business specializing in health data, purchased Geneva Healthcare.
- In July 2020, Philips introduced a pre-hospital wireless monitoring solution for emergency medical response in the United States. The answer is an integrated, end-to-end system that expands first responders' pre-hospital spectrum of treatment by fusing cutting-edge hardware and cutting-edge software.
Defibrillator Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 14.27 Bn |
| Revenue forecast in 2031 | USD 24.79 Bn |
| Growth rate CAGR | CAGR of 6.55% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Product And End-User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Table of Content of Report:
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Defibrillator Market Snapshot
Chapter 4. Global Defibrillator Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis
5.1. by Product Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Product Type:
5.2.1. Implantable Defibrillators
5.2.1.1. Transvenous Implantable Cardioverter Defibrillator (T-ICDs)
5.2.1.2. Subcutaneous Implantable Cardioverter Defibrillator (S-ICDs)
5.2.1.3. Cardiac Resynchronization Therapy- Defibrillator (CRT-D)
To Be Continued....
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Market Dynamics:
Drivers-
Cardiovascular diseases, such as coronary artery disease and heart failure, are a leading cause of death worldwide. The increasing incidence of these diseases drives the demand for defibrillators, which treat life-threatening cardiac arrhythmias. Advances in defibrillator technology, such as the development of implantable defibrillators and the introduction of new software and algorithms for external defibrillators, are improving the safety and efficacy of these devices.
These advancements are driving the demand for more advanced and sophisticated defibrillators. The aging of the global population is driving the demand for healthcare services, including defibrillators. Elderly individuals are at higher risk for cardiovascular diseases and cardiac arrhythmias, which increases the need for defibrillators.
Challenges:
The prime challenge is the need for more awareness predicted to reduce the growth of the Defibrillator Market. However, the high cost and technology challenges are expected to hamper the overall growth of the Defibrillator Market over the coming years. Defibrillators can be expensive, especially implantable cardioverter-defibrillators (ICDs).
This can limit their adoption in certain regions or among certain patient populations. Defibrillators rely on advanced technology, and technical issues or malfunctions can occur. This can impact patient outcomes and harm the device's or the manufacturer's reputation.
Recent product recalls of various products is another factor impeding the defibrillators market growth. For instance, in 2021 Medtronic the leading manufacturer recalls its class I defibrillators Visia ICDs and others. Moreover, There is a lack of awareness among the general public about defibrillators and their importance in treating sudden cardiac arrest.
Regional Trends:
The North American Defibrillator Market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. The favorable reimbursement policies for defibrillator procedures in the region have further boosted the adoption of these devices. The region also has a well-established regulatory framework that ensures the safety and effectiveness of medical devices, including defibrillators.
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Segmentation of Defibrillator Market-
By Product-
- Implantable Defibrillators
- Transvenous Implantable Cardioverter Defibrillator (T-ICD)
- Subcutaneous Implantable Cardioverter Defibrillator (S-ICD)
- Cardiac Resynchronization Therapy- Defibrillator (CRT-D)
- External Defibrillators
- Manual External Defibrillator
- Automated External Defibrillators (AEDs)
- Wearable Cardioverter Defibrillators (WCDs)
By Patient Type
- Adult
- Pediatrics
By End-user
- Hospitals
- Pre-Hospitals
- Public Access Market
- Alternative Care
- Home Healthcare
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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