Defibrillator Market to Reach New Heights, Predicted to Surpass USD 16.3 Bn by 2031 Due to Rising Incidence of Cardiac Disease – Global Analysis by Transparency Market Research

Consistent improvements in defibrillation technologies, especially the approval of implantable cardiac defibrillator and handheld devices, is expected to bolster the defibrillator market. North America is anticipated to offer significant business opportunities to companies due to rise in deployment of external defibrillators in public places in the U.S. and increase in adoption of these in homecare settings.

Wilmington, Delaware, United States, May 12, 2023 (GLOBE NEWSWIRE) -- The global defibrillators market was valued at USD 7.2 Bn in 2021 and is projected to reach USD 16.3 Bn by 2031 growing at a CAGR of 8.9%.

Market players are witnessing growth opportunities owing to the surge in utilization of defibrillators in homecare settings in order to treat life-threatening arrhythmias (arrhythmias attributable to ventricular tachycardia and ventricular fibrillation). Considerable advancements in implantable cardioverter defibrillators (ICD) are broadening the market outlook, since their usage enhances survival rate in patients with heart failure.

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Recent market trends indicate development of Wi-Fi connected automated external defibrillators (AEDs), which enable organizations to remotely monitor devices in order to ensure their optimal performance. For instance, implementation of AED program by the medtech company Stryker enables program managers to ascertain if batteries and accessories are functioning properly.

Introduction of portable and handheld AEDs is likely to broaden the market outlook. Numerous organizations such as The European Resuscitation Council (ERC) and American Heart Association (AHA) are promoting the usage of AEDs among common public with some training. Usage of defibrillators among non-technical individuals renders benefits of reduced time to first shock and increase in rate of successful defibrillations.

Defibrillators Market: Competition Landscape

The business landscape is highly competitive, with a few large players vying for the top position. Leading companies are focusing on product innovations and product portfolio diversification to increase market share and expand customer base in developing countries.

Prominent companies in the defibrillators market are Medtronic, Stryker. Koninklijke Philips N.V., Abbott, Boston Scientific Corporation, Nihon Kohden, MicroPort, Biotronik, CU Medical Systems, and Mindray Medical International Ltd.

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Defibrillators Market - Key Findings of Study

  • Significant Demand for Defibrillators in Hospital Settings: Based on end-user, the hospitals segment is likely to experience significant growth during the forecast period. The segment is projected to expand at a rapid pace due to extensive need for defibrillators in patients admitted post cardiac arrest and during certain surgeries. Increase in application indications for an implantable cardiac defibrillator is expected to bolster product adoption specifically in hospital settings. For instance, their usage is indicated for survivors of cardiac arrest and individuals suffering from structural heart disease.
  • Rapid Utilization of Automated External Defibrillator (AED): Based on type, the automated external defibrillator (AED) segment is projected to witness significant revenue growth from 2022 to 2031. Rapid increase in adoption of AEDs in public locations, including the elderly patients, is expected to boost the segment in the near future. Usage of AEDs significantly increases the probability of survival in patients after out-of-hospital cardiac arrest (OHCA).
  • Advancements in Defibrillators Technology to Drive Demand for Portable Devices: Increase in focus on connected devices among medtech companies in the global defibrillators market is augmenting the launch of portable automated external defibrillators integrated with cellular and Wi-Fi connectivity and equipped with GPS technology. These technologies enable remote maintenance of devices and transfer of data to emergency medical service (EMS) and medical professionals, thus leading to timely response in life-threatening emergencies (life-threatening arrhythmias in particular)

Defibrillators Market - Key Drivers

  • Rapid increase in incidence of out-of-hospital cardiac arrest (OHCA), owing to high prevalence of heart failure and cardiac diseases, is a key factor expected to drive the defibrillators industry. A significant percentage of OHCA occurs in outpatient settings. In adult patients, cardiac arrest occurs most commonly due to ventricular fibrillation. Rise in mortality rate in patients with heart failure in numerous developed countries, such as the U.K. and the U.S., in the past few years has fueled the usage of defibrillators.
  • Increase in risk of sudden cardiac death in patients suffering from cardiovascular diseases, especially myocardial ischemia and acute myocardial infarction, is encouraging R&D activities in the defibrillators market. An instance is the introduction of new technologies in automated external defibrillators.

Defibrillators Market - Regional Growth Dynamics

North America is projected to record significant market growth from 2022 to 2031. Rapid pace of development of innovative defibrillators is likely to create lucrative opportunities for medtech companies in the region. Surge in prevalence of cardiac arrest, especially in the U.S., is anticipated to fuel the market in the next few years. Governments in the region are promoting public access defibrillation (PAD) programs and policies. This is enhancing the rate of utilization of AED in public places. Significant demand for state-of-the-art external defibrillator technology is anticipated to augment the market value in North America in the near future.

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Defibrillators Market Segmentation

  • Type
    • Advanced Life Support Defibrillator (ALS)
    • Automated External Defibrillator (AED)
    • Implantable Cardioverter-defibrillator (ICD)
    • Wearable Cardiac Defibrillator
  • End-user
    • Hospitals
    • Emergency Care
    • Home Care
    • Others

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • China
  • India
  • Japan
  • Australia & New Zealand
  • Brazil
  • Mexico
  • GCC Countries
  • South Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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