New York, Dec. 13, 2022 (GLOBE NEWSWIRE) -- According to research recently released by Persistence Market Research, the Defibrillator Market sales were assessed at US$ 11.4 billion in 2021 and are expected to rise at a CAGR of 7.4% from 2022 to 2032. The market is predicted to reach a value of US$ 24.9 billion by the end of 2032. Market revenue through implantable cardioverter defibrillators is projected to grow at a CAGR of 7.2% during 2022 – 2032.
The invention of automated external defibrillators (AEDs) and implanted cardioverter defibrillators (ICDs) are two of the most notable of these advancements. The market for implanted defibrillators is expected to rise due to technological improvements such as the introduction of quadripolar lead devices to enhance device programming and battery life, as well as the development of MRI-safe ICDs.
The growing number of defibrillator application areas, as well as the rising use of defibrillator systems (both ICDs and external defibrillators) in cardiology, are likely to boost the global defibrillator market.
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Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the defibrillator market are focused on R&D to produce innovative technological solutions.
- In July 2020, Phillips gained FDA 510 (k) clearance in July 2020 for their professional defibrillator (Tempus LS- Manual), allowing them to market their remote monitor and defibrillator system (Tempus ALS) to EMS clients in the United States.
- In June 2020, Asahi Kasei Corporation, ZOLL Medical has received premarket authorization due to its ZOLL AED defibrillator, which offers enhanced real-time CPR support, and integrated child safety, including wifi device.
- In February 2020, Abbott has received CE Mark for its innovative Gallant implanted cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices. The gadgets provide new opportunities for patient contact and remote monitoring due to improved smartphone connectivity and accompanying apps. Other benefits include a patient-friendly design, longer battery life, and MRI compatibility.
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Furthermore, governments in the United States, the United Kingdom, and Japan, have enforced the installation of defibrillators in public spaces such as colleges, and schools, resulting in market growth. According to research, over 80% of hospital cardiac arrests in the UK occur at home, with the other 20% occurring in public areas. In addition, 270 children die per year in the United Kingdom as a result of Sudden Cardiac Arrest at school, with the chances of survival reducing by 10% for every minute a victim of Sudden Cardiac Arrest is left untreated. As a result of increased awareness among end-users, demand for defibrillators is increasing.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Defibrillator Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Defibrillator Market by Component (Implantable Cardioverter Defibrillators, External Defibrillators), Type (S-ICD, T-ICD, Manual ED, Automated ED, Wearable Cardioverter Defibrillators), End Use (Hospital, Pre-Hospital, Public Access Market, Alternate Care Market, Home Healthcare), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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