Dublin, July 03, 2024 (GLOBE NEWSWIRE) -- The "Defibrillator - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
Defibrillators Market was valued at USD 10.19 billion in 2023, growing at a CAGR of 3.11% during the forecast period from 2024 to 2030, to reach USD 12.24 billion by 2030
The demand for defibrillators is primarily associated with the growing incidence of cardiac disorders, integration of advanced technology, increasing investments by government and private manufacturers, and rising awareness programs regarding cardiovascular disorders and the usage of defibrillators, among others.
Defibrillators Market Dynamics:
Atrial fibrillation which is characterized by an irregular and most often rapid heart rate can increase the risk of stroke, heart failure, and other heart-related complications in the old aged population and individuals suffering chronic conditions such as high blood pressure, obesity, and heart disorders. According to a study published in NCBI 2022, atrial fibrillation is the most frequent cardiac arrhythmia, and the worldwide incidence of atrial fibrillation in 2017 was registered to be 3.046 million.
Moreover, as per the WHO 2022 report, 85% of all cardiovascular deaths are due to heart attacks and stroke. Defibrillators are devices used to restore a normal heartbeat by sending an electric shock to the heart and are used to correct or prevent arrhythmias. Therefore, the rising incidence of heart-associated disorders is likely to shoot the demand for defibrillators.
Further, the introduction of several new devices with simplified implantation technology, smaller size, and reducing or eliminating leads implanted in the heart is also anticipated to augment the market for defibrillators. For instance, in 2019, Biotronik launched the Acticor device family of new ICDs and cardiac resynchronization therapy defibrillators (CRT-Ds), the hybrid ICD Acticor systems offer dual-chamber diagnostics without the need for an atrial lead.
However, certain factors such as lack of awareness regarding early corrective measures for sudden cardiac arrest are anticipated to pose a minor hurdle for the growth of the defibrillators market.
Defibrillators Market Segment Analysis:
In the Defibrillators product type segment, ICD (Implantable Cardioverter Defibrillator) is expected to hold the largest share in the market as there are different types of ICDs such as one-chambered, dual-chambered ICDs, subcutaneous ICDs, and magnetic resonance imaging (MRI)-safe ICDs available in the market.
For instance, S-ICDs which are a recent development in the field of defibrillators have many advantages over traditional or transvenous ICDs. These mainly include lower risk of vascular injury or pneumothorax, the absence of leads is the main advantage making it a great alternative for children with congenital heart diseases or patients with no venous access who were unsuitable for transvenous ICD. Also, the device is more well tolerated than the traditional (transvenous) ICDs thereby raising the demand for ICDs in the coming years.
In addition, new product approvals in the market by regulatory bodies are also expected to surge the market. For instance, recently in the year 2018, Abbott received FDA approval for the MR-conditional labeling for the Quadra Assura MP CRT-D and Fortify Assura ICD. Moreover, the same company has received FDA clearance for MR-conditional labeling for one of the company's most widely used ICDs and associated high-voltage leads - the Ellipse ICD. Therefore, recent product approvals along with increased manufacturing of essential medical devices by key players are the factors expected to contribute to the defibrillators market growth.
North America is expected to dominate the overall Defibrillators Market:
Among all the regions, North America is expected to dominate the overall Defibrillator market during the forecast period from 2024 to 2030. This domination is due to the growing prevalence of cardiovascular diseases, access to better healthcare infrastructure coupled with the presence of major market players in the region. Also, the supportive reimbursement programs covering the costs for the implantable devices as well as the procedure further encouraged people to opt for such devices in the region.
Further, in the United States, the risk of being affected by cardiovascular disease is increasing dramatically. According to the CDC, in 2020, heart disease was the leading cause of death among most men and women in the United States and about 655,000 Americans died from heart disease each year in the region. The rising concern about cardiovascular disorders in the region is expected to boost the market.
Furthermore, the presence of key manufacturers in the region such as Stryker, Abbott, and Boston Scientific Corporation, among others in the region will surge the market due to various commercialization activities including collaborations, product launches, merger acquisitions, and others in the field of both ICDs and External defibrillator is projected to fuel the market in the region.
Europe and Asia-Pacific region have a future potential growth in the global defibrillators market. This is due to the rising burden of cardiovascular diseases in the European region countries and Asia countries also. The rising healthcare costs, improving healthcare infrastructure, and increase in disposable income in growing economies such as China, and India, among others are other factors that boost the market. In addition, countries such as Japan have a high penetration of defibrillators due to the presence of giant companies that are focused on expanding the market in other geographies is also likely to augment the global defibrillators market.
Key Takeaways from the Defibrillators Market Report Study
- Market size analysis for current market size (2023), and market forecast for 6 years (2024-2030)
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the Defibrillators Market.
- Various opportunities available for the other competitor in the Defibrillators Market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030?
- Which are the top-performing regions and countries in the current market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Defibrillators market growth in the coming future?
Defibrillators Market Key Factors Analysis
Defibrillators Market Drivers
- Rising Prevalence of Cardiovascular Diseases
- Technological Advancements in the Field of Defibrillators
- Increasing Investments by Government and private manufacturers
- Rising awareness programs regarding cardiovascular disorders
Defibrillators Market Restraints and Challenges
- Stringent Regulations
- Fewer Product Recalls
Defibrillators Market Opportunities
- Rise in Investment by market players for technological development
- Growth Opportunities in Emerging Nations
Company Profiles
- Abbott
- Medtronic
- Boston Scientific Corporation
- Stryker
- Koninklijke Philips N.V
- Zoll Medical Corporation
- Microport Scientific Corporation
- LivaNova PLC
- Biotronik, Inc.
- Nihon Kohden Corporation
- SCHILLER AG
- Bexen Cardio
- Progetti S.r.l.
- BPL Medical Technologies
- Shenzhen Comen Medical Instruments Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/faegi9
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