New York, March 31, 2021 (GLOBE NEWSWIRE) -- Key Companies Covered in the Wearable Cardioverter Defibrillator Market Research Report Are Koninklijke Philips N.V., Element Science, Inc., Kestra Medical Technologies, Inc., ZOLL Medical Corporation, Stryker Corporation, Nihon Kohden Corporation and other key market players.
According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are one of the leading causes of death around the world. It is estimated that each year 17.9 million lives are lost due to CVDs. Additionally, strokes and heart attacks account for four out of five CVD deaths.
Research Nester has recently added a report titled “Wearable Cardioverter Defibrillator (WCD) Market – Global Demand Analysis & Opportunity Outlook 2019-2028” in its repository of market research reports. Further, the report consists of an in-depth analysis of the market size, forecast, trends, opportunities, challenges, and other factors that are associated with the market growth during the forecast period, i.e., 2021-2028.
Sudden cardiac arrest (SCA), which has been known to claim more lives globally than the combination of pneumonia, influenza, HIV, breast cancer, prostate cancer, colorectal cancer, auto accidents, house fires, and firearms among others, is caused primarily due to the malfunction of the electrical system of the heart, also commonly known as an abnormal heart rhythm or arrhythmia. SCAs are also caused due to other heart issues such as ventricular fibrillation, cardiomyopathy, Wolff-Parkinson-White syndrome, long QT syndrome, blood vessel abnormalities, and others. SCAs are usually treated by performing bystander cardiopulmonary resuscitation (CPR) or by using an automated external defibrillator (AED), such as wearable cardioverter defibrillators (WCDs).
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The global wearable cardioverter defibrillators market is thriving primarily on account of the growing incidence of out-of-hospital cardiac arrest, which is estimated to range from 30 to 150 per 1 million people around the globe. The survival range from such arrests is further estimated between 3% and 10%. Additionally, the growing concern for deaths caused due to cardiomyopathy, myocarditis, and endocarditis is also anticipated to drive the market growth in the coming years. The statistical report titled “Global Health Estimates 2019” by the WHO, stated that deaths caused due to cardiomyopathy, myocarditis, and endocarditis registered 350 (thousands) deaths in the year 2019 from 296 (thousands) in the year 2000.
The global wearable cardioverter defibrillator market is anticipated to exhibit a CAGR of 25.45% over the forecast period. The market, which registered USD 2,15,521.06 thousand in the year 2019, is further projected to reach USD 11,58,216.71 thousand by the end of 2028. The market is further anticipated to grow on account of the increasing geriatric population, which according to the World Bank, grew to 9.099 (% of the total population) in 2019 from 6.874 in the year 2000. Additionally, rapid advancements in the development of automated external defibrillators, along with the growing healthcare expenditure by the government of nations worldwide, which according to the World Bank, grew to 661.56 (current USD) in 2018 from 275.158 in 2000, are some of the factors anticipated to drive the market growth. The market is further projected to cross USD 2,36,000 thousand by the end of 2021.
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Globally, the wearable cardioverter defibrillator market is segmented on the basis of regions into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Among these regions, the market in North America registered the largest market share of 47.28% in the year 2018 and is anticipated to grow with a CAGR of 25.67% during the forecast period. The growth of the market in the region can be attributed to the increasing concern for the rising number of deaths caused due to cardiac arrest, atrial fibrillation & flutter, ventricular fibrillation & flutter, cardiac arrhythmia, and others, which according to the Centers for Disease Control and Prevention (CDC), registered a total of 53,243 deaths in 2019 from a total of 38,649 deaths in 1999 in the United States. Further, the market in the region is projected to cross USD 1,38,000 thousand by the end of 2022.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Based on indication, the global wearable cardioverter defibrillator market is segmented into myocardial infarction, congenital heart disease, ventricular arrhythmias, peripartum cardiomyopathy (PPCM), tetralogy of Fallot, Wolff-Parkinson-White (WPW) syndrome, and others, out of which, the ventricular arrhythmias segment registered the largest market size of USD 84,288.23 thousand in the year 2019. The segment is further projected to cross USD 4,37, 790 thousand by the end of 2028 and grow with a CAGR of 24.98% during the forecast period. Ventricular arrhythmia, which accounts for an estimated 300,000 deaths per year in the United States, is generally unusual in children but may occur in patients with associated congenital heart diseases.
The global wearable cardioverter defibrillator market is also segmented on the basis of demography and end-users.
Global Wearable Cardioverter Defibrillator Market, Segmentation by Demography
- Pediatric
- Adults
- Geriatric
Global Wearable Cardioverter Defibrillator Market, Segmentation by End-Users
- Home Care Setting
- Hospitals
- Cardiology Clinics
- Ambulatory Surgical Centers
Impact of COVID-19 on Global Wearable Cardioverter Defibrillator Market
The coronavirus pandemic has severely disrupted the supply chain of the manufacturers of wearable cardioverter defibrillators, resulting in a shortage of supply of the raw material components used to manufacture these devices. The impact was largely felt in North America, where the revenue generated was projected to dip by few thousand to USD 21,364.41 thousand by the end of the fourth quarter of 2020. Despite the numerous challenges in the year 2020, the manufacturers geared up to commercialize their WCDs to promote their products and boost sales. Additionally, by the end of 2021, the market is expected to recover partially and cross USD 236, 000 thousand globally.
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Some of the prominent industry leaders mentioned in our report that are associated with the global wearable cardioverter defibrillator market are Koninklijke Philips N.V., Element Science, Inc., Kestra Medical Technologies, Inc., ZOLL Medical Corporation, Stryker Corporation, Nihon Kohden Corporation, and others.
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