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Defibrillators Market : Emerging Technologies, Regional Trends, Competitive Landscape, Regional Analysis & Forecasts to 2019
The market stood at US$9.3 billion in 2012. The global defibrillators market is projected to grow at a modest CAGR of 6.2% in between the forecast period of 2013–2019 and reach a worth of US$14.2 billion by 2019 end.
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The various devices can be classified as automated external defibrillators (AEDs), wearable defibrillators, implantable cardioverter defibrillators (ICDs), and advanced life support (ALS) defibrillators. Of these, ICDs led the market in 2012. The extensive demand for ICDs is attributed to the widespread popularity of this life-saving defibrillation therapy in reducing the risk of sudden cardiac arrest among patient populations.
Regionally, North America held the sway in 2012. However, the regional market lost some share by expanding at relatively low CAGR compared to the Middle East and Asia Pacific which will rise at an attractive pace over the assessment period. The rising healthcare investment on cardiac care in these regions is fueling their growth.
Growing Incidence of Heart Diseases and Cardiovascular Disorders fuels Demand
The rising prevalence of cardiovascular diseases in developing and developed regions and its substantial mortality in various parts of the world is a key factor driving the need for effective treatment for ventricular fibrillation. This is propelling the growth of the defibrillators market. The rising incidence of life-threatening cardiac diseases, notably cardiac arrhythmias, particularly in less developed nations is a notable factor bolstering the demand for defibrillators. The rapid rise in aging populations in advanced economies such as the U.S. on account of burgeoning baby boomer cohorts is boosting the market.
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The market will also benefit substantially from large implementation of automated external defibrillators in workplaces, especially in developed nations. The unhindered demand for ICD and ALS defibrillators in hospitals is accentuating the market’s growth. Moreover, the rising governmental spending on improving healthcare infrastructure in emerging nations is also catalyzing the growth of the market.
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