Why will Non-Wearable External Defibrillators Lead Global External Defibrillator Market in Future?

Valued at $3,926.5 million in 2019, the global external defibrillator market is predicted to generate a revenue of $9,450.3 million in 2030, exhibiting a CAGR of 8.5% from 2020 to 2030, as per the forecast of P&S Intelligence, a market research company based in India. The main factors driving the expansion of the market are the increasing geriatric population, rapid technological advancements and innovations in automated external defibrillators (AEDs), and the soaring strategic developments being made by the market players.

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As the geriatric people are more vulnerable to various chronic diseases such as cardiovascular diseases, their growing population is expected to boost the demand for external defibrillators across the world. Apart from this, the rapid advancements and innovations in AED technology are also propelling the expansion of the external defibrillator market throughout the globe. One such major technological advancement is the lightweight wearable defibrillator called LifeVest developed by ZOLL Medical Corporation. This device can be worn by the people at risk of sudden cardiac arrests (SCAs).

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The main advantage of this device over the conventionally used defibrillators is that it continuously monitors the heart of the patient and delivers shocks if the heart rhythm becomes abnormal. The shocks help in restoring the normal sinus rhythm. Similarly, the modern implantable cardioverter defibrillators (ICDs) developed recently by many defibrillator producing companies have eliminated the requirement of implanting separate pacemakers in patients. These technological innovations in defibrillator technology have tremendously boosted the progress of the market.

A major example of such high government funding in the healthcare industry is the huge investment made by the U.S. government in the country’s healthcare industry every year. These investments account for a considerable portion of the country’s gross domestic product (GDP). According to a report produced by the National Health Expenditure Accounts (NHEA), the healthcare industry in the U.S. reached a value of $3.5 trillion in 2017, with a growth of 3.9% from 2016.

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