Defibrillator Market worth $18.2 billion by 2026 - Leading Key Players are Medtronic (Ireland), Stryker Corporation (US), Koninklijke Philips N.V. (Netherlands)

According to the new market research report "Defibrillator Market by Product Type (Implantable Cardioverter Defibrillator and External Defibrillator), Patient Type (Adult, Pediatric), End Users, and Region(North America, Europe, APAC, Latin America & MEA) - Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to reach USD 18.2 billion by 2026 from USD 11.4 billion in 2021, at a CAGR of 9.7%.

Browse in-depth TOC on "Defibrillator Market"
174 – Tables
39 – Figures
217 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=549&utm_source=openpr&utm_medium=paidpr

Market growth is mainly driven by the rising prevalence of target diseases, growing focus on providing public-access defibrillators, and training and awareness programs on defibrillators. In addition, emerging markets and the development of S-ICDs and MRI-compatible ICDs & CRT-Ds are expected to offer growth opportunities for players in the defibrillators market. However, issues related to the use of implantable and automated external defibrillators, frequent product recalls, and a lack of awareness about sudden cardiac arrest in developing nations are expected to hinder the growth of the defibrillators market during the forecast period.

The Implantable Cardioverter Defibrillators (ICDs) segment dominated the defibrillator market in 2020

Based on type, the defibrillators market is broadly segmented into implantable cardioverter defibrillators (ICDs) and external defibrillators. Implantable cardioverter defibrillators (ICDs) are small battery-powered, programmed electronic devices used to monitor and correct abnormal heart rhythms. These devices are placed in the chest or abdomen of a patient with thin wires of ICD connected to the heart, which delivers electric shocks to restore the normal heart rhythm when the ICD detects an abnormal heartbeat. Ventricular tachycardia and ventricular fibrillation are the two most common disorders that cause irregular heartbeats. ICDs supervise the heart rhythm, identify abnormal rhythms, and determine a suitable treatment to prevent sudden death of patients with ventricular tachycardia or ventricular fibrillation. Timely intervention in cases of cardiac emergencies is a key advantage of this programmed device. It prevents vulnerability to cardiac arrests that could lead to death.

The ICDs segment accounted for a share of 71.5% of the global defibrillators market in 2020. The large share of this market segment can be attributed to the increasing prevalence of cardiovascular diseases and the development of technologically advanced defibrillators.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=549&utm_source=openpr&utm_medium=paidpr

Subcutaneous implantable cardioverter defibrillator is expected to register the highest CAGR during the forecasted period

Based on product type, the defibrillator market is segmented into Implantable cardioverter defibrillators (ICDs) and External defibrillators. ICDs is further divided into transvenous implantable defibrillators and subcutaneous implantable defibrillators, whereas external defibrillators is divided into manual aed, fully automated aed and wearable defibrillator.

Subcutaneous implantable cardioverter defibrillators (S-ICDs) are used to treat ventricular tachyarrhythmia. S-ICD is the fastest-growing ICD segment mainly because it is a less-invasive approach and is proven to be highly effective. The growing number of research activities to support the adoption of S-ICD systems is also expected to drive market growth. For instance, in November 2017, AHA, the American College of Cardiology, and the Heart Rhythm Society published guidelines that recommend the use of S-ICDs for the treatment of patients with ventricular arrhythmias and prevention of sudden cardiac death (Source: Circulation, Heart Rhythm Journal and the Journal of the American College of Cardiology, 2017). The high cost of S-ICDs is expected to hamper the growth of this market. For instance, in Italy, S-ICDs cost around USD 24,787 (EUR 18,000) compared to single-chamber ICDs, which are priced between USD 5,508 and USD 9,639 (~EUR 4,000–7,000).

The adult patients segment dominated the defibrillator market based on patient type in 2020

Based on patient type, the defibrillators market is segmented into adult and pediatric patients. The adult patients segment dominated the global defibrillators market with a share of 59.5% in 2020.

In 2020, there were roughly 75 million adult patients (in the age group of 15 years and over) globally and 25 million pediatric patients (in the age group of 0–14 years) (Source: World Bank). According to data by the World Health Organization (WHO), around 30% of all global deaths occur due to cardiovascular disease, accounting for 17.9 million lives lost each year. About 2 in 10 deaths due to CVD (cardiovascular disease) occur in patients aged less than 65 (Source: Center for Disease Control and Prevention). The major reasons for heart disease are high blood pressure, high cholesterol, diabetes, obesity, unhealthy diets, physical inactivity, and excessive alcohol use.

The development of advanced ICDs, CRT-Ds, and AEDs, along with increasing awareness about cardiac diseases and preventive measures taken by government bodies, are the major factors contributing to the growth of the market.

Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=549&utm_source=openpr&utm_medium=paidpr

Hospitals, clinics and cardiac centres were the key end-users in the digital X-ray market in 2020

Based on end users, the defibrillators market is segmented into hospitals, clinics, and cardiac centers; prehospital care settings; public-access markets; alternate care facilities; home care settings; and other end users. The hospitals, clinics, and cardiac centers segment dominated the global defibrillators market, with a share of 80.2%, in 2020. The development of advanced ICDs and CRT-Ds and the large number of ICD and CRT-D implant procedures performed in hospitals, clinics, and cardiac centers are the major factors contributing to the large share of this end-user segment.

Asia Pacific is expected to see the highest growth in the defibrillator market by region

The defibrillators market is segmented into five major regions—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest regional market for defibrillators, whereas the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period.

Growth in this market can be attributed to the rapidly growing geriatric population and the subsequent increase in the prevalence of CVDs. According to World Population Prospects 2017 (UN), the geriatric population (aged 65 and above) in the Asia Pacific region is projected to reach 1.11 billion by 2060 (~21% of the estimated total population in 2060 in this region) from 353.5 million in 2016. Particularly in Japan; increasing disposable incomes, allowing for greater affordability for advanced technologies; the rising prevalence of target diseases; and favorable government initiatives. Such factors help to drive the market in this region and draw foreign investments and partnerships.

The growing emphasis of key players on emerging markets in this region, new product launches, and increasing focus on supplier contracts are further fueling the growth of the defibrillators market in the Asia Pacific. However, factors such as limited accessibility of defibrillators during emergencies and a dearth of trained and skilled technicians in developing Asia Pacific countries hamper the demand for defibrillators in this region.

The defibrillator market is dominated by Medtronic (Ireland), Stryker Corporation (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), Abbott (US), Nihon Kohden (Japan) and MicroPort (China).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.