Defibrillators Market to reach up to USD 29.3 billion in 2031 at a CAGR of 9.5% during the forecast period

New York, Global Defibrillators Market was valued at USD 11.8 billion in 2021 and it is anticipated to reach up to USD 29.3 billion in 2031 at a CAGR of 9.5% during the forecast period.

The defibrillators market report from Global Insight Services is the single authoritative source of intelligence on Defibrillators Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Defibrillation is a technique that is considered as a definitive treatment for cardiac arrests and arrhythmias. Defibrillators are devices that are used to defibrillate or stabilize the heartbeat of a patient in a condition of arrhythmias and ventricular tachycardia. The major function of defibrillation in ventricular arrhythmias is to apply a controlled electrical shock to the heart, which results in the depolarization of the electrical conduction system of the heart. After the heart is polarized the normal electrical conduction is attained, thus terminating the ventricular arrhythmia.

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Market Trends and Drivers

The key factor boosting the growth of the market is the rising prevalence of target diseases. Cardiovascular disease (CVD) is a leading cause of death and disability across the globe. Worldwide, 17.9 million deaths owing to CVD were reported in 2019, which amounts to 32% of the total deaths across the globe (Source: WHO). More than 75% of deaths owing to CVDs occur in low- and middle-income countries. In the US alone, there were more than 390,000 sudden cardiac arrests in 2018 (Source: American Heart Association). Of the total US population, around 65% of deaths due to CVDs occur in people aged 75 and over, 29% in the age group of 55-74, and 6% in the age group of 35-54. Due to this, the demand for defibrillators has increased, as these devices help save the lives of patients at a high risk of cardiac arrest.

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Defibrillators Market Segmentation

The report analyses the global defibrillators market based on the type, patient type, end user, and region.

Defibrillators Market by Type

Based on type, it is segmented into implantable cardioverter defibrillators, transvenous implantable cardioverter defibrillators, subcutaneous implantable cardioverter defibrillators, external defibrillators, manual & semi-automated external defibrillators, fully automated external defibrillators, and wearable cardioverter defibrillators. The implantable cardioverter defibrillators segment is likely to dominate the market during the forecast period. The key factors such as the increasing prevalence of cardiovascular diseases coupled with the development of technologically advanced defibrillators are propelling the growth of the market.

Defibrillators Market by Patient Type

Based on patient type, it is segmented into adults and pediatrics. The adult patient segment is boosting the growth of the market. The adult patient segment is likely to dominate the market during the forecast period. 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 primary factors boosting the market growth during the forecast period.

Defibrillators Market by End User

Based on the end user, it is segmented into hospitals, clinics and cardiac centers, pre-hospital care settings, public access markets, home care settings, alternate care facilities, and others. The hospitals, clinics and cardiac centers segment are likely to dominate the market during the forecast period. The key factors such as the growing numbers of cardiac implant procedures and the availability of reimbursements across developed economies are boosting the growth of the market.

Geographical Analysis of Defibrillators Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America region is likely to dominate the market during the forecast period. The growing emphasis of key players on emerging markets in this region, new product launches, and increasing focus on supplier contracts are further boosting the growth of defibrillators market.

Major Players in Defibrillators Market

The key players studied in the defibrillators market Medtronic (Ireland), Stryker Corporation (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), Abbott (US), Nihon Kohden (Japan), MicroPort (China), BIOTRONIK (Germany), CU Medical Systems (South Korea), METsis Medikal (Turkey), Mediana Co. Ltd. (USA), Mindray Medical International Ltd. (China), Progetti SRL - Medical Equipment Solutions (Italy), Schiller AG (Switzerland), BPL Medical Technologies (India), Metrax GmbH - PRIMEDIC (Germany), MS Westfalia GmbH (Germany), Bexen Cardio (Spain), Axion Medical Equipment Ltd. (Russia), Element Science Inc. (US), Avive Solutions Inc. (US), Jeevtronics Pvt. Ltd. (India), HeartHero Inc. (US), and Shenzhen Comen Medical Instruments Ltd. (China).

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