Defibrillator Market Predicted to Grow at CAGR of 6.6% by 2030

According to the report published by Allied Market Research, the global defibrillator market generated $13.16 billion in 2020, and is expected to reach $24.60 billion by 2030, witnessing a CAGR of 6.6% from 2021 to 2030.

Defibrillators are medical devices used to deliver an electric shock to the heart in order to restore its normal rhythm in cases of cardiac arrest or arrhythmia. The defibrillators market refers to the industry that produces and sells these devices to hospitals, emergency medical services, and other healthcare providers. The market includes both external and internal defibrillators, with the former being used on the outside of the body and the latter being surgically implanted in the patient's chest.

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There are several factors that impact the defibrillators market, including:

Increasing Incidence of Cardiovascular Diseases: The rising prevalence of cardiovascular diseases such as heart failure, arrhythmias, and sudden cardiac arrest is driving the demand for defibrillators.

Technological Advancements: Continuous advancements in technology have resulted in the development of more efficient and user-friendly defibrillators, including wearable cardioverter defibrillators and implantable cardioverter defibrillators.

Growing Geriatric Population: With an aging population, the incidence of cardiac disorders is on the rise, and this is driving the demand for defibrillators in both hospital and home care settings.

Increasing Awareness and Training Programs: Greater public awareness of the importance of defibrillators in saving lives during cardiac emergencies, coupled with training programs for first responders and healthcare professionals, is also contributing to market growth.

COVID-19 Pandemic: The COVID-19 pandemic has highlighted the importance of healthcare infrastructure, including emergency care facilities and equipment, such as defibrillators, leading to increased demand for these products.

Covid-19 Scenario:

The Covid-19 pandemic impacted the purchasing capacities of hospitals, specifically small-scale hospitals, due to shift in focus toward buying resources to take care of patients infected with Covid-19. This led to canceled or postponed deals for defibrillators.

Many public and private organizations stopped or postponed the activities of installation of defibrillators at public places due to possibility of cross-contamination and lockdown measures implemented by governments.

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The defibrillators industry faces several challenges, including:

High Cost: Defibrillators are expensive medical devices, and their high cost can be a barrier to access, particularly in lower-income countries and for patients with limited health insurance coverage.

Lack of Skilled Personnel: The use of defibrillators requires specialized training and expertise, and a shortage of skilled personnel can limit their effective use in emergency situations.

Device Malfunction and Maintenance: Defibrillators require regular maintenance and monitoring to ensure their proper functioning. Device malfunction or failure can result in incorrect diagnoses or inadequate treatment.

Regulatory Compliance: The defibrillators industry is heavily regulated, with strict requirements for safety, efficacy, and quality assurance. Meeting these requirements can be challenging for manufacturers, particularly for small and medium-sized companies.

Competition from Alternative Technologies: Alternative technologies such as implantable pacemakers, cardiac resynchronization therapy (CRT), and drug therapy are competing with defibrillators in the treatment of cardiac disorders.

Product Recalls and Liability: Defibrillators have been subject to product recalls due to safety issues, which can damage the reputation of manufacturers and lead to liability claims.

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Major Key Market Players in the Industry -

Medtronic, Inc.
Boston Scientific Corporation
Koninklijke Philips N.V.
ZOLL Medical Corporation
Abbott Laboratories
Cardiac Science Corporation
Physio-Control International, Inc.
Defibtech, LLC
Nihon Kohden Corporation
CU Medical Systems, Inc.

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