Defibrillator Market worth $18.1 billion by 2028 | Medtronic (Ireland), Stryker (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US)

The report "Defibrillator Market by Product [Tranvenous ICD (Single & dual chamber, biventricular, CRT-D), Subcutaneous, External (Automated, Wearable)], Patient (Adult, Pediatric), Enduser (Hospitals, Prehospital, Home care, Public Access) - Global Forecast to 2028", The global defibrillator market is expected to reach USD 18.1 billion by 2028 from USD 13.6 billion in 2023, at a CAGR of 5.9% during the forecast period.

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The defibrillators market is mainly driven by the rising incidence of coronary artery diseases, growth in the older population, availability of medical reimbursements for cardiac procedures, expansion of healthcare infrastructure across emerging economies, growing number of players on boosting the research in defibrillators machine, and increase government focuses in boosting the installation of automated external defibrillators in public access places. However, frequent product recalls and issues related to implantable and automated defibrillators are some of the key challenges the leading players face in the global market.

By product, Implantable Cardioverter-Defibrillator (ICDs) segment is expected to account for the largest defibrillators market share in 2022

Based on product, the defibrillators market is broadly segmented into implantable cardioverter defibrillators (ICDs) and external defibrillators. The implantable cardioverter defibrillators (ICDs) segment is anticipated to capture the largest global defibrillators market share by product in 2022. Timely intervention using implantable defibrillators during cardiac emergencies is a key advantage offered by this programmed device. Moreover, growing approvals of technologically advanced implantable defibrillators and rising preference for subcutaneous ICDs are likely to support the growth of this segment during the forecast period.

By end-users, the hospitals, clinics, and cardiac centers segment is anticipated to dominate the defibrillator market in 2022

Based on end users, the defibrillators market is segmented into hospitals, clinics, and cardiac centers; public-access markets; pre-hospital care settings; home care settings; alternate care facilities; and other end users. The hospitals, clinics, and cardiac centers segment will dominate the global defibrillators market in 2022. The significant rise in hospitalization for critical cardiac conditions, the growing number of ICD and CRT-D implant procedures performed in hospitals & cardiac centers, and the rising prevalence of cardiac diseases among geriatric patients are the major factors boosting the demand for defibrillators among target end user segments during the study period.

North America to dominate the global defibrillator market

The defibrillators market is segmented based on the region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the defibrillators market. This can be attributed to the rapid adoption of technologically advanced defibrillators, favorable reimbursement policy, and the strong presence of defibrillator manufacturers with a strong focus on strengthening R&D through investments in new product development. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of a large target patient pool, government initiatives to modernize & expand healthcare infrastructure, and expansion of market players in the region.

Major players in the defibrillator market include Medtronic (Ireland), Stryker (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), MicroPort Scientific Corporation (China), Nihon Kohen Corporation (Japan).

Recent Developments:

In February 2023, Medtronic (Ireland) received the CE Mark for its implantable defibrillator system, Aurora EV-ICD MRI SureScan, and Epsila EV MRI SureScan for the management of irregular heart rhythm

In January 2022, Koninklijke Philips N.V. (Netherlands)acquired Cardiologs (France)to boost its cardiac diagnostic and monitoring product offerings

In May 2021, MicroPort Scientific Corporation (China) and Implicitly Inc. (US) entered into a distribution agreement to scale up Microport's cardiac rhythm product offerings

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