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Defibrillator Market Is Anticipated To Reach Up To USD 29.3 Billion In 2031 | Medtronic , Stryker Corporation , Koninklijke Philips N.V

12-13-2023 05:40 AM CET | Health & Medicine

Press release from: Global Insight Services

The 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.

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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.

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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The increasing geriatric population across the globe is another key factor contributing to the rising prevalence of CVD, as aging is associated with progressive deterioration in the structure and function of the heart and acts as a catalyst in the development of chronic diseases. So, with the growth in the geriatric population across the world, the incidence of heart diseases is expected to rise.

Market Restraints and Challenges

The key factor hindering the market growth is the issue related to the use of implantable and automated external defibrillators. AEDs installed in public places are sometimes prone to failure owing to problems related to the battery, software, and hardware. Failure to perform defibrillation may result in delayed treatment or even death. Over the years, a number of defibrillators have been recalled owing to technical errors in the functioning of the device with respect to shock delivery, electrical issues coupled with hardware configuration. These defects may lead to undesirable product performance and even the death of the patient in some cases. In 2018, the FDA, in conjunction with Philips, issued a recall notice for various models of the HeartStart MRx Defibrillator. The recall was caused by a defect in the gas discharge tube (GDT), which could lead to the malfunction of the defibrillator. In 2021, Medtronic recalled the Evera, Viva, Brava, Claria, Amplia, Compia, and Visa ICDs and CRT-Ds due to the short battery life associated with these devices.

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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COVID-19 Impact

The COVID-19 pandemic adversely affected the economy in 2020 and presented various challenges to clinical healthcare providers and patients across the world. Logistical issues, managing patients with the disease, prioritizing patients with comorbidities & pre-existing conditions, and further protecting the public & hospital frontline workers from COVID-19 are major challenges healthcare systems face across the world. The pandemic has also impacted the buying capacity of hospitals, majorly small-scale hospitals, resulting in canceled or postponed supply deals, which has impacted the overall revenue of all the major players in the defibrillators market. Also, owing to lockdowns, many people lost their jobs and livelihood, which, in turn, affected the buying pattern of patients considerably. Arrhythmias were observed in many COVID patients, but in-hospital defibrillator facilities helped save their lives. Owing to the virus outbreak, many surgical procedures were canceled or postponed, depending on the criticality of the patient. This resulted in losses for companies. COVID-19 also impacted various stages of the value chain, primarily due to strict lockdowns imposed by the governments of most countries. The turnaround time for the delivery of products and services was also affected owing to newer packaging protocols and lockdown measures imposed by countries. All these factors negatively impacted the manufacturing and supply chain of the defibrillators market.

Market Segments

By Type

Implantable Cardioverter Defibrillator
Transvenous Implantable Cardioverter Defibrillators
Subcutaneous Implantable Cardioverter Defibrillators
External Defibrillators
Manual & Semi-automated External Defibrillators
Fully Automated External Defibrillators
Wearable Cardioverter Defibrillators

By Patient Type

Adult
Pediatric

By End User

Hospitals, Clinics and Cardiac centers
Pre-hospital care settings
Public access markets
Home care settings
Alternate care facilities
Other

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10-year forecast to help you make strategic decisions
In-depth segmentation which can be customized as per your requirements
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About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

Contact Us:

Global Insight Services LLC
16192, Coastal Highway, Lewes DE 19958
E-mail: info@globalinsightservices.com
Phone: +1-833-761-1700
Website: https://www.globalinsightservices.com/

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