Defibrillators Market is Estimated to Grow at a CAGR of 6.8% over the Forecast Period of 2024-2031 | Top Players Koninklijke Philips N.V., Metrax.

The Defibrillators Market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Defibrillators are medical devices used to deliver therapeutic shock to patients in cardiac arrest. They are used to detect and treat life threatening cardiac arrhythmias.

Market Dynamics:

The defibrillators market is expected to witness high growth owing to increasing prevalence of cardiovascular diseases and growing geriatric population which is more prone to heart diseases. According to World Health Organization, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Moreover, advancements in defibrillator technology such as development of affordable automated external defibrillators (AEDs) has increased their adoption in public places such as airports, malls, etc., thereby driving market growth.

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The following manufacturers are covered in this report:

Koninklijke Philips N.V., Metrax GmbH, Medtronic, Mindray Medical International Limited, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Abbott, BIOTRONIK, Stryker, LivaNova PLC, Asahi Kasei Corporation, MicroPort Scientific Corporation, Schiller AG, Bexen Cardio

Segment Analysis :

By Product Type: Implantable Cardioverter Defibrillators, External Defibrillators
By End User: Hospitals, Homecare Settings, Public Access Settings, Pre-hospital Care Settings, Others

Market Driver: Increasing incidence of cardiovascular
diseases driving the demand for defibrillators

Cardiovascular diseases have been on the rise globally due to factors like sedentary lifestyles, unhealthy dietary habits, increase in stress levels, smoking, and obesity. According to WHO, cardiovascular diseases are the number 1 cause of deaths globally, taking an estimated 17.9 million lives each year. The prevalence of conditions like coronary heart disease, stroke, heart failure etc. is increasing rapidly which is fueling the demand for defibrillators as these are often used for emergency treatment or prevention of cardiac arrests. Defibrillators help restore normal heart rhythm in patients experiencing life threatening cardiac arrhythmias through electrical shock therapy. With more people suffering from arrhythmias as a result of rising cardiovascular burden, the market for defibrillators is expected to witness strong growth.

Market Driver: Growing aging population and associated impact on cardiac health

The world population is aging at an alarming rate. According to WHO, the number of people aged 65 years and above is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050. Aging is a major risk factor for developing cardiovascular diseases. As the protective capacities of the heart and blood vessels reduce with age, elderly people are more susceptible to conditions like heart attacks and strokes. Defibrillators play a key role in managing arrhythmias in older patients and saving lives. With more people living longer, the geriatric population dependent on cardiac care devices is increasing. This demographic shift is anticipated to boost demand for defibrillators in the coming years.

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Market Restrain: High cost of sophisticated defibrillators

While defibrillators have emerged as a lifesaving technology, their high cost remains a major barrier restricting widespread adoption, especially in developing nations. Advanced external defibrillators equipped with features like ECG monitoring, defibrillation advisory functions can cost anywhere between $13,000 to $20,000. Similarly, implantable cardioverter defibrillators (ICDs) which have the most capabilities come with a hefty price tag of $30,000 - $50,000. The ongoing expenses associated with defibrillator replacements, device programming and maintenance add to the healthcare expenditure. This steep price point makes defibrillator therapy inaccessible to large sections of the population. Affordability challenges are a key restraint hampering the defibrillators industry growth.

Market Opportunity: Emerging economies with growing healthcare infrastructure

Developing countries in Asia Pacific and Latin America are poised to be lucrative markets for defibrillators in the future. With rapid economic development and rise in income levels, more people in emerging nations now have access to advanced cardiac care. Governments are ramping up health spending to strengthen basic healthcare facilities as well as introducing universal insurance schemes to lower treatment costs for citizens. The increasing availability of quality cardiac services and medical devices are raising awareness about managing cardiac conditions like sudden cardiac arrest. As healthcare infrastructure continues to develop, opportunities will open up for defibrillator manufacturers to tap into developing markets. Companies can focus on innovative financing options and affordable product designs to meet the requirements in price-sensitive emerging economies.

Market Trend: Innovation in portable defibrillator technologies

A key trend gaining momentum in the defibrillators industry is the shift towards compact, easy to use portable devices. Conventional automated external defibrillators (AEDs) though effective, require some basic training which limits their widespread access. However, newer generation AEDs are being created with simplified designs and self-advising properties. They provide audio and visual step-by-step guidance for lay rescuers during emergencies. Additionally, technologies like wearable cardioverter defibrillators are gaining interest as they allow for continuous monitoring of cardiac rhythms via small, lightweight defibrillators worn externally. Strategic partnerships between medtech companies and startups are enabling integration of remote monitoring capabilities as well. These innovative portable defibrillators are poised to transform out-of-hospital cardiac care by increasing accessibility to defibrillation therapy.

Market Geography:

➤North America (U.S., Canada, Mexico)
➤Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
➤Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
➤Latin America (Brazil, Argentina, Rest of LA)
➤Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Key Reasons to Purchase:

◈To gain insightful analyses of the market and have a comprehensive understanding of the Defibrillators Industry Analysis and Forecast 2024-2031" and its commercial landscape
◈Learn about the market strategies that are being adopted by your competitors and leading organizations
◈To understand the future outlook and prospects for Defibrillators market analysis and forecast 2024-2031.To assess the ◈growth of a specific region or country, economic, social, environmental, technological, and political factors have been carefully considered.
◈The section also provides readers with revenue and sales data for each region and country, gathered through comprehensive research.
◈The report provides a detailed overview of the business with both qualitative and quantitative information.
◈It provides scope and forecast of the global Defibrillators market based on various segments.

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Our Market Research Solution Provides You Answer to Below Mentioned Question:

✦Which are the driving factors responsible for the growth of market?
✦What are the new opportunities, by which market will grow in coming years?
✦What are the trends of this market?
✦Which are main factors responsible for new product launch?
✦How big is the global & regional market in terms of revenue, sales and production?
✦How far will the market grow in forecast period in terms of revenue, sales and production?
✦Which region is dominating the global market and what are the market shares of each region in the overall market in 2024?
✦How will each segment grow over the forecast period and how much revenue will these segments account for in 2031?

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