Defibrillator Market worth USD 13.98 billion by 2031, growing at a CAGR of 8.71% - Exclusive Report by SNS Insider

The global defibrillator market size was estimated at USD 7.07 billion in 2023 and is expected to reach USD 13.98 billion by 2031, registering a compound annual growth rate (CAGR) of 8.71% during the forecast period of 2024-2031, according to a new report by SNS Insider.

Report Scope
The comprehensive report provides an in-depth analysis of the defibrillator market, covering various segments including product types, end-users, and geographical regions. It offers insights into market trends, growth drivers, challenges, and opportunities. The study also encompasses a detailed competitive landscape, profiling key players and recent developments in the market.

Market Analysis
The robust growth of the defibrillator market is driven by an increasing incidence of cardiovascular diseases, advancements in defibrillator technology, and rising awareness about the importance of early defibrillation. Automated External Defibrillators (AEDs) and Wearable Cardioverter Defibrillators (WCDs) are expected to witness substantial demand due to their ease of use and effectiveness in emergency situations.

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List of Defibrillator Companies Profiled in Report:
• Abbott
• Asahi Kasei Corporation
• BIOTRONIK SE & Co. KG
• Boston Scientific Corporation
• Medtronic
• Metrax GmbH
• MicroPort Scientific Corporation
• Nihon Kohden Corporation
• Philips Healthcare
• Schiller AG
• Shenzhen Comen Medical Instruments Ltd.
• Stryker
• Zoll Medical Corporation

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Defibrillator Market Segmentation as Follows:

By Product
• Implantable Cardioverter Defibrillator {ICD}
• Transvenous ICD
• External Defibrillators

By Patient Type
• Adults
• Pediatric

By End User
• Hospital
• Pre Hospital
• Public Access Market
• Alternate Care Market
• Home Healthcare

Impact of the Russia-Ukraine Conflict
The ongoing conflict between Russia and Ukraine has had a notable impact on the defibrillator market. Disruptions in the supply chain, increased manufacturing costs, and economic sanctions have created challenges for market players. However, the rising demand for medical devices in war-torn regions has also presented opportunities for market growth, particularly in supplying life-saving equipment to affected areas.

The Impact of Economic Slowdown
The global economic slowdown has led to budget constraints in healthcare spending, affecting the purchasing decisions of hospitals and clinics. However, the critical nature of defibrillators in saving lives has ensured a steady demand despite economic challenges. Governments and non-profit organizations are increasingly investing in public access defibrillation programs, which is expected to bolster market growth.

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Regional Analysis
• North America: Dominates the market with the highest revenue share, driven by advanced healthcare infrastructure, high prevalence of cardiovascular diseases, and favorable government initiatives.
• Europe: Follows closely, with significant contributions from countries like Germany, the UK, and France. The region benefits from well-established healthcare systems and increasing adoption of advanced medical technologies.
• Asia-Pacific: Expected to register the highest CAGR during the forecast period. Rapid urbanization, improving healthcare infrastructure, and growing awareness about cardiac health are key factors driving growth in this region.
• Latin America and Middle East & Africa: These regions are witnessing steady growth, with increasing investments in healthcare and rising awareness about defibrillators.

Key Takeaways
• The global defibrillator market is expected to nearly double by 2031, reaching USD 13.98 billion.
• The rising incidence of cardiovascular diseases and the growing awareness about the importance of early defibrillation are driving market growth.
• Technological advancements in defibrillator devices, such as wearable and implantable defibrillators, are expanding the applications and improving patient outcomes.
• The increasing focus on public access defibrillation programs and the deployment of automated external defibrillators (AEDs) in public places are expected to fuel market growth.
• The market is highly competitive, with key players focusing on product innovation, strategic partnerships, and mergers and acquisitions.
• The Russia-Ukraine conflict and global economic slowdown present both challenges and opportunities.
• North America and Europe lead the market, while Asia-Pacific is the fastest-growing region.

Recent Developments
• In April 2023, Philips Healthcare introduced the HeartStart FR3 defibrillator, a compact and portable device designed for rapid response in emergency situations.
• In March 2023, Zoll Medical Corporation received FDA approval for its LifeVest Wearable Defibrillator, a novel device designed to protect patients at risk of sudden cardiac arrest.
• In February 2023, Medtronic plc announced the launch of the Cobalt XT defibrillator, featuring advanced sensing capabilities and improved battery longevity for patients with heart rhythm disorders.
• Recent product launches include more user-friendly and portable defibrillators, aiming to enhance public access and emergency response capabilities.
• Collaborations with governments and health organizations to expand defibrillator installations in public places are on the rise.

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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Defibrillator Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter's 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Defibrillator Market Segmentation, By Product
Chapter 9 Defibrillator Market Segmentation, By Patient Type
Chapter 10 Defibrillator Market Segmentation, By End User
Chapter 11 Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
Continued…

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This release was published on openPR.