Defibrillators Market to Surpass US$ 21.2 Billion by 2024

The Global Defibrillators Market was valued at US$ 11.8 million in 2015 and is projected to expand at a CAGR of 6.0% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Rise in number of deaths related to cardiovascular on the backdrop of rise in prevalence of sudden cardiac arrest (SCA) among all the cardiovascular disorders is expected to be a major factor to support the defibrillators market over the forecast period.

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In 2015, the U.S. FDA approved wearable defibrillator for children at risk of sudden cardiac arrest. According to Sudden Cardiac Arrest Foundation, in the state of Minnesota from 1993 to 2012, the incidence for the high school athletes suffered from cardiac death was .24 per 100,000. According to American Heart Association, in 2011, around 326,200 people in the U.S. experienced cardiac arrests at home or at workplace. Only around 10% among them were successfully revived by emergency medical services. Companies are focused towards product advancement regarding the lead time of device replacement. According to the U.S. FDA there have been incidents reported in the past, wherein the patient is unable to get the three months lead time for battery replacement. St. Jude Medical has reported that in certain cases, the entire battery can get drained within a day just after an elective replacement indicator (ERI), which can prove to be fatal.

Companies are inclined towards developing latest technologies that can be used for homecare settings as well as for other end users such as hospitals and emergency medical services. In 2013, Philips introduced three new products namely HeartStart FRx, HeartStart HS1 Home, and HeartStart HS1 OnSite. These automated external defibrillators are used for cardiac arrhythmia management. The devices are pre-installed in first-aid carrying case, along with battery and pads that are easy to use during a medical emergency.

Major players are focused towards improving quality of the device, which would have a longer life and better performance. This highly consolidated market is characterized by extensive R&D activities culminating in development of advanced devices. This is mainly attributed to major players accounting for well over 50% share of the market.

The market for implantable cardioverter defibrillator is expected to grow significantly over the forecast period. For instance, Medtronic's Attain Performa Quadripolar Lead and VivaQuad XT CRT-D system are new advanced products. The introduction of quadripolar lead devices is the promising advancement in the field of defibrillators, which in turn would allow more programming operations in pacing and overcoming other issues such as cardiac resynchronization therapy defibrillator (CRT-D). One of the major factors favoring growth of the defibrillators market is rise in consumption of tobacco and increasing number of smokers. According to W.H.O, in 2015, over 1.1 billion people smoked tobacco, with low- and middle-income countries accounting for around 80% share. Thus, these regions are highly lucrative, yet largely untapped markets, which would provide significant growth potential in the near future.

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Key takeaways of the market:

The global defibrillators market is expected to expand at a CAGR of 6.0% during the forecast period (2016–2024). According to W.H.O, 17.5 million people die each year from cardiovascular disease, an estimated 31% of all deaths worldwide, which in turn is expected to favor the growth of defibrillators market in the near future

The single chamber implantable cardioverter defibrillator segment in the global defibrillators market was estimated to be the largest in 2015 and is expected to dominate the market throughout the forecast period in terms of value. This is owing to high adoption rate for implantable devices. According to W.H.O, there were around 350,000 devices remain actively implanted globally in 2015.

In terms of product type, the wearable cardioverter segment is expected to expand at a significant CAGR of 7.5% during the forecast period. This is expected to support the market on the backdrop of increase in global wearable device market due to the cost-effectiveness and ease in use of the devices.

The global defibrillators market is characterized by strategic research and development and advancements in the devices, for instance, the Medtronic EV-ICD System, which currently in process of development and not out in the market yet is a novel advancement in the ICD therapy. The company claims that the extravascular placement of the leads and wires is expected to provide same benefits as the implantable devices.

Some of the major players are Medtronic, St. Jude Medical, Koninklijke Philips N.V., Schiller, Cardioline SpA, Metrax GmbH (Primedic), Inovytec, Mindray DS USA, Inc., Medical Information Technology, Inc. and Bexen Cardio

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This release was published on openPR.