by The global automated CPR devices market is estimated to be valued at US$127.6 Million In 2023 and is expected to exhibit a CAGR of 11.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automated CPR devices are medical devices that provide automated chest compressions to patients in cardiac arrest. These devices are designed to deliver consistent and effective chest compressions, reducing the risk of human error and improving the chances of survival. The need for automated CPR devices is driven by the rising incidence of cardiac arrest cases and the growing demand for efficient and reliable emergency medical care. These devices are increasingly being adopted by hospitals, emergency medical services, and pre-hospital care providers to improve the quality of CPR and increase the chances of successful resuscitation.
Market Key Trends:
One key trend in the automated CPR devices market is the integration of advanced technologies. Manufacturers are incorporating advanced features such as real-time feedback systems, adjustable compression depth, and automated feedback on compression quality to enhance the performance and usability of these devices. These technological advancements help in improving the accuracy and effectiveness of chest compressions, leading to improved patient outcomes. Additionally, the integration of wireless connectivity and data monitoring capabilities allows healthcare professionals to remotely monitor and track the performance of automated CPR devices, enabling better management of cardiac arrest cases. This trend towards advanced technologies is expected to drive market growth and innovation in the coming years.
Porter’s Analysis
Threat of new entrants: The Automated CPR Devices Market presents a moderate threat of new entrants. While the industry has moderate barriers to entry due to the need for significant investment in research and development, manufacturing facilities, and regulatory compliance, the high profitability and growth potential of the market could attract new players.
Bargaining power of buyers: The bargaining power of buyers in the automated CPR devices market is relatively low. The limited number of suppliers and the essential nature of these devices give the buyers less negotiating power. Additionally, the high costs associated with switching suppliers further reduce the buying power.
Bargaining power of suppliers: Suppliers in the automated CPR devices market have moderate bargaining power. The market is dominated by a few key players who have established supply chains and distribution networks. However, advancements in technology and increasing competition could potentially reduce the suppliers’ power in the future.
Threat of new substitutes: The threat of new substitutes in the automated CPR devices market is relatively low. Currently, there are limited alternatives to automated CPR devices that can provide effective and timely cardiopulmonary resuscitation. The life-saving nature of these devices makes them indispensable in emergency medical services.
Competitive rivalry: The competitive rivalry in the automated CPR devices market is intense. Key players are continually striving to gain a competitive edge through product innovation, partnerships, and mergers and acquisitions. The market is characterized by strong competition among the major players, driving technological advancements and product enhancements.
Key Takeaways
The global automated CPR devices market is expected to witness high growth, exhibiting a CAGR of 11.5% over the forecast period of 2023-2030. This growth can be attributed to the increasing prevalence of cardiac emergencies and a growing emphasis on improving emergency medical services. The market is driven by factors such as the rising geriatric population, increasing awareness about the importance of immediate cardiopulmonary resuscitation, and advancements in automated CPR device technology.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the automated CPR devices market. The region’s dominance can be attributed to the presence of well-established healthcare infrastructure, high healthcare expenditure, and a strong emphasis on technological advancements. Additionally, increased government initiatives to improve emergency medical services and a higher adoption rate of advanced medical devices further contribute to the market growth in North America.
Key players operating in the automated CPR devices market include ZOLL Medical Corporation, Stryker, Brunswick MedTech, Michigan Instruments, SunLife Sciences Pvt Ltd., CPR Medical Devices, Inc., Medtronic, Faith Group, Nihon Kohden Corporation, and SCHILLER Americas Inc. These key players focus on strategic collaborations, product launches, and mergers and acquisitions to strengthen their market position and expand their product portfolios. They invest heavily in research and development activities to stay ahead of the competition and fulfill the evolving needs of healthcare professionals and patients.
In conclusion, the automated CPR devices market is poised for significant growth in the coming years. Increasing awareness about the importance of immediate cardiopulmonary resuscitation, technological advancements, and supportive government initiatives are expected to drive the market’s growth. The key players in the market are well-positioned to capitalize on this growth by strategically expanding their product offerings and enhancing their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
