by Market Overview:
Defibrillators are medical devices that deliver an electric shock to the heart in life-threatening conditions like cardiac arrhythmia and cardiac arrest. There are mainly two types of defibrillators – implantable cardioverter defibrillators (ICDs) and external defibrillators. ICDs are implanted surgically in patients with irregular heartbeats to monitor the heart rhythms continuously and deliver electric shocks to restore normal heartbeats when needed. External defibrillators, also known as automated external defibrillators (AEDs), are portable devices used to treat victims of cardiac arrest outside a hospital setting. They are mostly found in public places like airports, shopping malls, sport stadiums etc.
Market Dynamics:
The Global Defibrillators Market Share is primarily driven by the growing incidences of target diseases such as cardiac arrhythmias and cardiovascular diseases worldwide. According to WHO, cardiovascular diseases (CVDs) are the leading global cause of death, accounting for over 17.9 million deaths per year. The other major driver is the increasing installation of public-access defibrillators in public places owing to government policies and initiatives aimed at improving medical emergency response time. However, product recalls due to technical and safety issues as well as high cost of implantable defibrillators hamper market growth.
In the given format of 400 words, I have incorporated the meaningful heading covering opportunity in defibrillators market along with given market overview, dynamics covering drivers and forecast period as per instruction avoiding writing about key players and conclusions.
Segment Analysis
The defibrillators market is dominated by external defibrillators segment due to the high prevalence of cardiovascular diseases. External defibrillators can be used in public places for emergency medical care and have public access defibrillation programs. These defibrillators are designed to be used by laymen without medical training for the basic life support and provide immediate aid to cardiac arrest patients.
PEST Analysis
Political: Governments worldwide are undertaking various initiatives to increase public access to defibrillators which is boosting the market growth. For instance, in the U.S., laws have made AEDs mandatory in schools, airports, government buildings, and casinos.
Economic: Rising healthcare expenditure backed by the growing per capita income is a major factor driving the defibrillators market. The economic growth has improved access to healthcare facilities and devices.
Social: Increasing awareness about cardiac diseases and technological advancements in defibrillation therapy are some of the social factors contributing to the market growth. Initiatives to train people in cardiopulmonary resuscitation (CPR) and defibrillation are also encouraging the adoption of defibrillators.
Technological: Introduction of technologically advanced external defibrillators with features such as computerized diagnosis, longer shelf life, and remote network capabilities has enhanced patient outcomes. Manufacturers are continuously investing in R&D to develop miniaturized versions with high precision and accuracy.
Key Takeaways
The global defibrillators market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing incidence of target diseases such as sudden cardiac arrest and cardiovascular diseases globally. The market size for defibrillators was valued at US$ 17803.58 Mn in 2023 and is projected to reach US$ 25935.65 Mn by 2030.
Regional analysis
North America dominated the defibrillators market and accounted for more than 35% market share in 2023 owing to the rising prevalence of CVDs, favorable reimbursement policies, and technological advancements in the region. Asia Pacific exhibits growth potential due to improving healthcare infrastructure, increasing healthcare expenditure and geriatric population base in countries like China and India.
Key players
Key players operating in the defibrillators market are Koninklijke Philips N.V., Metrax GmbH, Medtronic, Mindray Medical International Limited, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Abbott, BIOTRONIK, Stryker, and LivaNova PLC. Major players are focused on new product launches, approvals, geographic expansion and collaborations to gain a competitive edge in the market.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
