Defibrillators are medical devices used to deliver therapeutic shocks to patients suffering from life-threatening cardiac arrhythmias. The devices help revive the normal rhythm of the heart through defibrillation, which involves delivering a calculated electric shock to the heart. There are different types of defibrillators available in the market including implantable cardioverter defibrillators (ICDs), external defibrillators and wearable defibrillators. ICDs are small devices placed inside the body to monitor the heart rhythm continuously and deliver shocks when needed. External defibrillators do not need to be implanted and are commonly found in public places like airports and malls. Wearable defibrillators allow monitoring of the heart outside the hospital. Growing incidence of target diseases and technological advancements in defibrillator devices are fueling the defibrillators market growth. The Global Defibrillators Market is estimated to be valued at US$ 16,843.5 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Key Takeaways
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.
The rising prevalence of target diseases like sudden cardiac arrest and technological advancements in defibrillator devices open up new opportunities for market players. Technological advancements include the development of wearable defibrillators, development of defibrillator pads that reduce discomfort during shock delivery.
Advancements in data monitoring capabilities of defibrillators allow continuous remote monitoring of patients and improved identification of arrhythmias. The development of implantable devices with extended battery lives increases patient comfort and compliance.
Market Drivers
Growing prevalence of target cardiac conditions globally acts as a key driver for the defibrillators market. According to WHO, cardiovascular diseases are the leading causes of deaths globally, taking an estimated 17.9 million lives each year. Therefore, increasing incidence of cardiac conditions fuels the demand for defibrillators.
Favorable regulatory environment and reimbursement schemes further support the market growth. Regulatory bodies are approving new advanced defibrillator devices expediting their commercialization. Reimbursement programs make lifesaving defibrillators accessible to patients.
Current challenges in Defibrillators Market:
The defibrillators market is facing challenges such as lack of public awareness about defibrillation as a lifesaving technique and lack of sufficient skilled personnel for operating defibrillators. The prevalence of cardiac diseases is increasing at an alarming rate globally however public knowledge about defibrillators is still quite low. Many lives could be saved if people trained themselves to use defibrillators available in public places on victims of sudden cardiac arrest. The other challenge is shortage of trained staff to operate sophisticated defibrillators available in hospitals. More training programs need to be conducted to increase the number of professionals certified to use both automatic external defibrillators as well as implantable cardioverter defibrillators to save lives.
SWOT Analysis
Strength: Advancements in technology have made defibrillators smaller, lighter and more effective. Defibrillators available today can detect arrhythmias accurately and deliver therapy accordingly without human intervention. Weakness: High costs associated with advanced defibrillators restricts their widespread adoption. Lack of reimbursement policies further impedes the market growth. Opportunity: Growing geriatric population worldwide prone to heart diseases creates demand. Favorable government policies to install AEDs in public places will boost market growth. Threats: Presence of alternative treatment options like cardiac ablation and drug therapy limits sole reliance on defibrillators.
Geographical regions with concentration in terms of value:
North America dominates the global defibrillators market due to rising prevalence of target diseases, fast uptake of new technologies due to higher consumer awareness and spending on healthcare. Within North America, the U.S. accounts for the major market share owing to continued product innovation and strong distribution network of market leaders. Europe holds the second largest market globally with growing demand for advanced external defibrillators and implantables across major countries like Germany, U.K and France.
Fastest growing geographical region:
Asia Pacific region is poised to exhibit fastest growth during the forecast period in the global defibrillators market backed by increasing healthcare expenditures, large patient population susceptible to target diseases, growing medical tourism industry and rising awareness. Emerging economies of India and China with their rapidly developing healthcare infrastructure and insurance coverage will drive the APAC market growth significantly in the coming years.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it