The defibrillators market comprises devices that deliver an electric shock to restore normal heart rhythm in patients experiencing cardiac arrhythmias like ventricular fibrillation and pulseless ventricular tachycardia. Defibrillators are vital lifesaving devices used in out-of-hospital and in-hospital cardiac care. Automated external defibrillators (AEDs) are designed for public access use and can deliver a shock without any training. Implantable cardioverter defibrillators (ICDs) are surgically implanted under the skin to continuously monitor heart rhythms and deliver electric shocks when an abnormal rhythm is detected. 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., Medtronic, Boston Scientific Corporation, BIOTRONIK, Stryker, and LivaNova PLC. These players are focusing on developing miniaturized and portable defibrillators to expand access and use.
The increasing focus on public access defibrillation programs worldwide presents major opportunities for defibrillator manufacturers and distributors. Regulatory approvals for home-use external defibrillators will further drive market growth.
Miniaturization of components and batteries through advancement in electronics and material science has enabled the development of smaller, lightweight defibrillators that can be easily transported. Connected defibrillators with telemedicine capabilities are also gaining popularity.
Market Drivers
The growing prevalence of target cardiovascular conditions globally is a major factor driving the defibrillators market. According to WHO, cardiovascular diseases accounted for over 17 million deaths in 2015 and are projected to remain the leading cause of death globally by 2030. The increasing installation of public access AEDs in public venues, corporates, airports and other locations is boosting the adoption of defibrillators. Favorable reimbursement policies for defibrillator implantation procedures and devices especially in developed countries supports their uptake. Technological advancements enabling the development of compact automated external defibrillators are further expanding the market.
Current Challenges in Defibrillators Market
The defibrillators market is facing various challenges currently which need to be addressed. One of the major challenges is declining reimbursement rates. With increasing healthcare expenditure, governments and private payers are pushing for lower reimbursement rates to balance costs. This negatively impacts sales of expensive defibrillators. Another challenge is lack of awareness about sudden cardiac arrest and availability of defibrillators among general public. Most people are unaware of how to use defibrillators in emergencies. More education initiatives are needed to address this issue. Complex regulatory requirements for new product approval also delays market entry of innovative products. Stringent clinical trials are mandated which increases costs and time for manufacturers.
SWOT Analysis
Strength: The defibrillators market has strong presence of leading players with extensive R&D capabilities. This ensures continuous product innovations coming into the market.
Weakness: High costs associated with defibrillators restricts adoption in low resource settings. Lack of reimbursement coverage especially in developing nations is also a weakness.
Opportunity: Rising incidence of target diseases like cardiac arrest presents significant growth opportunities. Development of low cost defibrillator technologies can help expand markets in price sensitive regions.
Threats: Stringent regulatory norms delays product approvals and increases compliance costs for manufacturers. Changing reimbursement policies also poses threats due to pricing pressures.
Geographical Regions
North America currently accounts for the largest share in the defibrillators market in terms of value. This is attributed to factors like growing elderly population, high incidence of target diseases, availability of advanced healthcare facilities and favorable reimbursement structure. Asia Pacific is projected to be the fastest growing regional market during the forecast period. This is contributed by rising healthcare spending, increasing focus on treatment of cardiac disorders, growing medical tourism and large untapped patient pool.
The defibrillators market in China, India and other Southeast Asian countries is expected witness highest CAGR between 2023 to 2030. Availability of low cost generic defibrillator devices as well as policy support for universal healthcare are driving market growth in emerging Asian countries. Increased investments by foreign players to tap opportunities will further propel regional market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
