Defibrillators are medical devices used to deliver therapeutic shock to patients in cardiac arrest. Various types of defibrillators available in the market include implantable cardioverter defibrillators (ICDs), automated external defibrillators (AEDs) and wearable defibrillators. ICDs are small, battery-powered medical devices that monitor heartbeat and deliver an electric shock to restore normal heart rhythm when an arrhythmia is detected. AEDs automatically analyze the heart rhythm and deliver an electric shock to restore normal heart rhythm. Wearable defibrillators are lightweight defibrillators worn by at-risk patients to prevent sudden cardiac arrest.
Market Overview:
The defibrillators market is driven by the rising prevalence of cardiovascular diseases and the growing geriatric population. As per the World Health Organization, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Older population is at a higher risk of developing heart diseases and requires continuous monitoring, thereby driving the adoption of defibrillators. Growing awareness about the importance of public access defibrillation is augmenting the demand for AEDs globally. Technological advancement leading to compact and easy to use AEDs is expanding their installation in public buildings, airports and other commercial spaces.
Market Key Trends:
The adoption of wireless technology in defibrillators is one of the key trends witnessed in the market. Wireless defibrillators eliminate the need for cable thereby improving portability during emergency situations. They also enable easy data transmission to monitoring devices. Growing popularity of wearable cardioverter defibrillators among at-risk patients is another trend. Unlike ICDs which are implanted surgically, wearable defibrillators are compact, lightweight devices that can be worn externally, reducing risks associated with invasive surgery. The availability of cost-effective generic defibrillator devices is expected to increase their adoption in low and middle-income countries.
Porter’s Analysis
Threat of new entrants: The Global Defibrillators Market Share requires investments in large manufacturing infrastructure and R&D which acts as a barrier for new entrants. Bargaining power of buyers: The fragmented nature of the market increases bargaining power of large volume buyers for price negotiation.
Bargaining power of suppliers: The key components in defibrillators such as ICs and displays are supplied by few specialized manufacturers increasing their bargaining power.
Threat of new substitutes: There are no viable alternatives to defibrillators for life threatening cardiac conditions increasing minimal threat from substitutes.
Competitive rivalry: The market has presence of numerous global and regional players with stiff competition based on product pricing and new product innovation.
Key Takeaways
The global defibrillators market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing prevalence of cardiovascular diseases. North America dominates the market currently owing to rising healthcare expenditure and presence of major players in the region.
The global defibrillators market size for 2023 is estimated to be US$ 17803.58 Mn. The market is expected to grow at a robust rate due to growing geriatric population and rising adoption of external defibrillators for out-of-hospital cardiac arrests.
Key players operating in the defibrillators market include 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 focusing on new product launches and geographical expansion to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it