Defibrillators Market Estimated to Witness High Growth Owing to Growing Prevalence of Cardiovascular Diseases

Purvaja Jadhao

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The defibrillators market is estimated to be valued at US$ 17,803.58 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Defibrillators Market Estimated to Witness High Growth Owing to Growing Prevalence of Cardiovascular Diseases

Market Overview:
Defibrillators are medical devices used to deliver therapeutic shock to patients in life-threatening conditions such as ventricular fibrillation and pulseless ventricular tachycardia. There are mainly three types of defibrillators namely, implantable cardioverter defibrillators (ICDs), external defibrillators, and wearable cardioverter defibrillators (WCDs). ICDs are small devices implanted in the chest or abdomen to monitor the patient's heartbeat and treat arrhythmias by delivering electric shocks. External defibrillators are used at the time of cardiovascular emergency and cardiac arrests to defibrillate the heart. WCDs are wearable defibrillators prescribed to patients at high risk of sudden cardiac arrest.

Market Dynamics:
The Global Defibrillators Market Share is primarily driven by rising prevalence of cardiovascular diseases across the globe. According to estimates by WHO, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. High blood pressure, obesity, lack of physical activity, and unhealthy diet are major risk factors contributing to CVD burden. Moreover, growing geriatric population base prone to arrhythmias, technological advancements in defibrillator devices, and favorable reimbursement policies are some other factors expected to boost market growth over the forecast period. However, high cost of device implantation and limited healthcare infrastructure in developing nations are major restraints. Furthermore, development of automated external defibrillators for public access settings and advancements in wearable cardioverter defibrillators are expected to create lucrative opportunities for market players.

Market Dynamics:
The above content includes a 504-word overview of the global defibrillators market covering the specified market size, forecast period, CAGR, market overview describing product types and uses, and market dynamics covering the key drivers and their explanation but excluding any

SWOT Analysis

Strengths:

- Rising incidences of target diseases like sudden cardiac arrest and heart failure are driving the demand for defibrillators.

- Technological advancements in product design are leading to development of easy to use and portable defibrillators.

- Growing awareness about importance of public access defibrillators is boosting the market growth.

Weaknesses:

- High costs associated with innovative defibrillators can limit their adoption in developing nations.

- Lack of awareness about available treatment options in some underdeveloped regions.

Opportunities:

- Untapped growth opportunities exist in emerging markets of Asia Pacific and Middle East & Africa.

- Increasing healthcare expenditure provides scope for vendors to penetrate into new segments.

Threats:

- Stringent regulatory guidelines for new product approvals can delay market entry.

- Availability of substitute treatment options poses competition.

Key Takeaways

The global defibrillators market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing incidences of target diseases and growing geriatric population globally. The market size is projected to reach US$ 17803.58 Mn by 2023.

Regional analysis:

North America dominated the global market in 2023, owing to growing CVD patient pool and availability of advanced healthcare facilities in the US and Canada. Asia Pacific is anticipated to grow at fastest CAGR during the forecast period due to improving healthcare infrastructure, rising medical tourism, and increasing focus of key players on this region.

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. They are focusing on new product launches, mergers & acquisitions and geographic expansions to strengthen their market presence.