Global Defibrillators Market Is Estimated To Witness High Growth Owing To Increasing Incidence of Cardiovascular Diseases & Technological Advancements

The global Defibrillators Market is estimated to be valued at USD 16,843.5 million in 2022 and is expected to exhibit a CAGR of 5.7% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

Defibrillators are lifesaving medical devices used to restore normal heart rhythm by delivering an electric shock to the heart when it is experiencing a life-threatening arrhythmia. They are crucial in preventing sudden cardiac arrest and are commonly used in hospitals, ambulances, and other healthcare settings. The market for defibrillators includes various types such as implantable cardioverter defibrillators (ICD), external defibrillators, and wearable cardioverter defibrillators (WCD).

B) Market Dynamics:

The global defibrillators market is driven by two main factors: the increasing incidence of cardiovascular diseases and technological advancements in defibrillator devices.

1. Increasing Incidence of Cardiovascular Diseases:

Cardiovascular diseases (CVDs) such as coronary artery disease, heart failure, and cardiac arrhythmias are the leading causes of death globally. According to the World Health Organization, CVDs are responsible for approximately 17.9 million deaths each year. The growing prevalence of these diseases is fueling the demand for defibrillators as an essential tool for managing cardiac emergencies.

2. Technological Advancements:

The market for defibrillators is witnessing significant technological advancements, leading to improved device performance and patient outcomes. Advanced features such as automated external defibrillators (AEDs) with voice prompts and CPR feedback, wireless connectivity for remote monitoring, and miniaturized implantable devices are enhancing the ease of use and effectiveness of defibrillators. These advancements are driving the adoption of defibrillators in both healthcare settings and public places.

C) Market Key Trends:

One key trend in the Defibrillators Market is the rising adoption of wearable cardioverter defibrillators (WCDs). WCDs are non-invasive devices that can monitor heart rhythm and deliver a shock if necessary. Unlike implantable defibrillators, WCDs can be worn by patients who are at high risk of sudden cardiac arrest but do not yet meet the criteria for an implantable device. This trend is particularly significant in patients with certain temporary conditions, such as recent myocardial infarction or cardiac surgery.

D) SWOT Analysis:

Strength:

1. Technological advancements in defibrillator devices.

2. Increasing adoption of automated external defibrillators (AEDs).

Weakness:

1. High cost of defibrillator devices.

2. Lack of awareness about sudden cardiac arrest and defibrillator usage among the general population.

Opportunity:

1. Emerging markets in developing countries.

2. Increasing focus on public access defibrillation programs.

Threats:

1. Stringent regulations governing the approval and commercialization of medical devices.

2. Competition from alternative treatment modalities such as medication and cardiac surgeries.

E) Key Takeaways:

- The global defibrillators market is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period, due to increasing incidence of cardiovascular diseases and technological advancements in defibrillator devices.

- North America is expected to dominate the market due to the presence of a well-established healthcare infrastructure and a high prevalence of cardiovascular diseases.

- Key players operating in the global 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.

In conclusion, the global defibrillators market is driven by the increasing incidence of cardiovascular diseases and technological advancements in defibrillator devices. The market is witnessing a rising trend towards the adoption of wearable cardioverter defibrillators, and opportunities exist in emerging markets and public access defibrillation programs.