North America Defibrillators Market to Grow Steadily During 2018–2023
With technological advancements, surging aging population, growing prevalence of cardiac diseases, and increasing demand for automated external defibrillators (AED), the North American defibrillators market is expected to grow considerably. The market generated a revenue of $6.1 billion in 2017 and is predicted to advance at a CAGR of 4.9% during the forecast period (2018–2023). Defibrillators are medical devices used for administering an electric shock to bring back the normal cardiac rhythm in people suffering from cardiac arrest or arrythmias.
Based on product, the North American defibrillators market is divided into external and implantable cardioverter defibrillators (ICDs). In 2017, the ICD division registered more than 55.0% revenue share in the market and is predicted to dominate it during the 2018–2023 period as well. This can be ascribed to the increasing incidents of sudden cardiac arrest (SCA), development of technologically-improved ICDs, and rising adoption of cardiac resynchronization therapy defibrillators (CRT-D) and subcutaneous ICDs (S-ICD).
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Technological advancements are one of the key factors driving the North American defibrillators market. For instance, S-ICDs are less complicated and reduce the risk associated with conventional ICDs, such as chances of vascular obstruction, cardiac perforation, thrombosis, and infection due to conventional ICD wiring. These benefits of S-ICDs have accelerated their adoption in the region, thereby driving the market growth.
Therefore, with technological advancements in defibrillators, the market is expected to flourish during the 2018–2023 period.