Cardioverter Defibrillator Devices Market is expected to Grow at a CAGR of 4.6% to reach USD 12,520 million according to Meticulous Research®
The global cardioverter defibrillator devices market will grow at a CAGR of 4.6% from 2017 to 2022 to reach USD 12,520 million by 2022, according to the latest publication by Meticulous Research. The global cardioverter defibrillator devices market is driven by increasing incidence & prevalence of cardiovascular diseases in older as well as younger population; increasing sedentary lifestyle and obesity rate along with excessive consumption of tobacco, alcohol, and caffeinated products; rising aging population; and various technological advancements. However, lack of skilled professionals; and increasing incidence of defibrillator malfunction and product recalls offer a great challenge for the growth of cardioverter defibrillator devices market.
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Different Cardioverter Defibrillator Market Segments to Watch
The global cardioverter defibrillator devices market is mainly segmented by product, end-user, and geography. On the basis of product, this market is segmented into implantable cardioverter defibrillator and external cardioverter defibrillator. Implantable cardioverter defibrillator product segment is expected to hold the largest share in this market in 2018. It is also projected to continue its dominance during the forecast period due to rising adoption of permanent implantable cardioverter defibrillator for the prevention of sudden cardiac arrest and related deaths.
Implantable cardioverter defibrillators market is further sub-segmented into transvenous implantable cardioverter defibrillator and subcutaneous implantable cardioverter defibrillator. Transvenous implantable cardioverter defibrillators commanded the largest share in 2017, owing to their wide adoption worldwide due to their long presence in the market, antitachycardia pacing feature, and advancement in ventricular arrhythmias therapy. Transvenous implantable cardioverter defibrillators market is further segmented into single chamber cardioverter defibrillator, dual-chamber cardioverter defibrillator, and biventricular cardioverter defibrillators/ CRT-Ds. Biventricular cardioverter defibrillators segment is projected to dominate the transvenous implantable cardioverter defibrillators market during the forecast period because of increasing adoption of biventricular CRT-Ds over other ICDs due to a lowered side effect of ejection fraction, improved efficacy, and better outcomes. The segment also shows the fastest growth, as it has both the features of right ventricular defibrillator lead and a left ventricular pacing lead placed via the coronary sinus i.e. single and dual ICDs.
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Key questions answered in the report-
Which are the high growth market segments in terms of product type, end-user, and regions/countries?
What is the historical market for cardioverter defibrillator devices market across the globe?
What are the market forecasts and estimates from the period 2015-2022?
What are the major drivers, restrains, opportunities, and trends in the global cardioverter defibrillator devices market?
Who are the major players in the global cardioverter defibrillator devices market and what share of the market do they hold?
Who are the major players in various countries and what share of the market do they hold?
What are the competitive landscapes and who are the market leaders by sub-region in the global cardioverter defibrillator devices market?
What are the recent developments in the global cardioverter defibrillator devices market?
What are the different strategies adopted by the major players in the global cardioverter defibrillator devices market?
What are the geographical trends and high growth regions/ countries?
Who are the local emerging players in the global cardioverter defibrillator devices market and how do they compete with the global players?
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Automated external cardioverter defibrillators segment to witness rapid growth
External cardioverter defibrillators market is further sub-segmented into the manual external defibrillator, automated external defibrillator, and wearable external cardioverter defibrillator. Automated external cardioverter defibrillators segment held the largest share in 2017 and will also continue its dominance during the analysis period, owing to rising preference for these devices among pre-hospital settings, military, and small nursing care centers due to ease in operation and portability to offer the first line treatment within minutes of a critical cardiac emergency.
Hospitals to dominate the global cardioverter defibrillator devices market
On the basis of end-user, cardioverter defibrillator devices market is segmented into hospitals, ambulatory surgery centers, and others. Hospitals accounted for the largest share in the global cardioverter defibrillator devices market in 2016; primarily due to a large pool of patients including the population with cardiovascular diseases visiting the hospitals for diagnosis & treatment, owing to the wide presence, easy accessibility, and better healthcare facilities in hospitals.
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Regional Market Growth Trends
By geography, the market is segmented into five major geographies namely: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America accounted for largest share of global cardioverter defibrillator devices market, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia-Pacific region is slated to register the fastest growth during the forecast period, primarily due to the increasing population living with various chronic diseases due to rising urbanization, increasing the burden of patients with hypertension, rising inclination towards fast food, and changing lifestyle. In addition, rising public & private spending for the development of proper healthcare infrastructure, increasing aging population, rising focus of the key players to expand in emerging countries like China & India, and increasing affordability of the middle-class population in the region are further expected to indirectly support the growth of cardioverter defibrillator devices market in Asia-Pacific.
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Leading Companies and Competitive Landscape
The cardioverter defibrillator devices market is highly competitive and consolidated with the top three-four players holding the major share of the market. Medtronic PLC, Abbott Laboratories, and Boston Scientific Corporation are the key players in implantable cardioverter defibrillators market, whereas; Koninklijke Philips N.V., Cardiac Science Corporation, and Zoll Medical Corporation are leading the external defibrillators market.
The key players in the global cardioverter defibrillator devices market are Medtronic plc (Ireland), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK SE & Co. KG (Germany), and LivaNova PLC (U.K.), Stryker Corporation (U.S.), Koninklijke Philips N.V. (Netherlands), Nihon Kohden Corporation (Japan), Progetti srl (Italy), Fukuda Denshi Co. (Japan), Schiller AG (Switzerland), Cardiac Science corporation (U.S.), and Zoll medical corporation (U.S.).
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