External Defibrillators Market to Reach $7,512 Million by 2023
Pune, Maharashtra, India, September 24 2020 (Wiredrelease) Allied Analytics –:External Defibrillators Market report, published by Allied Market Research, forecasts that the global External Defibrillators Market was valued at $4,345 million in 2016 and is expected to garner $7,512 million by 2023, registering a CAGR of 7.8% during the forecast period 2017 – 2023. Automated External defibrillators (AEDs) segment accounted for more than five-sevenths share of the global market in 2016.
External defibrillators are devices used to deliver therapeutic shock to a patients heart in life-threatening conditions such as ventricular fibrillation, cardiac arrhythmia, and pulseless ventricular tachycardia. The major factors that boost the market growth include technological advancements such as advent of automated external defibrillators (AEDs) for public access places, rise in incidence of sudden cardiac arrest, and growth in awareness toward public access defibrillators worldwide. Moreover, improving healthcare attractiveness is anticipated to boost the sale of home care defibrillators such as wearable external defibrillators and automated external defibrillator (AEDs). The ability of the defibrillator device to diagnose early onset of ventricular tachycardia and ventricular defibrillation is expected to promote their demand. Nevertheless, cost-effectiveness, safety, high accessibility, and clinical value in preliminary treatment of sudden cardiac arrest strengthen the technological advancements in the defibrillators market. However, lack of awareness toward the availability of external defibrillator to prevent sudden cardiac arrest (SCA) and safety concerns related to automated external defibrillators are projected to hamper the market growth.
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Automated external defibrillator segment dominated the global market in 2016, in terms of value and volume both, and is expected to maintain this trend throughout the analysis period. This is primarily because of the increase in installations at public places such as schools, work place, airports, sports arenas, government offices, and other public or private places, where large people with high risk of heart attack gather. The growth in demand for AEDs in the developed economies such as North America and Europe further boost the market growth.
Wearable cardioverter defibrillator (WCDs) is poised to grow at the fastest rate during the forecast period owing to the non-invasive nature and increased demand of home healthcare for the treatment of sudden cardiac arrest. Wearable external defibrillator segment is expected to grow at a remarkable CAGR of 11.3% from 2017-2023.
However, Asia-Pacific is projected to be the fastest growing region throughout the analysis period. Japan being the leader in the Asia-Pacific external defibrillator market, where the country contributes solely for the AEDs market share. This is mainly due to the rise in awareness regarding the early prevention of sudden cardiac arrest. Also, improvement in healthcare infrastructures and rise in expenditures in the emerging markets (such as India and China) to overcome the unmet medical needs in these countries boost the market growth. Technological advancements for cost-effective devices in these nations offer a lucrative opportunity for the defibrillator market growth.
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Key Findings of External Defibrillators Market:
In 2016, automated external defibrillators (AEDs) led the overall external defibrillator market revenue, and is projected to grow at a CAGR of 7.8% during the forecast period.
The AEDs segment occupied the highest share in 2016, and is expected to grow at a CAGR of 12.8%, in terms of volume.
North America was the leading consumer of external defibrillators in 2016, both in terms of value and volume, followed by Europe.
Japan is expected to lead market in the Asia-Pacific region in 2016, growing at a CAGR 8.9% from 2017-2023.
Key players operating in the market include Nihon Kohden Corporation, Cardiac Science Corporation, Philips Healthcare, HeartSine Technologies LLC., ZOLL Medical Corporation, Mindray Medical International Limited, Defibtech, Llc, Physio-Control, Inc., GE Healthcare, and Schiller Ag.
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