Why is Installation of Automated External Defibrillators Increasing in Public Places?
According to a research conducted by P&S Intelligence, the global automated external defibrillator (AED) market is projected to generate a revenue of $3,991.5 million by 2030, from $1,476.0 million, advancing at an 8.8% CAGR during the forecast period (2020–2030). The increasing geriatric population, rising number of strategic developments among major players, growing incidence of cardiac diseases, and advancements in AED technology are the key factors leading to the growth of the market. The market is categorized into fully automatic and semi-automatic, when technology is taken into consideration.
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North America dominated the automated external defibrillator (AED) market in the past and is further projected to account for 60.8% share of the market during the forecast period. The enhanced healthcare infrastructure, increasing geriatric population, and presence of major players are driving the regional market. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to the increasing improvements in the healthcare infrastructure and growing focus of market players on expanding business in emerging economies, including India and China.
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The rapidly rising geriatric population is also leading to the growth of the automated external defibrillator (AED) market. After Japan and China, the U.S. has the third-fastest growing aging population. As per the 2018 Population Reference Bureau report, the number of Americans aged 65 years and above is predicted to rise two-fold, i.e. to more than 98 million by 2060 from 46 million in 2014. Elderly people are more prone to chronic diseases, primarily cardiovascular diseases, owing to which, the demand for AEDs is growing.
A major trend being witnessed in the AED market is the rising focus on installing AEDs in public spaces. The awareness regarding the life-saving potential of AEDs in emergency situations is increasing, owing to which, they are widely being deployed in public places, such as schools and colleges, railway stations, shopping centers, malls, airports, and leisure centers. Since these devices can be utilized by anyone in case of emergencies, they are also called public access defibrillators.