Defibrillators Market Worth US $15,610 Million Globally By 2022 At 6.5% CAGR
Pune, Maharashtra, India, February 10 2021 (Wiredrelease) Allied Analytics –:A new report published by Allied Market Research, titled, Defibrillator Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $15,610 million by 2022, during the forecast period 2014-2022. North America would continue to lead, accounting for more than two-fifths share of the global defibrillator market in 2020.
“Defibrillators Market by Product (T-ICDs, S-ICDs, CRT-D, MED, AED, WCD) and End-User (Hospitals, Prehospital, Public Access, Alternate Care, Home) – Global Opportunity Analysis and Industry Forecasts, 2014 – 2022”
The transvenous-implantable cardioverter defibrillator (T-ICDs) segment accounted for about 95% of the overall ICD market in 2015, as these are the most commonly used ICD’s for the treatment of heart disorders for higher precision and targeted functioning. In addition, cardiac resynchronization therapy defibrillator (CRT-D) is the fastest growing segment and is projected to register a CAGR 5.0% during the forecast period. This is due to the growing demand of defibrillator that helps in restoring the heart back to a normal pace from faster heart rhythms and to prevent the heart rate to go below normal levels.
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The ability of the defibrillator device to diagnose early onset of ventricular tachycardia and ventricular defibrillation is expected to promote its demand. On the other hand, the life-saving potential of automated external defibrillators (AEDs) in addition to positive legislations for installation of public access defibrillators (PAD) has witnessed the remarkable growth in the defibrillator market.
Automated external defibrillator (AEDs) segment is projected to maintain its lead in the overall external defibrillators market due to its increasing installations at public or private places such as schools, work place, airports, sports arenas, government offices, and others. The growing demand of AEDs in the developed economies of North America and Europe have further boosted the market growth. Furthermore, wearable external defibrillator is anticipated to exhibit the highest growth, with a CAGR of 12.3% during the forecast period. This is owed to the advanced protection by these defibrillators for sudden cardiac arrest and increase in demand from home healthcare facilities.
The transvenous-implantable cardioverter defibrillator (T-ICDs) segment accounted for about 95% of the overall ICD market in 2015, as these are the most commonly used ICDs for the treatment of heart disorders for higher precision and targeted functioning. In addition, cardiac resynchronization therapy defibrillator (CRT-D) is the fastest growing segment and is projected to register a CAGR 5.0% during the forecast period. This is due to the growing demand of defibrillator that helps in restoring the heart back to a normal pace from faster heart rhythms and to prevent the heart rate to go below normal levels.
1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
North America accounted for the majority of revenue in 2015 and is expected to maintain its dominance throughout the forecast period. This is attributed to the increased adoption of advanced defibrillators, increased awareness about public access defibrillator, increased procedure volumes resulting from rapidly aging population, and increasing incidence of cardiovascular diseases and sudden cardiac arrest (SCA). Moreover, improvement in healthcare expenditure further boosts the sale of home care defibrillators such as wearable external defibrillators and automated external defibrillator (AEDs).
However, Asia-Pacific is projected to be the fastest growing region throughout the analysis period. Japan, being dominant in the Asia-Pacific especially in external defibrillator market, contributes solely for the AEDs market share. This is a result of awareness about the early prevention of sudden cardiac arrest. Also, improving healthcare infrastructures and increasing expenditures in the emerging markets (such as India and China) to overcome the unmet medical needs in these countries have bolstered 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 the study:
In 2015, T-ICDs led the overall implantable defibrillator market revenue, and is projected to grow at a CAGR of 4.9% during the forecast period.
Wearable external defibrillator segment is expected to grow at a remarkable CAGR of 12.3%, owing to the non-invasive nature and increased demand of home healthcare for the treatment of sudden cardiac arrest.
Fully-automated defibrillator segment is projected to grow at a CAGR of 9.9% during the analysis period.
The automated external defibrillator (AEDs) is projected to generate the largest revenue in the world external defibrillator market.
To know more about the report, visit the website at: https://www.alliedmarketresearch.com/defibrillator-market
Frontrunners in the industry-
The key players in the defibrillators market are focused on expanding their business operations in the fast-growing emerging countries with new product launches as a preferred strategy. The major players profiled in this report include ZOLL Medical Corporation (a subsidiary of Asahi Kasei Corporation), Stryker Corporation, Biotronik SE & Co. KG, Boston Scientific Corporation, LivaNova PLC, Medtronic plc, Koninklijke Philips N.V., Defibtech, LLC, St. Jude Medical, Inc., Nihon Kohden Corporation, and Cardiac Science Corporation.
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