Defibrillators Market was valued at US$ 11.8 million in 2015 and is projected to expand at a CAGR of 6.0% during the forecast period 2024
Defibrillators are life-saving devices that are designed to provide permanent relief from the symptoms of life-threatening heart attacks or rhythms. Defibrillators, also called electrocardiograph (ECG) monitors, are electronic devices that generate a mild electric shock by passing an electrical pulse through a patient’s body via the heart or the fingers. This shock disrupts the conductive heart muscle and permanently disables it. Once the abnormal heart rhythm is interrupted, the patient’s heart has ample time to recover before it beats again. The defibrillators prevent this from happening by supplying adequate electrical stimulation to the heart to interrupt the abnormal heart rhythm before it causes further damage.
The global defibrillators market is expected to expand at a CAGR of 6.0% during the forecast period (2016-2024). According to W.H.O, 17.5 million people die each year from cardiovascular disease, an estimated 31% of all deaths worldwide, which in turn is expected to favor the growth of the defibrillators market in the near future
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Major players are: Medtronic, St. Jude Medical, Koninklijke Philips N.V., Schiller, Cardioline SpA, Metrax GmbH (Primedic), Inovytec, Mindray DS USA, Inc., Medical Information Technology, Inc., and Bexen Cardio.
In 2015, the U.S. FDA approved wearable defibrillators for children at risk of sudden cardiac arrest. According to Sudden Cardiac Arrest Foundation, in the state of Minnesota from 1993 to 2012, the incidence for high school athletes suffered from cardiac death was .24 per 100,000. According to American Heart Association, in 2011, around 326,200 people in the U.S. experienced cardiac arrests at home or at the workplace. Only around 10% among them were successfully revived by emergency medical services. Companies are focused on product advancement regarding the lead time of device replacement. According to the U.S. FDA, there have been incidents reported in the past, wherein the patient is unable to get the three months lead time for battery replacement. St. Jude Medical has reported that in certain cases, the entire battery can get drained within a day just after an elective replacement indicator (ERI), which can prove to be fatal.
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The growing prevalence of cardiac disorders and rising awareness regarding the importance of good cardiac health is propelling growth of the defibrillators market. According to the World Health Organization, more than four out of five CVD deaths are due to heart attacks and strokes, and one-third of these deaths occur prematurely in people under 70 years of age. Moreover, advancement in the defibrillators device is again augmenting growth of the market. For instance, in September 2019, Mindray launches new automated external defibrillator BeneHeart C Series automated external defibrillator (AED) with smarter operations and faster shock delivery to achieve better resuscitation outcomes for sudden cardiac arrest (SCA).
North America is expected to witness significant growth over the forecast period and this is attributed to the fact that the government is taking up initiatives to improve public access to defibrillators. According to American Heart Association, every year around 20,000 lives are saved due to the availability of defibrillators publicly.
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