Automated CPR Devices Market Size Worth US$ 196.0 Million | 11.3% CAGR By 2027
Future Market Insights (FMI) announces the release of its latest outlook titled, “Automated CPR Devices Market: Global Industry Analysis (2012–2016) and Opportunity Assessment (2017–2027)”. According to the report, the global automated CPR devices market was valued at US$ 60.0 Mn in 2016 and is anticipated to reach US$ 191.2 Mn by 2027, registering a compound annual growth rate (CAGR) of 11.3% throughout the 10 year forecast period.
Market Drivers and Restraints
The global automated CPR devices market is largely driven by a growing demand from emergency medical services and a rising need for technologically advanced EMS. An increasing public awareness of cardiac arrest and increasing training programmes is also positively influencing revenue growth of the automated CPR devices market. Also, increasing government funding and grants encouraging the use of automated CPR devices in order to improve survival rates of cardiac arrest victims coupled with a rapidly increasing geriatric population across the globe owing to the impact of reducing mortality rates and declining fertility rates has also widened the scope for automated CPR device manufacturers.
Conversely, high cost of automated CPR devices, the substantial weight of the device and high training requirements are some minor restraints in the global automated CPR devices market. Additionally, conflicting results from observational studies regarding the use of automated CPR devices is also hampering the growth of the automated CPR devices market. While some observational studies have confirmed that the application of automated CPR devices can immediately improve hemodynamic effect and perfusion, some studies show less or no impact from the use of such devices.
Unmet clinical needs are expected to offer favourable growth opportunities in the near future. Increasing demand for innovative products so as to ensure cardiac arrest survival rates through cardiopulmonary resuscitation are providing favourable prospects for growth of the global automated CPR devices market. There is a strong need for the improvement of existing CPR devices with some desired features such as inbuilt pulse rate check function and automated injectable function.
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Global Automated CPR Devices Market: Forecast by End User
Among the various end users of automated CPR devices, the hospitals segment is likely to dominate throughout the forecast period with a CAGR of 11.6% in terms of value.The emergency medical services segment remains the third largest market and represents a Market Share Index of 0.6 over the forecast period.
Global Automated CPR Devices Market: Forecast by Region
Region-wise, Europe dominated the global automated CPR devices market in 2016 in terms of revenue, accounting for 36.5% revenue share. However, Asia Pacific is foreseen to witness a relatively high CAGR of 11.1%. The market in Europe is expected to remain dominant throughout the forecast period.
Adoption rates for automated CPR devices vary according to region, which is resulting in disparity in market trends across regions. Factors such as differentiation in EMS and its functioning and lack of awareness amongst the populace are responsible for the varying adoption rates across different geographies. The U.S. is witnessing major investments in automated CPR devices due to the increasing number of market players with new technologies in the region.
Global Automated CPR Devices Market: Competitive Landscape
Key players considered in the global automated CPR devices market include ZOLL Medical Corporation, Physio-Control Inc., Brunswick Biomedical Technologies, Michigan Instruments, and SunLife Science Inc. The global automated CPR devices market is consolidated with the top two players bagging over 50% of the total market share. Most players are engaged in various activities such as new product development, increasing investments in clinical research, expansion of geographical presence and brand building via strong marketing strategies in order to sustain in the competitive global market.
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