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Defibrillators Market Size, Growth, Demand, Trends, Key Players, Opportunity, and Forecast 2020-2026

August 24th, 2020 Report Ocean Releases

The global defibrillators market held a market value of USD 10.08 billion and is anticipated to grow at a CAGR of 3.0% during the forecast period of 2020-2026.

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Defibrillators are medical devices used for restoring the normal heartbeat of a person. They basically send an electric pulse or a shock to the heart. There major applications include prevention/correction of an arrhythmia, restoration of an uneven heartbeat, or a too slow or a too fast heartbeat. The devices also prove to be useful when the heart suddenly stops beating.

The market is continuously growing owing to the factors such as rising prevalence of cardiovascular diseases, such as arrhythmia and increasing awareness regarding defibrillators. According to a statistics published by the American Heart Association, approximately 3 to 4 million people in the Americas suffer from silent ischemia each year. Other factors that positively affect the market growth include growing incidences of lifestyle-related diseases.

However, product recalls and stringent government regulations regarding product approvals are expected to negatively impact the market growth during the forecast period. For instance, in June 2019, the Ellipse Implantable cardioverter defibrillator by Abbott was recalled by the US Food and Drug Administration (FDA) due to exposed aluminium wires, which may prevent defibrillation therapy. The FDA had described this recall as a Class I recall, which is the most serious type of product recall.

Segmentation:

The global defibrillators market has been segmented into type and end user.

On the basis of type, the global defibrillators market is divided into implantable cardioverter defibrillator (ICDs) and external defibrillators. ICDs held the largest market share owing to the rising adoption of cardiac resynchronization therapy defibrillators (CRT-D) and growing number of implant procedures.

By end user, the defibrillators market is segmented into hospitals, clinics, & cardiac centers, prehospital care settings, public access markets, home care settings, and alternate care facilities. The hospitals, clinics, & cardiac centers segment held the largest market share in 2019 owing to the rising number of impant procedures in these centers and proper reimbursement scenarios through hospitals in the developed economies.

Regional Analysis:

By region, the global defibrillators market is segmented into the North America, Europe, APAC, and RoW.

North America is estimated to lead the global market in 2019, owing to the increasing prevalence of arrhythmia. According to a data published by the Centers for Disease Control & Prevention (CDC) in May 2020, in the US, between 2.7 million to 6.1 million people suffer from arterial fibrillation (AFib), which is the most common type of heart arrhythmia. The Europe market is expected to garner significant market share owing to the rising prevalence of cardiovascular diseases in the region. According to a report published by the European Cardiovascular Disease Statistics in 2017, approximately 45% of the deaths in Europe were caused due to cardiovascular diseases. The defibrillators market is the APAC region is anticipated to grow at the fastest CAGR owing to the increasing geriatric population in the region. The United Nations Population Fund (UNFPA) stated that the number of aged people in the APAC is expected to grow 3 fold to reach 1.3 billion by the year 2050. The RoW defibrillators market is expected to demonstrate slow growth owing to the rising incidences of lifestyle related diseases. According to the World Health Organization (WHO), the prevalence of obesity in Bahrain, UAE, Saudi Arabia, and Kuwait is more than 70%. Obesity is a lifestyle-related disease, which may lead to cardiovascular diseases.

Competitive Landscape:

Key market players covered in the report include Abbott Laboratories (US), Boston Scientific Corporation (US), Cardiac Science Corporation (US), Defibtech LLC (US), Koninklijke Philips NV (Netherlands), LivaNova PLC (UK), Medtronic (Ireland), Nihon Kohden Corporation (Japan), Physio-Control Inc (US), ZOLL Medical Corporation (US), Biotronik (Germany), CU Medical Systems (South Korea), Mediana (South Korea), MetsisMedikal (Turkey), Microport (China), Mindray Medical (China), Physio-Control (US), Progetti Medical Equipment Solutions (Italy), and Schiller AG (Switzerland), among others. These companies are involved in many strategic activities to grow in the market. For instance, in September 2019, Mindray Medical launched the BeneHeart C Series automated external defibrillator which have smarter operations and quicker shock delivery for better resuscitation during sudden cardiac arrest. With this, the company enhanced its market presence in the defibrillators market. Furthermore, in August 2019, Koninklijke Philips N.V. launched the HeartStart Intrepid Monitor/Defibrillator with IntelliSpace Connect. With this, the company expanded its defibrillator product portfolio. Additionally, in December 2018, Physio-Control, Inc. launched the Lifepak CR2 Defibrillator, which is a portable, public-access, and battery-operated defibrillator. With this, the company expanded its product portfolio.

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