Defibrillators Market Analysis:
Defibrillators are medical devices that utilize controlled electric pulses to restore the heart’s normal heartbeat and correct arrhythmias. There are various types of defibrillators available, including implantable and external defibrillators. These devices operate by delivering an electrical shock to the chest region of the patient, which generates impulses to the heart membrane and stabilizes the cardiac rhythm. In emergency medical services, defibrillators are regarded as a valuable resuscitation tool.
According to market analysis, the global defibrillators market is projected to reach a valuation of US$ 16,843.5 million in 2022 and is anticipated to register a compound annual growth rate (CAGR) of 5.7% between 2022 and 2030.
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The global market for defibrillators is predicted to expand as cardiovascular problems become more common and more severe.
The rising prevalence and incidence of cardiovascular diseases in both developed and emerging economies worldwide is projected to fuel the demand for efficient defibrillator products in the coming years. The World Health Organization estimates that cardiovascular disease is responsible for 17.9 million deaths annually, representing 32% of all deaths worldwide.
The majority of these deaths occur in low- and middle-income countries. Approximately 85% of cardiovascular disease deaths are caused by heart attacks and strokes, with coronary heart disease being the most common type of heart disease and responsible for 382,820 deaths in 2020. In addition, the growing population of patients affected by cardiovascular disorders is expected to further drive the demand for defibrillators during the forecast period.
However, the market growth may be hindered by product recalls. For example, in June 2019, Abbott recalled 204 Ellipse implantable cardioverter defibrillators due to electrical failure caused by faulty manufacturing, which led to exposed aluminum wires that could cause electrical shorting of the capacitor.
The global market for defibrillators is expanding as a result of rising technological breakthroughs in defibrillators.
Significant advancements have been made in the development of defibrillators in terms of cost, size, and ease of use. Two important examples of these advancements are the automated external defibrillator (AED) and implantable cardioverter defibrillator (ICD). These devices are designed to prevent cardiac attacks, and can be used with little or no external assistance, regardless of location or time, in the event of significant changes in heartbeat. Thanks to technological improvements, operating a defibrillator is now easy for a trained observer. For instance, Biotronik, a medical device company, launched the Acticor device family of new implantable cardioverter-defibrillators and cardiac resynchronization therapy defibrillators (CRT-Ds) in April 2019. In September 2017, Boston Scientific, a biomedical engineering firm and medical device manufacturer, introduced the Resonate family of implantable cardioverter defibrillator and CRT-D systems.
Global Defibrillators Market– Impact of Coronavirus (COVID-19) Pandemic
Since the outbreak of COVID-19 in December 2019, the disease has spread to more than 100 countries worldwide and was declared a public health emergency by the World Health Organization on January 30, 2020.
The COVID-19 pandemic has had a significant impact on the global economy in three ways. Firstly, it has directly affected the production and demand for drugs and medical devices. Secondly, it has created disruptions in distribution channels. Thirdly, it has had a financial impact on firms and financial markets. As a result of nationwide lockdowns, several countries, including China, India, Saudi Arabia, the United Arab Emirates, Egypt, and others, have encountered problems in transporting drugs and medical devices from one place to another.
However, the COVID-19 pandemic has also had a negative impact on the global defibrillators market due to the reduction in surgical procedures during the pandemic. According to data published by the National Center for Biotechnology Information in July 2020, there was a significant decrease in cardiac implantable electronic device (CIED) de novo implantations during the COVID-19 pandemic in 2020. The surgical procedures were postponed due to the increased risk of COVID-19.
During the first outbreak/lockdown period, widespread fear of contagion among patients and physicians, stricter restrictions on transportation, and health authorities’ warnings regarding social distancing and avoiding hospital visits for non-urgent situations led to a unanimous decrease in all scheduled medical interventional procedures, including cardiac implantable electronic device implantation.
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Significant Developments in the World Market for Defibrillators
ZOLL Medical Corporation, a subsidiary of Asahi Kasei that produces medical devices and software solutions, was granted permission by the US Food and Drug Administration (FDA) in February 2022 to submit a premarket approval application (PMA) for their automated external defibrillators (AEDs). According to FDA regulations, manufacturers of essential accessories (such as batteries, pad electrodes, and adapters) required for the functioning of FDA-approved AED systems must also submit a PMA application.
Global Defibrillators Market: Restraint
One of the primary obstacles that impedes the expansion of the worldwide defibrillators market is the occurrence of product recalls. An example of this is Abbott’s recall of 204 Ellipse implantable cardioverter defibrillators in June 2019 due to electrical failure resulting from faulty manufacturing. This defect led to the exposure of aluminum wires, which can result in an electrical shorting of the capacitor.
Major players operating in the global defibrillators market include Metrax GmbH, Abbott, BIOTRONIK, Boston Scientific Corporation, GE Healthcare, Koninklijke Philips N.V., LivaNova PLC, Medtronic, Mindray Medical International Limited, Nihon Kohden, and Stryker.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Defibrillators Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Defibrillators Industry Impact
Chapter 2 Global Defibrillators Competition by Types, Applications, and Top Regions and Countries
2.1 Global Defibrillators (Volume and Value) by Type
2.3 Global Defibrillators (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Defibrillators Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Defibrillators Market Analysis
Chapter 6 East Asia Defibrillators Market Analysis
Chapter 7 Europe Defibrillators Market Analysis
Chapter 8 South Asia Defibrillators Market Analysis
Chapter 9 Southeast Asia Defibrillators Market Analysis
Chapter 10 Middle East Defibrillators Market Analysis
Chapter 11 Africa Defibrillators Market Analysis
Chapter 12 Oceania Defibrillators Market Analysis
Chapter 13 South America Defibrillators Market Analysis
Chapter 14 Company Profiles and Key Figures in Defibrillators Business
Chapter 15 Global Defibrillators Market Forecast (2023-2030)
Chapter 16 Conclusions
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