Defibrillator Market

Defibrillator Market Size (2023 to 2028)

The global defibrillator market size is expected to grow at a CAGR of 7.3% from 2023 to 2028. This market was valued at USD 13.26 billion in 2023 and worth USD 18.86 billion by 2028.

Defibrillator Market Share Insights:

• Based on the product, the implantable defibrillator segment held the largest share in 2022 and is expected to dominate during the forecast period.
• Based on the end-user, the hospital segment is forecasted to grow at the highest CAGR during the forecast period.
• Asia Pacific Defibrillator market is projected to showcase the fastest CAGR of 9.25% during the forecast period.

Defibrillators are life-saving medical devices and are mostly used in emergencies such as sudden cardiac arrest. In such situations, the heart stops pumping blood to the body, and immediate action is required to save the person from dying. Defibrillation is believed as one of the effective treatment options for sudden cardiac arrest as these devices can help resume the functionality of the affected person by giving an electronic shock. Sudden cardiac arrest situations are scary and can also result in death if not taken appropriate action in quick time.

MARKET DRIVERS:

The growing patient population suffering from cardiovascular diseases is one of the key factors driving the defibrillators market growth.

 WHO says CVDs are one of the major causes of death worldwide, and an estimated 17.9 million people every year dies from CVDs. As per the data provided by the Centers for Disease Prevention and Control (CDC), an estimated 697,000 people died from heart disease in the U.S. in 2020. As per the same source, one person gets a heart attack every 40 seconds in the United States, and approximately 805,000 people have heart attacks every year in the U.S. The growing number of people suffering from CVDs and the increasing incidence of heart attacks are expected to boost the demand for defibrillator devices and promote the market’s growth rate.

The rising awareness among healthcare providers regarding sudden cardiac arrests is further fuelling the growth rate of the defibrillators market. The incidents of sudden cardiac arrests are growing significantly worldwide and are a major cause of death worldwide. For instance, American Heart Association says an estimated 326,200 adults die from sudden cardiac arrests in the U.S. every year.

In addition, the growing number of awareness programs to spread awareness on defibrillators in developing countries are supporting the growth rate of the defibrillators market. Factors such as the growing adoption of technological advancements and a rising aging population with an elevated risk of cardiovascular diseases are further anticipated to fuel the growth of the defibrillators market. In recent times, in the wake of COVID-19, the International Liaison Committee on cardiopulmonary Resuscitation amended the resuscitation guidelines, which ensured improving defibrillation delivery by improving training the healthcare worker, which reduced the confusion in the delay of COVID-19 resuscitation efforts. S-ICDs, MRI-compatible, and CRT-Ds are anticipated to provide growth opportunities for the development and emerging markets.

Furthermore, the rise in the concern towards quality treatment procedures to improve the well-being of patients and change in food habits, and the adoption of sedentary lifestyles are indirectly contributing to the global defibrillators market. Public and private organizations are focusing on developing new technologies in the medical sector, and there is an increase in the number of training institutes, which are positive vibes to market growth. Increasing awareness among people towards the availability of various treatment procedures, growing support from the government to improve the quality of diagnostic and treatment procedures, and increasing urbanization and growth in disposable income are expected to show favoritism towards the global defibrillators market growth.

MARKET RESTRAINTS:

The affordability of defibrillators is not possible for some countries to purchase sufficient or large quantities due to the high costs, which is one of the key factors hampering the market’s growth rate. Poor awareness among people regarding the importance of defibrillators in rural or remote areas is limiting the adoption of these devices and hindering the market growth. Unfavorable reimbursement policies for defibrillators in some countries are negatively impacting the growth rate of the global market. Furthermore, costs associated with repairs and maintenance, competition from alternative therapies, and stringent regulations associated with the commercialization of defibrillators are expected to impede market growth.

Impact of COVID-19 on the global defibrillators market:

The COVID-19 pandemic has shown a mixed impact on the growth of the defibrillators market. Due to the COVID-19 pandemic, the supply chain has been completely disrupted, reducing demand for defibrillators. In addition, elective and non-essential surgical procedures were kept on hold during the COVID-19 pandemic, reducing the usage and demand levels for defibrillators. Furthermore, many pharmaceutical companies and governments have shifted their resources to address the growing disease burden of COVID-19 and restricted financial resources for R&D on defibrillators. On the other side, the sales of defibrillators have grown via online channels. The usage of telemedicine, home healthcare, and remote patient monitoring has grown substantially during the COVID-19 pandemic, which also has accelerated the demand levels for defibrillators. Such factors resulted positively in the growth of the defibrillators market. Likewise, the global defibrillators market has experienced positive and negative impacts of the COVID-19 pandemic. However, considering the decreasing impact of the COVID-19 pandemic, the global defibrillators market is estimated to showcase a healthy CAGR during the forecast period.

REPORT COVERAGE:

This research report segmented and sub-segmented the Global Defibrillator Market based on product type, end-user, and region.

Defibrillator Market - By Product:

• Implantable Defibrillators
  • Transvenous Implantable Cardioverter Defibrillator (T-ICDs)
  • Subcutaneous Implantable Cardioverter Defibrillator (S-ICDs)
  • Cardiac Resynchronization Therapy- Defibrillator (CRT-D)
• External defibrillators
  • Manual External Defibrillator
  • Automated External Defibrillator (AEDs)
  • Wearable Cardioverter Defibrillator (WCDs)

Based on the product, the implantable defibrillator segment is anticipated to hold the most significant share of the global market during the forecast period owing to the increasing number of people suffering from heart failure cases and the growing number of emergency cases related to the heart. In addition, the launch of innovative devices in the medical sector with the latest technologies is predicted to boost segmental growth. The growing tendency for implant procedures is another major factor propelling the growth rate of the segment.

Defibrillator Market - By End User:

• Hospitals
• Prehospital
• Public Access market
• Alternate Care Market
• Home

Based on the end-user, the hospital segment had the largest share of the global market in 2022, and the segment’s domination is estimated to continue during the forecast period owing to the growing number of hospitals with the latest equipment to provide excellent therapies. In addition, the increasing number of patient visits to the hospitals is further promoting the segment’s growth rate.

Defibrillator Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, North America captured the major share of the global market in 2022 and the domination of the North American market is predicted to continue during the forecast period owing to the rapid adoption of the latest technological advancements and various techniques. The growing disposable income in North American countries and the rising patient count suffering cardiovascular diseases are propelling regional market growth. In 2021, the U.S. market led the North American market, followed by Canada. For instance, as per the statistics published by the American Heart Association study, around 5.5 million people are diagnosed due to heart failure in the U.S., and the death rate due to heart failure is to reach USD 23.3 million by 2030. 

The European market is anticipated to hold a substantial share of the worldwide market during the forecast period. Factors such as the growing adoption of technological developments in the manufacturing of defibrillators, increasing awareness regarding the importance of defibrillators, and the growing prevalence of CVDs in the European region are majorly propelling the regional market growth. The UK market is anticipated to occupy a major share of the European market during the forecast period. The UK is a hub for manufacturers and suppliers of defibrillators, which is one of the key factors propelling the defibrillators market growth in the UK. Companies such as Philips Healthcare, Medtronic plc, Zoll Medical Corporation, Stryker Corporation, and Cardiac Science Corporation are playing a vital role in the Europe defibrillators market, and these companies are investing hefty amounts on R&D of defibrillators to innovate advanced defibrillators that can meet with the increasing demand.

The APAC defibrillators market occupied for a considerable share of the worldwide market in 2022 and is predicted to showcase the fastest CAGR during the forecast period. Factors such as an increasing patient population suffering from various heart-related diseases, a growing aging population, and rising demand for portable defibrillators are driving the APAC market growth. In 2021, China held the major share of the APAC market, and the domination of the Chinese market in the APAC region is expected to continue during the forecast period. The launch of reimbursement schemes by government organizations in favor of the end-users is expected to fuel the growth rate of the APAC market during the forecast period.

The Latin America defibrillators market is estimated to grow at a steady CAGR during the forecast period.

The defibrillators market in MEA is expected to witness a moderate CAGR in the coming years.

KEY MARKET PARTICIPANTS:

Some of the prominent companies leading the global defibrillator market profiled in the report are Medtronic PLC (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK SE & Co. KG (Germany), LivaNova PLC (U.K.), Koninklijke Philips N.V. (Netherlands), ZOLL Medical Corporation (U.S.), Cardiac Science Corporation (U.S.), Physio-Control, Inc. (U.S.) and Nihon Kohden Corporation (Japan).

Recent Market Developments:

• In June 2020, Philips received FDA approval for their automated external defibrillators -Heartstart FR3 and Heartstart FRx.
• In January 2020, the Cobalt and Chrome portfolio of implantable cardioverter-defibrillators and cardiac resynchronization therapy- defibrillators from Medtronic received the CE Mark.
• In 2019, Koninklijke Philips N.V. (Netherlands) introduced its Heartstart intrepid monitor/ Defibrillator with intelliSpace Connect.
• In August 2019, the Cardiac science corporation was acquired by Zoll medical to strengthen the company’s product offering through ZOLL’S Resuscitation division.
• St. Jude Medical Implantable Defibrillators, ICDs, are used to treat heart conditions that people develop at birth or during life. ICD is for people at risk of life-threatening ventricular arrhythmias-abnormal and rapid cardiac rhythms (arrhythmias) in the two lower chambers (ventricle) of the heart.
• Swedish carriers are currently testing a program that AEDs can deliver by drone. It shortens AED delivery times and increases the chances of survival if treated faster. Therefore, due to technological advances and product innovations, the defibrillator market is expected to grow.
• St. Jude Medical LLC is one of the most important competitors in the defibrillator market, and others are Boston Scientific Corporation and Koninklijke Philips.
• IN 2014, Asahi Kasei Corporation launched LifeVests. The product is a wearable defibrillator, and it helped in reducing complexity during cardiac arrest.