Wearable Cardioverter Defibrillator Market

Wearable Cardioverter Defibrillator Market Size (2023 to 2028)

The global market for wearable cardioverter defibrillators is expected to register a healthy growth rate of 26.42% between 2023 to 2028. The market size is expected to be USD 1.32 billion by 2028 from USD 0.41 million in 2023.

Wearable cardioverter defibrillators (WCDs) are small, portable devices that deliver an electrical shock to the heart to avoid sudden cardiac death (SDC). External (automated external) and internal (implantable) defibrillators are the two types.  In the wearable cardioverter defibrillator, an external defibrillator is connected to a jacket worn by the patient. It is frequently used in patients to bridge the gap between the need for an implantable cardioverter-defibrillator and the availability of one. In addition, a wearable cardioverter defibrillator gives their doctor more time to analyze their long-term arrhythmic risk and take necessary measures to avoid fatal cardiac arrest.

MARKET DRIVERS:

The growing number of people suffering from CVDs is one of the major factors propelling the wearable cardioverter defibrillator market growth.

The deaths due to cardiovascular diseases are growing significantly, and the disease incidence among people is also growing aggressively. According to the World Health Organization (WHO) statistics, an estimated 17.9 million people worldwide die due to CVDs, and more than 75% of CVD deaths are in developing and underdeveloped countries. The increase in the prevalence of cardiovascular diseases due to behavioral factors such as tobacco, alcohol, unhealthy diet, obesity, etc., is driving the global wearable cardioverter defibrillator market during the forecast period. The World Health Organization (WHO) also stated that cardiovascular diseases are the primary cause of death, and more than 31% of people worldwide die from this disease. In addition, the increasing awareness of solid cardiac health among people and the increasing number of sudden cardiac arrest (SCA) incidents boost the global wearable cardioverter defibrillator market during the forecast period.

The growing aging population worldwide further promotes the market growth rate. People aged are prompt to get chronic diseases such as heart attacks, with an increasing prevalence of better-quality treatment procedures propelling the market's demand. In addition, the rapid growth in the geriatric population worldwide is fueling the wearable cardioverter defibrillator market. For instance, World Health Organisation (WHO) has stated, by 2030, that there might be a tremendous rise of more than 55% of people over 60 years old from 901 million to 1.4 billion. 

The increasing number of capital investments from the private and public sectors expected to raise the investments for R&D will be a significant opportunity for market growth. Apart from that increase in technological advancements to improve the signal reception, reduce electrode noise, and reduce the devices' weight and size to increase comfort, the patients are expected to boost the market during the forecast period. Moreover, the people's growing per capita income is predicted to grow in the global wearable cardioverter defibrillator market in the upcoming years.

MARKET RESTRAINTS:

The lack of provision to monitor atrial arrhythmia signals significantly restrains the growth of the wearable cardioverter defibrillator market during the forecast period. Moreover, the lack of awareness about sudden cardiac arrests hinders market growth. However, the problems related to the usage of wearable cardioverter defibrillator devices further limit the market's growth. These are the factors restraining the growth of the global wearable cardioverter defibrillator market during the forecast period. In addition, a lack of awareness regarding wearable cardiovascular defibrillator devices in emerging nations such as India, China, and others is challenging the market's growth. Moreover, the lack of skilled professionals and stringent government regulations are expected to limit the market growth during the forecast period.

COVID-19 Impact on Wearable Cardioverter Defibrillator Market:

COVID-19 adversely impacted the global economy and healthcare sector in 2020. Due to the virus's fast spread during human interactions, almost all countries have implemented lockdowns and shut down their international borders. As a result, the wearable cardioverter defibrillator market was adversely affected due to the pandemic. During the COVID-19 pandemic, importance was given to treating patients with coronavirus, and all other non-essential procedures were kept on hold. This resulted in reduced demand for wearable cardioverter defibrillators. Furthermore, with the restriction during the lockdown, the industries ran out of raw materials, leading to decreased production.

Moreover, the supply chain was disrupted across the world. The above-mentioned factors are reflected in the reduction of the growth rate of the wearable cardioverter defibrillator market during the COVID-19 pandemic. However, due to the new normalization and decreasing impact of COVID-19, the market is expected to recover quickly and register healthy growth during the forecast period.

REPORT COVERAGE:

This research report on the global wearable cardioverter defibrillator market has been segmented and sub-segmented based on the conditions, end-users, and region.

Wearable Cardioverter Defibrillator Market – By Conditions:

• Peripartum Cardiomyopathy
• Congenital Heart Disease
• Inherited Arrhythmias

Based on the condition, the peripartum cardiomyopathy segment is expected to lead with the highest shares of the market during the forecast period owing to the growing incidence of cardiac arrest problems associated with lifestyle changes. 

Wearable Cardioverter Defibrillator Market – By End User:

• Hospitals
• Home Care Settings
• Cardiology Clinics

Based on the end-user, the homecare settings segment captured the leading share of the global wearable cardioverter defibrillator market in 2022. The people mostly prefer home treatment and spending on resources to get better treatment or care at home, driving the home care settings segment during the forecast period. Moreover, it became easy for physicians to assist patients virtually due to the increased medical technology advancements, which led to the adoption of home care settings. On the other hand, the Hospital segment has estimated a significant market share during the forecast period owing to the increasing number of hospitals in emerging countries.

Wearable Cardioverter Defibrillator Market – By Region:

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

Geographically, the wearable cardioverter defibrillator market in North America occupied the largest share of the global market in 2022. It is likely to keep ruling the market throughout the forecast period owing to the growing incidence of diseases, enhancement in the healthcare industry, and extended growth. In addition, U.S. and Canada contribute the highest to the overall market in the region because of the awareness regarding sudden cardiac arrest and defibrillators.

The wearable cardioverter defibrillator market in Europe accounted for the second-largest share of the global market in 2022 and is predicted to showcase a healthy CAGR during the forecast period. The growth of the European market is driven by the rise in demand from developing economies in the Asia Pacific and the Middle East. In addition, more workstations and business environments are introducing advancements in defibrillators. Therefore, it will benefit the defibrillators market during the forecast period.

The Asia-pacific wearable cardioverter defibrillator market is anticipated to grow at the highest CAGR during the forecast period. The number of people suffering from chronic diseases is propelling the market growth in the APAC region. Emerging countries such as China and India will contribute significantly to the APAC region during the forecast period. 

The wearable cardioverter defibrillator market in the Latin American region is anticipated to grow steadily during the forecast period. The growing investments in developing healthcare infrastructure and the growing aging population are expected to fuel the market's growth rate in Latin America. 

The MEA wearable cardioverter defibrillator market is projected to showcase a moderate growth rate during the forecast period. 

KEY MARKET PARTICIPANTS:

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

KEY MARKET HAPPENINGS:

• In 2019, Cardiac Science Corporation, a company that develops, manufactures, and markets diagnostic and therapeutic cardiology products that also offers automated external defibrillators, diagnostic workstations, and systems, announced that it was going to be acquired by ZOLL® Medical Corporation, a leading manufacturer of medical devices and related software solutions.