Defibrillators Market Witnessed To Flourish the size of $24.608 billion by 2030

iCrowd Newswire
13 May 2022, 07:48 GMT+10

Focus on installation of public access defibrillator (PAD) by the public and private organizations, development of advanced defibrillator devices, and increase in incidence of cardiac diseases drive the growth of the global defibrillator market. Moreover, rise in adoption of technologically advanced defibrillator devices and rise in demand for quality medical care supplement the growth. However, surge in pricing pressure on market players restrains the market growth. On the other hand, advancements in the next-generation external defibrillators to improve safety and effectiveness present new opportunities in the coming years.

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The global defibrillator market generated $13.16 billion in 2020, and is expected to reach $24.60 billion by 2030, witnessing a CAGR of 6.6% from 2021 to 2030.

Advent of automated external defibrillators (AEDs) for public access places, rising incidences of sudden cardiac arrest, and growing awareness towards public access defibrillators worldwide are the factors majorly driving the market growth. The rising number of application areas for defibrillators, coupled with increasing adoption of defibrillator systems (both ICDs and external defibrillators) in cardiology, is expected to boost the world defibrillators market growth. Cost-effectiveness, safety, high accessibility, and clinical value in preliminary treatment of sudden cardiac arrest strengthen the technological advancements in this market. In addition, increase in number of advanced implantable cardiac defibrillators (S-ICDs, T-ICDs, and CRT-D) and awareness about early treatment of life threatening cardiac diseases (such as cardiac arrhythmia, ventricular fibrillation, and sudden cardiac arrest) are anticipated to further drive the demand for defibrillators globally. However, unawareness, unfavorable healthcare reforms, certain issues related to (external and implantable) defibrillators are the limitations that restrict the market growth.

Covid-19 Scenario:

The Covid-19 pandemic impacted the purchasing capacities of hospitals, specifically small-scale hospitals, due to shift in focus toward buying resources to take care of patients infected with Covid-19. This led to canceled or postponed deals for defibrillators.

Many public and private organizations stopped or postponed the activities of installation of defibrillators at public places due to possibility of cross-contamination and lockdown measures implemented by governments.

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Growing incidence of sudden cardiac arrest (SCA) and cardiovascular diseases across the globe, technological advancements in defibrillators, increase in awareness about defibrillator among physician and general public, and high presence of unmet medical needs drive the growth of the defibrillator market.

There are different types of defibrillator, such as implantable defibrillators and external defibrillators. Automated external defibrillators (AEDs), is found in many public spaces, and designed to save the lives of people who experience sudden cardiac arrest. Even untrained bystanders can use these devices in case of an emergency.

Based on region, North America contributed to the highest share in 2020, accounting for around two-fifths of the total market share, and is expected to continue its dominance in terms of revenue by 2030. However, Asia-Pacific is estimated to portray the largest CAGR of 8.2% during the forecast period.

Leading players of the global defibrillator market analyzed in the research include Asahi Kasei Corporation, Biotronik SE & Co. KG, Stryker Corporation, Philips Healthcare, Boston Scientific Corporation, Medtronic plc, LivaNova PLC, Nihon Kohden Corporation, Cardiac Science Corporation, and St. Jude Medical, Inc.

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