Defibrillators Market: Global Industry Analysis and Forecast 2023-2029

Defibrillators Market size was valued at USD 11.17 Bn. in 2022 and the total Defibrillators revenue is expected to grow at a CAGR of 8.7% from 2023 to 2029, reaching nearly USD 20.03 Bn.
Defibrillators Market Overview:
A defibrillator is a medical device that delivers therapeutic shocks to a patient's heart in life-threatening disorders such as ventricular fibrillation, cardiac arrhythmia, and pulseless ventricular tachycardia. The defibrillation method involves administering an electric shock to the heart, which depolarizes the cardiac muscles and restores the heart's normal electric impulse. External defibrillators are life-saving medical devices that utilize paddles or electrode pads to deliver defibrillating shocks to identify and repair life-threatening irregular heart rhythms in the event of a sudden cardiac arrest.

COVID-19 has impacted the global economy in three ways that are directly impacting output and demand, interrupting the supply chain, and having a financial impact on enterprises and financial markets owing to stringent lockdowns in most nations. Delays in product and service delivery have been seen as a result of nations' updated packaging rules and lockout mechanisms.

All of these problems have a detrimental influence on the defibrillator market's production and supply chain of Defibrillators. However, this is offset by an increase in demand in Defibrillators because of an increase in cardiovascular patients across all areas, as automated external is a beneficial intervention for cardiac arrest.

In addition, The COVID-19 outbreak adversely impacted the ICDs market, with dampened demand and sales in 2020. As hospitals started elective surgeries, sales increased. However, the advancement of COVID-19 in numerous significant markets created concern throughout the year. Abbott, for example, reported growth in its hospital-based operations in the second and third quarters of 2020.

However, due to a significant surge in COVID-19 cases and hospitalizations in several countries, the improving trends leveled or were severely impacted during Q4 2020. Nihon Kohden, on the other hand, forecast robust defibrillator sales growth in 2020, despite slowed sales activity owing to the pandemic.

Despite advances in prevention and treatment, fatalities from sudden cardiac arrest account for roughly half of all cardiovascular disease mortality. This is expected to boost market innovation while raising demand for both ICDs and external defibrillators. Likewise, the rising frequency of target illnesses, increased emphasis on providing public-access defibrillators, and defibrillator training and rising awareness initiatives drive market growth.

Further to that, growing markets and the advancement of S-ICDs and MRI-compatible ICDs & CRT-Ds are expected to provide potential prospects for defibrillator industry players.

However, concerns linked to the use of implanted and automated external defibrillators, frequent product recalls, and a lack of knowledge regarding sudden cardiac arrest in emerging countries are expected to restrict the Defibrillators market growth during the forecast period. Other limitations such as restricted reimbursements in rich countries and a lack of infrastructure, particularly in emerging and undeveloped countries, are expected to hamper industry growth.To Know About The Research Methodology :- Request Free Sample Report
Defibrillators Market Dynamics:
Increasing prevalence rate of CVD

Cardiovascular disease (CVD) is a major cause of morbidity and mortality across the globe. Globally, 17.9 million CVD deaths were reported in 2022, accounting for 32% of all fatalities. Low- and middle-income nations account for more than 75% of CVD mortality. In 2018, there were over 390,000 abrupt cardiac arrests in the United States alone. Around 65% of CVD fatalities occur in those aged 75 and older, 29% in people aged 55-74, and 6% in people aged 35-54 in the United States. As a result, there is a greater need for defibrillators, which help save the lives of individuals who are at high risk of cardiac arrest.The increasing prevalence of lifestyle diseases like hypertension, obesity, dyslipidemia, kidney disorders, and diabetes, are major risk factors for CVD. High blood pressure levels have a significant linear link with the likelihood of developing CVDs. In the United States, over 70% of patients who have had their first cardiovascular stroke, heart attack, or congestive heart failure have a blood pressure of more than 140/90 mm Hg.

In Asian countries, over the last decade, the prevalence of CVD has increased owing to the increased emergence of inactive lifestyles, changing diets, increasing stress, and rising consumption of alcohol and tobacco. According to a study on heart disease conditions in Asia, the incidence of heart disorders rises by more than 110% between 2000 and 2020. Additionally, between 1990 and 2016, CVD mortality rates in India increased from 155.7 to 209.1 per 100,000.

Another significant factor contributing to the increased prevalence of CVD is the increasing globe's aging population, as aging is connected with gradual degradation in the structure and function of the heart and works as a catalyst in the development of chronic illnesses. As the global elderly population grows, the incidence of heart disease is expected to increase eventually rising the demand for defibrillators during the forecast period.

Growing prevalence of OHCA driving Defibrillators Market

The most prevalent place for an out-of-hospital cardiac arrest (OHCA) to occur is at home, followed by the street, public venues, and the workplace. The occurrence of OHCA events varies greatly throughout the world (higher in North American countries than in Europe, Asia, or Australia). Out-of-hospital cardiac arrest is a global public health problem that affects 3.8 million individuals each year. Only 8% to 12% of patients survive hospital discharge.

If immediate cardiopulmonary resuscitation (CPR) and an automated external defibrillator (AED) are administered, the probability of survival after OHCA is significantly increased. Defibrillation is effective for ventricular fibrillation (VF) and pulseless ventricular tachycardia (pVT), but they progress to non-shockable rhythms over time. Early defibrillation consists of a key element in the chain of survival and increases survival rates when bystanders use an automated external defibrillator (AED). After OHCA with rapid defibrillation, the survival rate can reach 74%.

Increasing healthcare infrastructures in emerging countries to Drive Defibrillators Market

Emerging countries offer significant growth potential for companies in the defibrillators market, due to the rising prevalence of cardiovascular disease (CVD) and improving healthcare infrastructure in these regions. According to an American Heart Association study, yearly cardiovascular events in China are expected to increase by more than 50% by 2030. Similarly, cardiac disorders killed nearly 25% of Indians in 2016, more than double the rates recorded in 1990, when heart diseases killed 18% of all fatalities.

Manufacturers of Defibrillators are actively focusing on establishing their presence in emerging regions to benefit from the strong growth potential for defibrillator devices. Medtronic, for example, established its Asia Pacific headquarters in Singapore in May 2016 to serve operations at 80 locations around the region. Nihon Kohden Corporation launched Nihon Kohden Mexico S.A. de C.V. in Mexico in January 2016 to provide sales and aftersales support for the company's products and services.

Regulations in the Asia Pacific region are more highly adaptable and business-friendly due to fewer data requirements than in developed markets. Increased competition in existing countries may force defibrillator suppliers to focus on emerging territories.

Rising Concerns about implanted and AEDs

AEDs (Automated External Defibrillators) deployed in public spaces are often susceptible to failure owing to concerns with batteries, programming, software, and hardware. Defibrillation failure might result in delayed treatment or even death of the patients. Various defibrillators have been recalled throughout the years owing to technical flaws in the device's operation involving shock delivery, electrical difficulties, and hardware setup. In some cases, these flaws might result in poor product performance and even patient mortality.

The FDA, in collaboration with Philips, issued a recall warning for many variants of the HeartStart MRx Defibrillator in 2018. The recall was prompted by a flaw in the gas discharge tube (GDT), which might cause the defibrillator to malfunction. In 2021. Due to the low battery life associated with these devices, Medtronic recalled the Evera, Viva, Brava, Claria, Amplia, Compia, and Visa ICDs and CRT-Ds.
Another key risk in the defibrillator industry is cybersecurity.

The latest implanted defibrillators are highly sophisticated, allowing for remote data transfer. The FDA has expressed worry about the hacking of these devices. Medtronic was the most recent business to face an FDA cybersecurity problem in 2022 since its wireless telemetry system lacked encryption and authentication security.

Other major difficulties with AEDs include poor defibrillation pads, circuitry, and circuit boards, as well as damaged cables and connectors. When AED batteries are drained, they are removed in certain circumstances; nevertheless, these batteries are not replaced on time. Although governmental and private organizations, as well as important industry participants, have taken many measures to provide emergency services, these devices require adequate maintenance and frequent repair.
Defibrillators Market Segment Analysis:
Based on End Users, the hospitals, clinics, and cardiac centers segment dominated the defibrillators market with the highest market share in 2022. This segment is further expected to maintain its dominance at the end of the forecast period. Hospitals, clinics, and cardiac centers perform the vast majority of implanted cardioverter defibrillator (ICD) operations. Defibrillators are commonly seen in critical care units (CCUs), intensive care units (ICUs), and emergency departments.

The most prevalent forms of defibrillators utilized at these hospitals are ICDs and manual external defibrillators, as well as AEDs. Even though manual defibrillators are favored and widely utilized in hospitals, the usage of AEDs in medical settings is increasing rapidly. The desire for AEDs at these facilities has grown due to early defibrillation, reduced reaction times, ease of use, cost-effectiveness, and a scarcity of professional staff.



In addition, the significant number of cardiac implant procedures and the availability of reimbursements across advanced economies are the other major factors driving the growth of this end-user segment. According to the American Heart Association, 10,000 ICD operations are performed in the United States alone each month. Similarly, the overall number of ICD implants in England grew to 72 per million people in 2014, up from 66 in 2012.

The advancement of sophisticated ICDs and CRT-Ds, as well as the significant number of ICD and CRT-D implant operations conducted in hospitals, clinics, and cardiac centers, are important reasons contributing to this end-user segment's significant proportion.

The public-access markets segment includes both trained and unskilled people, as well as bystanders who utilize AEDs to treat abrupt out-of-hospital cardiac arrests. The United States, as well as several European and Asian nations, have implemented legislation governing the installation of AEDs in public locations and the use of AEDs by onlookers. AEDs have therefore been put in public venues such as community centers, schools, stadiums, health clubs, recreation centers, retail malls, transit hubs, government buildings, airlines, and workplaces.

The public-access segment held a substantial market share of the market in 2022 and this segment is expected to grow at a CAGR of 7.1% during the forecast period. The increasing prevalence of sudden cardiac arrests (SCAs) is a primary driver of this end-user segment's growth. In addition, increased measures to enhance the availability of public access AEDs, train staff, and improve response to sudden cardiac arrest episodes drive market growth.

According to Global Times, major tourist cities, first-tier cities, and coastal regions in China have begun expedited AED deployment since 2022. Hangzhou was also the first city in China to make AEDs available at airports, metro stations, police enforcement vehicles, ships, and other public areas.
Defibrillators Market Regional Insights:
Based on region, the North American region held the largest share in Defibrillators Market in 2022 and is expected to dominate the market at the end of the forecast period. The dominance is attributed to the high burden and increasing population of cardiovascular diseases, new product launches, and the emerging number of key market players in the region.

For example, according to American Heart Association statistics published in January 2021, nearly half of Americans have some form of cardiovascular disease, such as hypertension or coronary heart disease, which is expected to increase the burden of cardiovascular disease in the country, driving the market growth.

According to the American Heart Association's Heart & Stroke Statistics - 2021 Update, over 356,000 out-of-hospital cardiac arrests occur in the United States each year, with almost 90% being fatal. In the United States, the expected number of out-of-hospital cardiac arrests (OHCA) among adults was 347,322. Less than half (45.7%) of cardiac arrest patients get immediate help before emergency responders arrive in part because emergency medical services take, on average, between four and ten minutes to reach someone in cardiac arrest.

However, if automated external defibrillators (AEDs) are accessible locally, the high mortality rate from out-of-hospital cardiac arrests may be minimized, which may enhance demand for AEDs in the region.

Besides that, according to the Centers for Disease Control and Prevention's September 2022 report, approximately 659,000 people in the United States die from heart disease each year, and approximately 805,000 people have a heart attack each year, with 605,000 having their first heart attack and 200,000 have already had one heart attack. This rising prevalence of cardiac arrest is expected to increase the market growth in the United States.

The rising number of cardiovascular diseases in Canada increased R&D expenditure, and increased awareness about defibrillators in the nation are expected to drive the defibrillators market throughout the forecast period. According to a June 2021 article released by the Canadian Centre for Occupational Health and Safety (CCOHS), more than 40,000 individuals die in Canada each year from sudden cardiac arrest, which is about one person every 12 minutes and more than 100 people every day.

Because of the large incidence of abrupt cardiac arrests in the country, there is a significant need for automated external defibrillators (AEDs), which can save lives. As a result, the market is expected to grow throughout the forecast period. In addition, Diabetes, overweight and obesity, an unhealthy diet, excessive alcohol use, and physical inactivity are a few of the medical conditions and changing lifestyle habits that might increase the risk of heart disease. These factors further drive market growth.

The Asia Pacific region is expected to grow significantly during the forecast period. The rapidly increasing elderly population and the resulting increase in the prevalence of CVDs are driving growth in this region. According to World Population Prospects 2017, the Asia Pacific region's geriatric population (aged 65 and over) is expected to reach 1.11 billion by 2060 (-21% of the region's expected total population in 2060), up from 353.5 million in 2016.

The increasing emphasis of key competitors on developing markets in this area, new product introductions, and a greater emphasis on supplier contracts are all driving the growth of the Asia Pacific defibrillator market. However, problems such as the limited availability of defibrillators during crises and a scarcity of educated and competent technicians in developing Asia Pacific countries restrict the region's demand for defibrillators.
Defibrillators Market Scope: Inquire before buying



Global Defibrillators Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 11.17 Bn.


Forecast Period 2023 to 2029 CAGR:
8.7%
Market Size in 2029:
US $ 20.03 Bn.


 Segments Covered:
by Type
1. Implantable cardioverter defibrillators
2. Transvenous implantable cardioverter defibrillators
3. Subcutaneous implantable cardioverter defibrillators
4. External defibrillators
5. Manual & semi-automated external defibrillators
6. Fully automated external defibrillators
7. Wearable cardioverter defibrillators


by Patient Type
1. Adult
2. Pediatrics


by End User
1. Hospitals, Clinics, and Cardiac centers
2. Pre-hospital care settings
3. Public access markets
4. Home care settings
5. Alternate care facilities
6. Other end users



Defibrillators Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Defibrillators Market, Key Players are
1. Medtronic
2. Stryker Corporation
3. Koninklijke Philips NV.
4. Asahi Kasei Corporation
5. Boston Scientific Corporation
6. Abbott
7. Nihon Kohden
8. MicroPort
9. BIOTRONIK
10. CU Medical Systems
11. METsis Medikal
12. Mediana Co. Ltd.
13. Mindray Medical International Ltd.
14. Progetti SRL - Medical Equipment Solutions
15. Schiller AG
16. BPL Medical Technologies
17. Metrax GmbH - PRIMEDIC
18. MS Westfalia GmbH
19. Bexen Cardio
20. Axion Medical Equipment Ltd.
21. Element Science Inc.
22. Avive Solutions Inc.
23. Jeevtronics Pvt. Ltd.
24. HeartHero Inc.
25. Shenzhen Comen Medical Instruments Ltd.

FAQs:

1. What are the growth drivers for the Defibrillators market?
Ans. The rising frequency of target illnesses, increased emphasis on providing public-access defibrillators, and defibrillator training and rising awareness initiatives drive market growth.

2. What are the restraints in the Defibrillators market?
Ans. Rising concerns linked to the use of implanted and automated external defibrillators, frequent product recalls, and a lack of knowledge regarding sudden cardiac arrest in emerging countries are expected to restrict the market growth during the forecast period.

3. Which region is expected to lead the global Defibrillators market during the forecast period?
Ans. The North American market is expected to lead the global Defibrillators market during the forecast period due to the high burden and increasing population of cardiovascular diseases, new product launches, and the emerging number of key market players in the region.

4. What is the projected market size & growth rate of the Defibrillators Market?
Ans. Defibrillators Market size was valued at USD 11.17 Bn. In 2022 and the total Defibrillators revenue is expected to grow at a CAGR of 8.7% from 2023 to 2029, reaching nearly USD 20.03 Bn.

5. What segments are covered in the Defibrillators Market report?
Ans. The segments covered are Type, Patient Type, End-user, and Region.