Defibrillators Market is expanding at a 3.3% CAGR between 2020 and 2030

Posted by omkar on October 23rd, 2019

The Global Defibrillators Market held USD 11.4 billion in 2019 and is predicted to grow with a CAGR of 3.3% from 2020-2030

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Defibrillation is a treatment used for life-threatening cardiac dysrhythmias. Defibrillators are devices used to provide a therapeutic shock to a patient’s heart in life-threatening conditions. The defibrillation process includes delivery of an electric shock to the heart that depolarizes heart muscles and restores its normal electric impulse.

The rising demand for handling cardiovascular conditions is leading to innovation in implantable devices as well as external defibrillators, thereby spurring the global defibrillators market size. The defibrillation process uses an electrical shock to reset the electrical state of the heart so that it may beat to a rhythm controlled by its own natural pacemaker cell.

The factors including growing incidence of sudden cardiac arrest (SCA) and cardiovascular diseases across the globe, increasing patient awareness, and technological advancements in defibrillators has majorly driven the defibrillators market. Furthermore, the high presence of unmet medical needs and supportive legislation policies by the government has led to a rising in the demand of defibrillators. However, limited insurance coverage and the high cost of the defibrillators, as well as the preference of drugs over defibrillators, is hampering the growth of the defibrillators market. The lucrative opportunities in emerging economies and the development of new MRI-labeled devices will create new opportunities for market growth in the future, thereby positively impacting the defibrillators market share.

The defibrillators market is segmented on the basis of product, end user, and geography. On the basis of product, the defibrillators market covers implantable defibrillators and external defibrillators. The implantable defibrillators segment is further divided into transvenous implantable cardioverter defibrillator (T-ICDs), subcutaneous implantable cardioverter defibrillator (S-ICDs), and cardiac resynchronization therapy- defibrillator (CRT-D). The external defibrillators are further categorized into the manual external defibrillator, automated external defibrillator (AEDs), and wearable cardioverter defibrillator (WCDs). On the basis of the end user, the defibrillators market is segmented into hospitals, prehospital, public access market, alternate care market, and home. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and LAMEA.

North America denotes a higher adoption of the defibrillators and is anticipated to hold the highest market share during the forecast period. This is attributable to the factors including enhanced developments in healthcare and related infrastructure, high R&D investments, better reimbursement facility, high consumer awareness, and technological advancements.

It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to improvement in public & private healthcare facility, and increasing chronic diseases.

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Comprehensive competitive analysis and profiles of the major market players such as Biotronik SE & Co. KG, Nihon Kohden Corporation, St. Jude Medical, Inc., Boston Scientific Corporation, Asahi Kasei Corporation, Stryker Corporation, Philips Healthcare, LivaNova PLC, Medtronic plc, Cardiac Science Corporation, and others are provided in the defibrillators market report.