Defibrillators Market Analysis and Forecast to 2031: By Type (Implantable Cardioverter Defibrillators, Transvenous Implantable Cardioverter Defibrillators, Subcutaneous Implantable Cardioverter Defibrillators, External Defibrillators, Manual & Semi-Automated External Defibrillators, Fully Automated External Defibrillators, Wearable Cardioverter Defibrillators), Patient Type (Adult, Pediatrics), End User (Hospitals, Clinics and Cardiac Centers, Pre-Hospital Care Settings, Public Access Markets, Home Care Settings, Alternate Care Facilities, Others), and Region
The defibrillators market was valued at USD 11.8 billion in 2021 and it is anticipated to reach up to USD 29.3 billion in 2031 at a CAGR of 9.5% during the forecast period.
Defibrillation is a technique that is considered as a definitive treatment for cardiac arrests and arrhythmias. Defibrillators are devices that are used to defibrillate or stabilize the heartbeat of a patient in a condition of arrhythmias and ventricular tachycardia. The major function of defibrillation in ventricular arrhythmias is to apply a controlled electrical shock to the heart, which results in the depolarization of the electrical conduction system of the heart. After the heart is polarized the normal electrical conduction is attained, thus terminating the ventricular arrhythmia.
Global Defibrillators Market Scope and Report Structure
Market Trends and Drivers
The key factor boosting the growth of the market is the rising prevalence of target diseases. Cardiovascular disease (CVD) is a leading cause of death and disability across the globe. Worldwide, 17.9 million deaths owing to CVD were reported in 2019, which amounts to 32% of the total deaths across the globe (Source: WHO). More than 75% of deaths owing to CVDs occur in low- and middle-income countries. In the US alone, there were more than 390,000 sudden cardiac arrests in 2018 (Source: American Heart Association). Of the total US population, around 65% of deaths due to CVDs occur in people aged 75 and over, 29% in the age group of 55–74, and 6% in the age group of 35–54. Due to this, the demand for defibrillators has increased, as these devices help save the lives of patients at a high risk of cardiac arrest.
The increasing geriatric population across the globe is another key factor contributing to the rising prevalence of CVD, as aging is associated with progressive deterioration in the structure and function of the heart and acts as a catalyst in the development of chronic diseases. So, with the growth in the geriatric population across the world, the incidence of heart diseases is expected to rise.
Market Restraints and Challenges
The key factor hindering the market growth is the issue related to the use of implantable and automated external defibrillators. AEDs installed in public places are sometimes prone to failure owing to problems related to the battery, software, and hardware. Failure to perform defibrillation may result in delayed treatment or even death. Over the years, a number of defibrillators have been recalled owing to technical errors in the functioning of the device with respect to shock delivery, electrical issues coupled with hardware configuration. These defects may lead to undesirable product performance and even the death of the patient in some cases. In 2018, the FDA, in conjunction with Philips, issued a recall notice for various models of the HeartStart MRx Defibrillator. The recall was caused by a defect in the gas discharge tube (GDT), which could lead to the malfunction of the defibrillator. In 2021, Medtronic recalled the Evera, Viva, Brava, Claria, Amplia, Compia, and Visa ICDs and CRT-Ds due to the short battery life associated with these devices.
Defibrillators Market Segmentation
The report analyses the global defibrillators market based on the type, patient type, end user, and region.
Defibrillators Market by Type
Based on type, it is segmented into implantable cardioverter defibrillators, transvenous implantable cardioverter defibrillators, subcutaneous implantable cardioverter defibrillators, external defibrillators, manual & semi-automated external defibrillators, fully automated external defibrillators, and wearable cardioverter defibrillators. The implantable cardioverter defibrillators segment is likely to dominate the market during the forecast period. The key factors such as the increasing prevalence of cardiovascular diseases coupled with the development of technologically advanced defibrillators are propelling the growth of the market.
Defibrillators Market by Patient Type
Based on patient type, it is segmented into adults and pediatrics. The adult patient segment is boosting the growth of the market. The adult patient segment is likely to dominate the market during the forecast period. The development of advanced ICDs, CRT-Ds, and AEDs, along with increasing awareness about cardiac diseases and preventive measures taken by government bodies, are the primary factors boosting the market growth during the forecast period.
Defibrillators Market by End User
Based on the end user, it is segmented into hospitals, clinics and cardiac centers, pre-hospital care settings, public access markets, home care settings, alternate care facilities, and others. The hospitals, clinics and cardiac centers segment are likely to dominate the market during the forecast period. The key factors such as the growing numbers of cardiac implant procedures and the availability of reimbursements across developed economies are boosting the growth of the market.
Geographical Analysis of Defibrillators Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America region is likely to dominate the market during the forecast period. The growing emphasis of key players on emerging markets in this region, new product launches, and increasing focus on supplier contracts are further boosting the growth of defibrillators market.
Major Players in Defibrillators Market
The COVID-19 pandemic adversely affected the economy in 2020 and presented various challenges to clinical healthcare providers and patients across the world. Logistical issues, managing patients with the disease, prioritizing patients with comorbidities & pre-existing conditions, and further protecting the public & hospital frontline workers from COVID-19 are major challenges healthcare systems face across the world. The pandemic has also impacted the buying capacity of hospitals, majorly small-scale hospitals, resulting in canceled or postponed supply deals, which has impacted the overall revenue of all the major players in the defibrillators market. Also, owing to lockdowns, many people lost their jobs and livelihood, which, in turn, affected the buying pattern of patients considerably. Arrhythmias were observed in many COVID patients, but in-hospital defibrillator facilities helped save their lives. Owing to the virus outbreak, many surgical procedures were canceled or postponed, depending on the criticality of the patient. This resulted in losses for companies. COVID-19 also impacted various stages of the value chain, primarily due to strict lockdowns imposed by the governments of most countries. The turnaround time for the delivery of products and services was also affected owing to newer packaging protocols and lockdown measures imposed by countries. All these factors negatively impacted the manufacturing and supply chain of the defibrillators market.
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