Global Defibrillator Market- Segmented by End User, Product, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global defibrillator market is expected to register a CAGR of 6.5% during the forecast period, 2018 to 2023. Defibrillator is a life-saving device that helps deliver a therapeutic shock to a patient’s heart in life-threatening conditions, such as ventricular fibrillation, cardiac arrhythmia, and pulseless ventricular tachycardia. In the United States, approximately 300,000 out-of-hospital cardiac arrests occur each year. Supportive government policies in developed countries may help increase the availability and access of defibrillators, which will further boost the market growth over the forecast period.
Increase in the Prevalence Rate of Cardio Vascular Diseases
According to the American Heart Association’s research program, cardiovascular diseases are listed as the primary cause of deaths and accounted for nearly 836,546 deaths in the United States.. The deaths related to cardiovascular diseases are higher when compared to deaths related to all forms of cancer and chronic lower respiratory diseases combined. As per the American Heart Association, cardiovascular disease is the leading cause of death, globally, accounting for more than 17.9 million deaths per year in 2015, a number that is expected to grow to more than 23.6 million by 2030. Hence, the increase in prevalence of cardiovascular diseases is expected to drive the market growth.
Other factors driving this market are technological advancements in the field of defibrillators and training and awareness programs for defibrillators.
Stringent Regulatory Framework
Defibrillators face stricter regulations when compared to other devices of this category, which is one of the major factors that may hinder the growth of the market. For instance, in 2015, the US FDA ordered the PMA approval for new and existing automated external defibrillators, citing manufacturing issues, and recalled more than 2 million devices since 2005. Also, the rise in product failure, recalls, and the lack of awareness about SCA, especially in the emerging markets, are expected to hamper the market growth.
Other factors that may restraint the market include: high costs of the defibrillators.
North America to Dominate this Market
Cardiovascular diseases, listed as the underlying cause of death, account for nearly 836,546 deaths (about 1 of every 3 deaths) in the United States. Thus, the increasing prevalence of cardiovascular diseases in the region is expected to drive the growth of this market over the forecast period. In 2017, the Department of Health and Human Services (HHS), along with a number of public and private partners, launched the Million Hearts initiative that aims to prevent one million heart attacks and strokes. All the aforementioned factors are expected to boost the market growth.
Key Developments in the Market
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