Defibrillator Market Set to Exceed US$ 24.9 Billion by 2032, Sustaining a 7.4% CAGR According to Persistence Market Research
The defibrillator market is experiencing robust growth driven by increasing awareness about sudden cardiac arrest, technological advancements, and rising healthcare expenditure
New York, Jan. 25, 2024 (GLOBE NEWSWIRE) — A recent analysis report by Persistence Market Research reveals that the global Defibrillator Market achieved sales of US$ 11.4 billion in 2021, with a projected market growth of 7.4% from 2022 to 2032, surpassing historical growth rates.
The market’s expansion is driven by factors such as the rising prevalence of cardiovascular diseases, a growing adult population prone to cardiac arrest, government initiatives to improve defibrillator accessibility through public installations, and training programs. Additionally, the market is benefiting from the healthcare infrastructure expansion in emerging countries and collaborations among manufacturers for new defibrillator developments.
Despite overall growth, the COVID-19 pandemic negatively impacted the industry, particularly the International Classification of Diseases (ICDs) market, leading to reduced demand and sales in 2020. While sales improved as hospitals resumed elective surgeries, uncertainty persisted due to the ongoing impact of COVID-19 in key markets. Companies like Abbott experienced fluctuations in hospital-based businesses, with improvement in Q2 and Q3 2020 but challenges in Q4 2020 due to a sudden increase in COVID-19 cases. In contrast, Nihon Kohden reported strong defibrillator sales growth in 2020, despite pandemic-related sales limitations.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 12.2 Bn | |
| Estimated Revenue 2030 | US$ 24.9 Bn | |
| Growth Rate – CAGR | 7.4% | |
| Forecast Period | 2023-2032 | |
| No. of Pages | 250 Pages | |
| Market Segmentation | By Component, Type and Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Defibrillator Market Analysis: 2017-2021 vs. 2022-2032 Forecast
According to research from Persistence Market Research, a provider of market research and competitive intelligence, the Defibrillator Market value increased by approximately 6.7% annually from 2017 to 2021.
Growing demand for implanted and external defibrillators is fuelling advancements in these devices. Innovations include implanted devices like subcutaneous and transvenous devices designed for increased patient comfort. In 2017, the Swedish Transport Agency tested delivering Automated External Defibrillators (AEDs) by drone, aiming to reduce delivery time and improve survival odds. Training programs and public awareness campaigns promoting defibrillation knowledge indirectly contribute to increased demand for home care and public access defibrillators. The rise of wearable cardioverter defibrillators indicates a potential temporary solution or bridge to long-term implanted cardioverter defibrillator installation.
Dr. Harish Manyam at Erlanger Heart and Lung Center performed the nation’s first double chamber implanted cardioverter defibrillator operation (ICD), featuring MRI capability and Bluetooth connectivity for efficient patient-healthcare provider interaction.
The Erlanger cardiology team provides ICDs and cardiac resynchronization therapy defibrillator (CRT-D) devices to patients with abnormal heart rhythms and heart failure. These high-voltage devices incorporate a smartphone app and Bluetooth connectivity for enhanced remote monitoring and communication, allowing tailored therapy based on a patient’s unique clinical needs. Defibrillators have evolved in terms of price, size, and user-friendliness, making them simple to operate for skilled users.
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Market Dynamics:
Drivers: A significant portion of the global population faces cardiovascular diseases like coronary artery disease and cardiac arrest, leading to a growing number of deaths worldwide. In 2021, the Centers for Disease Control and Prevention (CDC) attributed approximately 695,000 deaths in the US to cardiovascular diseases. Lifestyle-related conditions such as obesity, hypertension, dyslipidemia, and diabetes contribute to the risk of developing cardiovascular diseases. The rising elderly population globally is another factor fueling the prevalence of cardiovascular diseases, especially ventricular arrhythmias, creating a demand for defibrillators to intervene promptly during cardiac emergencies.
Restraints: Public access defibrillators, or automated external defibrillators (AEDs), often face technical issues like battery defects or hardware problems, along with frequent reports of faulty wiring, circuitry, and connectors. These problems may lead to device failure in administering electric shocks promptly. Consequently, emergency care providers prefer established brands with a proven track record, posing a significant obstacle for the positive market growth of emerging vendors and local distributors globally.
Opportunity: Key players in the defibrillator market are increasingly acquiring others to expand their global product offerings. These acquisitions aid manufacturers in enhancing technical efficiency, strengthening financial stability, entering emerging markets, and providing a broader product range to patients. Such moves allow manufacturers to maintain profit margins and extend their geographic presence despite growing cost pressures. Notable mergers & acquisitions include ZOLL Medical’s acquisition of Cardiac Science in July 2020, strengthening its Critical Care segment and diversifying its defibrillator and cardiac care portfolio.
Challenges: Defibrillators are crucial for restoring normal heartbeats in critical cardiac patients, yet developing countries like India, Indonesia, and Brazil report low public awareness levels regarding the clinical importance of timely defibrillator interventions and limited understanding of defibrillator operations among the general population. This lack of awareness poses a major challenge to sustained and positive demand growth for defibrillator products in the coming decade, compounded by frequent product recalls leading to reduced availability of innovative external defibrillators in the market.
Market Segmentation:
Product Trends:
In 2023, implantable cardioverter defibrillators (ICDs) dominated with a share of over 52.03%, fueled by increased adoption due to prevalent cardiovascular diseases (CVDs), a growing elderly population, and ongoing improvements by major companies. For example, Boston Scientific’s MODULAR ATP clinical trial aims to assess the mCRM Modular Therapy System’s safety and efficacy, showcasing commitment to advancing cardiac rhythm management.
External defibrillators are expected to have the fastest growth rate from 2024 to 2030, driven by technological advancements and initiatives promoting access to Automated External Defibrillators (AEDs) in public spaces. Safe Life’s acquisition of Coro Medical and AED.us in March 2023 aims to expand life-saving equipment availability in the U.S.
End-use Overview:
In 2023, hospitals held the largest revenue share of over 79.14%, utilizing both ICDs and external defibrillators for sudden cardiac arrest treatment. The public access segment is projected to have the fastest growth, driven by initiatives to increase AED availability, personnel training, and improved response to cardiac emergencies.
Regional Highlights:
North America led with a revenue share of over 42.1% in 2023, driven by factors like heart disease prevalence, an aging population, industry presence, and well-developed healthcare infrastructure. Asia Pacific anticipates substantial growth due to sedentary lifestyles, unhealthy diets, and a rising aging population leading to increased CVD incidence, with a reported high CVD mortality rate in December 2022. The region’s focus on cardiology intervention procedures contributes to market growth.
Competitive Intelligence and Business Strategy
Medtronic stands as a prominent player in the defibrillator market and is expected to maintain its leading position in the upcoming period. This is attributed to its diverse range of products in the implantable defibrillator segment, effective customer outreach, and robust after-sales services. Alongside Boston Scientific Corporation, Medtronic currently commands more than half of the market share in terms of revenue. Other participants in the defibrillator market include Cardiac Science, Physio Control, Stryker, Defibtech, LLC., CU Medical Systems Inc., Abbott, Boston Scientific Corporation, LivaNova PLC, MicroPort, and BIOTRONIK.
Key Questions Answered in the Report:
- What are the contributing factors to the market’s growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Defibrillator market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Defibrillator market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Defibrillator market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Defibrillator industry?
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