At a CAGR of 9.7% The Defibrillator Market Predicted to Gain US$18.2 billion by 2026 - Exclusive Report by MarketsandMarkets™
Chicago, Jan. 26, 2023 (GLOBE NEWSWIRE) -- According to the new market research report "Defibrillator Market by Product Type (Implantable Cardioverter Defibrillator and External Defibrillator), Patient Type (Adult, Pediatric), End Users, and Region (North America, Europe, APAC, Latin America & MEA) - Global Forecast to 2026", The global defibrillator market is projected to reach USD 18.2 billion by 2026, growing at a CAGR of 9.7%.
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175 - Tables
40 - Figures
224 - Pages
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Scope of the Report:
USD 18.2 billion by 2026
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Product Type, Patients type, End User, and Region
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Key Companies Profiled/Vendors
Prominent players in the defibrillators market include Medtronic (Ireland), Stryker Corporation (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), Abbott (US), Nihon Kohden (Japan), MicroPort (China), BIOTRONIK (Germany), CU Medical Systems (South Korea), METsis Medikal (Turkey), Mediana Co. Ltd. (Korea), Mindray Medical International Ltd. (China), Progetti SRL – Medical Equipment Solutions (Italy), and Schiller AG (Switzerland).
Key Market Opportunities
Key Market Drivers
Rising prevalence of target disease
Defibrillators are specialized devices that monitor the heart rhythm and deliver electric shocks to rectify abnormal heart rhythms on detection, and as such, play an important role in the treatment of sudden cardiac arrest.
Growth in this market is mainly driven by the rising prevalence of target diseases, growing focus on providing public-access defibrillators, and training and awareness programs on defibrillators. In addition, emerging markets and the development of S-ICDs and MRI-compatible ICDs and CRT-Ds are expected to offer growth opportunities for players in the defibrillators market.
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Cardiovascular disease (CVD) is a leading cause of death and disability across the globe. Globally, 17.9 million deaths due to CVD were reported in 2019, which amounts to 32% of the total deaths worldwide (Source: WHO). More than 75% of deaths due 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. Owing to this, the demand for defibrillators has increased, as these devices help save the lives of patients at a high risk of cardiac arrest.
However, issues related to the use of implantable and automated external defibrillators, frequent product recalls, and a lack of awareness about sudden cardiac arrest in developing nations are expected to hinder the growth of the defibrillators market during the forecast period. Other factors such as declining reimbursements, lack of infrastructure (particularly in developing and underdeveloped countries) are expected to hinder the growth of this market.
On the basis of product type, the defibrillator market is segmented into Implantable Cardioverter Defibrillators and External Defibrillators. The implantable cardioverter defibrillator (ICDs) are futher divided into Transvenous implantable cardioveter defibrillator and Subcutaneous implantable cardioverter defibrillators, whereas external defibrillators are divided into fully automated AED, manual AED and wearable defibrillators. The ICDs segment accounted for 71.5% of the global defibrillators market in 2020, while tranvenous implantable cardioverter defibrillator segment group accounts for 99% of ICDs market in 2020. The large share of this market segment can be attributed to the increasing prevalence of cardiovascular diseases and the development of technologically advanced defibrillators.
Based on end users, the defibrillators market is segmented into hospitals, clinics, and cardiac centers; prehospital care settings; public-access markets; alternate care facilities; home care settings; and other end users. The hospitals, clinics, and cardiac centers segment dominated the global defibrillators market, with a share of 80.2%, in 2020. The development of advanced ICDs and CRT-Ds and the large number of ICD and CRT-D implant procedures performed in hospitals, clinics, and cardiac centers are the major factors contributing to the large share of this end-user segment.
A majority of all implantable cardioverter defibrillator (ICD) procedures are carried out in hospitals, clinics, and cardiac centers. Defibrillators are typically placed in critical care units (CCUs), intensive care units (ICUs), and emergency units. ICDs and external defibrillators (manual as well as AEDs) are the most common types of defibrillators used in these facilities. Although manual defibrillators are preferred and are extensively used in hospitals, the use of AEDs in hospital settings is on the rise. Early defibrillation, shorter response time, ease of use, cost-effectiveness, and a shortage of trained staff have increased the preference for AEDs in these facilities.
The growing number of cardiac implant procedures and the availability of reimbursements across developed markets are the other major factors driving the growth of this end-user segment. According to the American Heart Association, an estimated 10,000 ICD procedures are carried out each month in the US alone (data as of July 2016). Similarly, the total number of ICD implants in England increased to 72 per million population in 2014 from 66 per million population in 2012 (Source: British Heart Rhythm Society).
Based on patient type, the defibrillators market is segmented into adult and pediatric patients. The adult patients segment dominated the global defibrillators market with a share of 59.5% in 2020. In 2020, there were roughly 75 million adult patients (in the age group of 15 years and over) globally and 25 million pediatric patients (in the age group of 0–14 years) (Source: World Bank). According to data by the World Health Organization (WHO), around 30% of all global deaths occur due to cardiovascular disease, accounting for 17.9 million lives lost each year. About 2 in 10 deaths due to CVD (cardiovascular disease) occur in patients aged less than 65 (Source: Center for Disease Control and Prevention). The major reasons for heart disease are high blood pressure, high cholesterol, diabetes, obesity, unhealthy diets, physical inactivity, and excessive alcohol use. 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 major factors contributing to the growth of the market.
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Geographical Growth Scenario:
The global defibrillator market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of 44.2% of the global defibrillators market, followed by Europe with a share of 26.6%. On the other hand, the Asia Pacific market is estimated to register the highest growth rate during the forecast period. Factors such as the high burden of target diseases, rising geriatric population, and increasing awareness regarding defibrillators support the growth of the defibrillators market in the APAC.
Prominent players in the defibrillator market include Medtronic (Ireland), Stryker Corporation (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), Abbott (US), Nihon Kohden (Japan), MicroPort (China), BIOTRONIK (Germany), CU Medical Systems (South Korea), METsis Medikal (Turkey), Mediana Co. Ltd. (Korea), Mindray Medical International Ltd. (China), Progetti SRL – Medical Equipment Solutions (Italy), and Schiller AG (Switzerland).
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