Published: December 2019 | Report Code: LS10166 | Available Format: PDF | Pages: 241
The automated external defibrillator market size was $1,476.0 million in 2018, and it is projected to reach $3,991.5 million by 2030, advancing at a CAGR of 8.8% during 2019–2030.
North America will generate the highest revenue in the foreseeable future. This can be owed to the presence of key players and high awareness among customers about the advantages and safe use of automated external defibrillators (AEDs). Besides, the improving healthcare system and growing geriatric population will support the market growth in the continent.
Players in the market for automated external defibrillators across the world are focusing on cost-effective and easy-to-operate AEDs that can be utilized at homes without any technical expertise, owing to the rapid shift toward external defibrillators from implantable devices. For instance, Stryker Corporation introduced the LIFEPAK CR2 defibrillator in April 2019 in the U.S. This device is integrated with the LIFELINKcentral AED program manager that enables chest compressions during an electrocardiogram (ECG) and increases the hands-on time to decrease the pauses in cardiopulmonary resuscitation (CPR), to improve the survival outcome.
The booming geriatric population is one of the key factors behind the automated external defibrillator market growth. The fastest-growing geriatric population is recorded in Japan, China, and the U.S., in descending order. The 2018 Population Reference Bureau report estimates that the number of Americans aged 65 years or above will rise from 46 million in 2014 to over 98 million by 2060. Old people require AEDs in abundance as they are more susceptible to chronic illnesses, primarily cardiovascular diseases (CVDs), owing to the inefficiency of their biophysical processes.
In addition, according to an article published by the National Center for Biotechnology Information (NCBI) in 2013, Causes and Prevention of Sudden Cardiac Death in the Elderly, sudden cardiac arrest (SCA) was a major cause of death in the elderly population of the U.S. owing to the high prevalence of congestive heart failure (CHF), coronary heart disease (CHD), and systolic dysfunction. The article also propounds that there is a direct correlation between age and SCA; thus, the spurring aging population will fuel the adoption of different types of AEDs across the world.
Medical device organizations are focusing on partnerships and acquisitions to enhance their presence and product offerings. Through these moves, companies operating in the automated external defibrillator market are aiming to provide AEDs for effective management of SCA and other CVDs. For example, in December 2017, Myant Inc. and ZOLL Medical Corporation signed a multi-year agreement to together develop technologies for the next-generations of ZOLL’s LifeVest wearable defibrillator. Such strategic developments help market players in developing advanced AEDs, which will amplify the focus of patients and healthcare professionals toward them.
The non-wearable category, under the product type segment, will exhibit the faster growth in the automated external defibrillator industry in the coming years due to the advantageous features of non-wearable AEDs, such as user-friendliness, low maintenance requirement, and easy handling benefits.
The fully automatic category, within the technology segment, held the larger share in 2018, of 79.5%. Fully automatic AEDs are most apt for patients suffering from SCA, as they need less or no technical information and mechanical force for operation and reduce the time for shock reliving during the procedure. Owing to these advantages, this category will continue to hold its dominance in the coming years.
The adult category, under the patient type segment, dominated the automated external defibrillator market till 2018. This was due to the surging number of geriatric people, who are highly susceptible to cardiac ailments.
The homecare settings category will register the fastest growth within the end user segment of the market during 2020–2030. This will majorly be on account of the rising cases of SCAs and soaring awareness regarding the importance of AEDs in saving the life of a person during cardiac arrest.
By 2030, North America will emerge as the market leader, holding a share of 60.8%. This will be due to the strong existence of market players, a vast geriatric population, and improving healthcare infrastructure. Moreover, the growing prevalence of CVDs and related health issues will propel the demand for AEDs in the region.
The Asia-Pacific (APAC) market for automated external defibrillators will display the fastest growth in the coming years. This can be attributed to the improving healthcare system and escalating focus of market players on business expansion in the emerging economies of India and China.
Some of the giant players operating in the automated external defibrillator market, which are extensively involved in the development of AEDs, include Stryker Corporation, ZOLL Medical Corporation, Koniklijke Philips N.V., and Nihon Kohden Corporation. Some of the other players in the market are SCHILLER AG, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Mediana Co. Ltd., Opto Circuits Limited, and CU Medical System Inc.
In recent years, the major players operating in the global automated external defibrillator market have actively engaged in product launches to gain a competitive edge and expand their product portfolio. For instance, in April 2019, Stryker Corporation launched LIFEPAK CR2 defibrillator in the U.S. The device received pre-market approval (PMA) by The Food and Drug Administration (FDA) and has marketed in Europe and Canada in 2017 and Japan in 2018.
Furthermore, in April 2017, Stryker Corporation’s subsidiary Physio-Control launched HeartSine samaritan PAD 360P AED in the U.S., and received PMA by the FDA.
By Patient Type
By End User
Key Questions Addressed in the Report
The automated external defibrillator market is predicted to advance at a CAGR of 8.8% between 2020 and 2030.
The automated external defibrillator industry will attain a value of $3,991.5 million in 2030.
The automated external defibrillator market will register the highest revenue in North America between 2020 and 2030.
Because of the rising consumer awareness about the advantages of AEDs, the automated external defibrillator industry will boom in future.
The fully automatic category registered the higher revenue in the automated external defibrillator market in 2018.
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