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Valued at $1,476.0 million in 2018, the global automated external defibrillator market is projected to generate $3,991.5 million revenue by 2030, witnessing a CAGR of 8.8% during the forecast period (2020–2030).
Among all regions, North America is expected to lead the automated external defibrillator market during the forecast period. Presence of key players and growing awareness among consumers about the safe use and advantages of automated external defibrillator (AEDs) are some of the major factors driving the growth of the North American market. Besides, improved healthcare infrastructure and surging geriatric population are also playing pivotal role in the growth of the market.
Dynamics of Automated External Defibrillator Market
Inclination toward external defibrillators from implantable devices has increased the focus of manufacturers on less-expensive and easy-to-operate products, which can be used at homes without any technical expertise. For instance, in April 2019, Stryker Corporation launched LIFEPAK CR2 defibrillator in the U.S. The device was installed with LIFELINKcentral AED program manager that allows chest compressions to continue during electrocardiogram (ECG) analysis, and increases hands-on time to reduce the longest pauses in cardiopulmonary resuscitation (CPR), which can improve survival outcome. The new developments in the field of AED are trending and attracting customers, thereby having a strong positive impact on the automated external defibrillator market.
Globally, the aging population plays a pivotal role in raising the demand for AEDs. The U.S. has the third fastest-growing geriatric population, after Japan and China. According to the 2018 Population Reference Bureau report, the total number of Americans aged 65 years and older is expected to increase two-fold, from 46 million in 2014 to over 98 million by 2060. With the increase in age, elderly people tend to become more susceptible to chronic diseases, majorly cardiovascular diseases (CVDs).
According to the article “Causes and Prevention of Sudden Cardiac Death in the Elderly” published by the National Center for Biotechnology Information (NCBI), in 2013, sudden cardiac arrest (SCA) was a major cause of mortality in the elderly in the U.S., owing to the high prevalence of coronary heart disease (CHD), systolic dysfunction, and congestive heart failure (CHF). The article also stated that there is a direct co-relation between SCA and age (i.e. the incidence of SCA increases with age). Thus, with the growing number of elderly people, the demand for AEDs is increasing, globally. This rising aging population across the globe would lead to an increased adoption of various types of AED, which would further boost the growth of the automated external defibrillator market.
A number of key players operating in the automated external defibrillator market are partnering and acquiring other organizations to enhance their product offering, market presence, and make AEDs available to end users for speedy management of patients suffering from SCA and other CVDs. For instance, in December 2017, ZOLL Medical Corporation and Myant Inc. entered into an exclusive strategic multi-year agreement to jointly develop technologies that will be leveraged in future generations of ZOLL LifeVest wearable defibrillator. This type of strategies is helping companies to develop innovative and advanced AEDs in the market, which will increase focus of healthcare professionals and patients toward their usage.
Automated External Defibrillator Market Segmentation Analysis
On the basis of product type, the automated external defibrillator market in the non-wearable category is projected to witness faster growth during the forecast period. This is owing to the fact that non-wearable devices are user-friendly, easy to handle, and require less maintenance.
Based on technology, the fully automatic category dominated the automated external defibrillator market, with 79.5% share, in 2018. Fully automatic AEDs are best suited for patients suffering from SCA that require less or no technical information, reduce the time for shock reliving, and require no mechanical force while conducting the procedure. Due to these factors, the category is expected to continue generating larger revenue in the market during the forecast period.
On the basis of patient type, adult patient is larger category in the automated external defibrillator market. This is mainly due to the growing trend of increasing geriatric population who are more susceptible to cardiac diseases.
Homecare settings will be fastest growing end-user category in the automated external defibrillator market. This can be mainly attributed to increasing awareness about the growing incidence of SCAs and importance of AEDs in saving a person's life after cardiac arrest. This is creating ample scope for the adoption of these devices in homecare settings.
Geographical Analysis of Automated External Defibrillator Market
North America is expected to hold the largest share, of 60.8%, in the automated external defibrillator market by 2030, mainly on account of the improved healthcare infrastructure, presence of established players, and surging geriatric population. Further incidence of CVDs and associated health problems is surging in the region, which boosts the demand for AEDs in the region.
During the forecast period, the APAC automated external defibrillator market is projected to witness the fastest growth, mainly attributed to the improving healthcare infrastructure in the region and increasing focus of market players on business expansion in developing countries, such as China and India.
Competitive Landscape of Automated External Defibrillator Market
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.
Recent Strategic Developments of Automated External Defibrillator Market Players
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.
Automated External Defibrillator Market Market Segmentation
By Patient Type
By End User
Key Questions Addressed in the Report