The surging geriatric population, technological advancements, growing incidence of cardiac diseases, and increasing strategic developments among key players are the major factors that positively impact the growth of the global defibrillator market. Due to these factors, the market is expected to generate $20,281.6 million revenue by 2030, advancing at a CAGR of 7.2% during the forecast period (2020–2030).
Implantable Cardioverter Defibrillators (ICDs) To Hold Larger Share throughout Forecast Period
On the basis of type, the defibrillator market is classified into ICDs and external defibrillators, of which the ICDs bifurcation is expected to lead it in the coming years, mainly because of the advancements in the defibrillation technology. Further, ICDs are designed to treat fast heart rates, continuously monitor the patient’s heart, and restore the heart rhythm to its normal rate.
Further, on the basis of end user, the defibrillator industry is categorized into hospitals, clinics, & cardiac centers; pre-hospital care settings; public-access settings; home care settings; and others. Among these, hospitals, clinics, & cardiac centers were the largest end users of defibrillators throughout the historical period (2014–2019). The category is further expected to retain its market dominance in the coming years, due to the increasing adoption of advanced defibrillation technologies, which promise higher efficiency and a lower mortality rate, in such settings.
Geographically, the defibrillator market in North America is expected to witness lucrative growth, as a result of the surging geriatric population, initiatives taken by government and non-government organizations to support research and development on the products, increasing healthcare expenditure, and presence of giant players.
Product Launch Is Strongest Strategic Measure Taken by Players
Players in the defibrillator market are focusing on introducing and commercializing new products to enhance their market presence. For instance, in September 2019, BeneHeart C Series AED was launched by Shenzhen Mindray Bio-Medical Electronics Co. Ltd. to manage irregular heart rates in patients encountering SCA. The company developed the device utilizing the ResQNavi technology, featuring voice prompts and step-by-step animation coaching to guide the user through the rescue process.
Similarly, In April 2017, Physio-Control (a wholly-owned subsidiary of Stryker Corporation) launched the HeartSine samaritan PAD 360P fully automatic AED in the defibrillator market. The device functions by analyzing the cardiac rhythm and automatically delivering an electrical shock to a victim of SCA, in order to restore the normal sinus rhythm. In addition, the device provides a high level of dust and water ingress protection.
In addition to product launches, players in the defibrillator market are also engaged in mergers & acquisitions to expand their consumer base. For instance, in August 2019, ZOLL Medical Corporation acquired Cardiac Science Corporation, a manufacturer and seller of AEDs and related services and accessories. Through this acquisition, ZOLL Medical Corporation has been able to expand its AED portfolio and increase its customer base.
Browse report overview with detailed TOC on "Defibrillator Market Research Report: By Type (Implantable Cardioverter Defibrillators, External Defibrillators), Patient Type (Adult, Pediatric), Distribution Channel (Direct, Indirect), End User (Hospitals, Clinics, & Cardiac Centers, Pre-Hospital Care Settings, Public Access Settings, Home Care Settings) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/defibrillator-market-forecast
Some of the major players operating in the global defibrillator market include SCHILLER AG, Cardiac Science Corporation, Stryker Corporation, ZOLL Medical Corporation, Progetti S.r.l., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Boston Scientific Corporation, Mediana Co. Ltd., Opto Circuits India Ltd., Abbott Laboratories, Medtronic plc, Defibtech LLC, CU Medical System Inc., MicroPort Scientific Corporation, LivaNova PLC, Koninklijke Philips N.V., BIOTRONIK SE & Co. KG, and Nihon Kohden Corporation.