The growing incidence of cardiac diseases, surging geriatric population, advancements in the automated external defibrillator (AED) technology, and increasing strategic developments among key players are the major factors that positively impact the growth of the global external defibrillator market. Due to these factors, the market is expected to generate $9,450.3 million revenue by 2030, advancing at a CAGR of 8.5% during the forecast period.
Non-Wearable External Defibrillators to Hold Larger Share in Market Throughout Forecast Period
On the basis of type, the external defibrillator market is classified into non-wearable and wearable devices, of which the non-wearable bifurcation is expected to lead the market in the coming years. This is mainly ascribed to the fact that non-wearable external defibrillators are portable in nature and to their easy-to-use nature. Further, the wearable type causes discomfort to the user. It has been observed wearable defibrillators result in issues such as skin rashes, itching, skin burns, and sleep disturbances. Hence, doctors, as well as patients, prefer to use non-wearable external defibrillators, which would contribute to the bifurcation’s faster growth during the forecast period.
Further, on the basis of technology, the external defibrillator industry is categorized into automatic and manual devices. The automatic bifurcation is expected to witness faster growth in the coming years, mainly because automated external defibrillators (AEDs) can be used as an emergency response to an abnormal heartbeat, without the patient having to wait for medical help. An AED does not require profound technical expertise and hence can be easily used in public settings, such as airports, shopping malls, sporting arenas, gyms, and schools.
Geographically, the external defibrillator market in North America is expected to witness lucrative growth, as a result of the improved healthcare infrastructure, presence of established players, and surging geriatric population.
Product Launch is Strongest Strategic Measure Taken by Players in Market
Players in the external 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 correct irregular heart rate in patients encountering SCA. The company has 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. The device functions by analyzing the cardiac rhythm and automatically delivers an electrical shock to the victim of SCA, in order to restore the heart’s normal rhythm. In addition, the device provides a high level of dust and water ingress protection.
In addition to product launches, players in the external defibrillator market are also engaged in mergers & acquisitions to expand their consumer base. For instance, in February 2016, Stryker Corporation acquired Physio-Control International Inc. for approximately $1.3 billion. The acquisition expanded Stryker Corporation’s product portfolio, which includes monitors/defibrillators, AEDs, and cardiopulmonary resuscitation (CPR)-assist devices, along with data management and support services. It also increased the geographical footprint of Stryker Corporation.
Browse report overview with detailed TOC on "External Defibrillator Market Research Report: By Type (Wearable, Non-Wearable), Technology, Patient Type (Adult, Pediatric), End User (Public Access Settings, Hospitals, Clinics, and Cardiac Centers, Pre-Hospital Care and Emergency Medical Service Providers, Homecare Settings) – Trends Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/external-defibrillator-market-report
Some of the major players operating in the global external defibrillator market include Koninklijke Philips N.V., Nihon Kohden Corporation, SCHILLER AG, Stryker Corporation, Progetti S.r.l., Defibtech LLC, Cardiac Science Corporation, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., ZOLL Medical Corporation, Mediana Co. Ltd., BPL Medical Technologies Pvt. Ltd., Opto Circuits India Ltd., and CU Medical System Inc.