The global defibrillators market is estimated to be valued at US$ 16,843.5 million in 2022 and is expected to exhibit a CAGR of 5.7% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights. Defibrillators are medical devices used to restore normal heart rhythm by delivering an electric shock to the heart. They are primarily used in the management of cardiac arrhythmias and sudden cardiac arrest.
Market Overview:
Defibrillators play a crucial role in saving lives during emergency situations such as cardiac arrest. According to the American Heart Association, each year, over 350,000 out-of-hospital cardiac arrests occur in the United States alone. Immediate defibrillation is critical for survival as the chances of successful resuscitation decline rapidly with time. The increasing incidences of cardiac arrest and the growing adoption of defibrillators in both hospitals and public places are driving the growth of the global defibrillators market.
Market Key Trends:
One key trend observed in the defibrillators market is the increasing demand for automated external defibrillators (AEDs). AEDs are portable devices that are easy to use by both healthcare professionals and non-medical personnel. They can be used by bystanders to provide immediate assistance to a victim of sudden cardiac arrest before professional help arrives. The ease of use and potential to save lives has led to a significant increase in the adoption of AEDs in settings such as schools, airports, offices, and public areas.
For instance, the American Heart Association advocates for widespread public access to AEDs to increase the chances of survival for individuals experiencing sudden cardiac arrest outside of a hospital setting. This has led to initiatives promoting the installation of AEDs in public places, driving the demand for these devices.
PEST Analysis:
Political: Governments across the globe are implementing initiatives to increase public access to defibrillators. For example, various countries have passed legislation requiring the installation of AEDs in public buildings and spaces. This political support is expected to drive the demand for defibrillators.
Economic: The growing burden of cardiovascular diseases and the increasing healthcare expenditure in both developed and developing countries are driving the growth of the defibrillators market. Additionally, advancements in technology, such as the development of wearable defibrillators, are also contributing to market growth.
Social: Increasing awareness about the importance of immediate defibrillation and the availability of AEDs in public places are influencing people to proactively seek training in cardiopulmonary resuscitation (CPR) and the use of AEDs. This societal shift is expected to drive the demand for defibrillators.
Technological: Technological advancements in defibrillators, such as the development of smart defibrillators with built-in sensors and connectivity features, are enhancing device functionality and ease of use. These advancements are expected to fuel market growth.
Key Takeaways:
- The global Defibrillators Market Demand is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period, due to increasing incidences of cardiac arrest and the growing adoption of defibrillators.
- North America is expected to dominate the market owing to the high prevalence of cardiovascular diseases, well-established healthcare infrastructure, and favorable reimbursement policies.
- Key players operating in the global defibrillators market include Koninklijke Philips N.V., Metrax GmbH, Medtronic, Mindray Medical International Limited, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Abbott, BIOTRONIK, Stryker, and LivaNova PLC. These players are focusing on technological advancements and strategic collaborations to strengthen their market position.
The global defibrillators market is witnessing significant growth due to the increasing incidences of cardiac arrest and the rising adoption of defibrillators in various settings. The demand for automated external defibrillators (AEDs) is particularly on the rise due to their ease of use and potential to save lives. Governments, healthcare organizations, and the general public are recognizing the importance of immediate defibrillation, leading to initiatives promoting public access to AEDs. With continuous technological advancements and favorable government policies, the global defibrillators market is expected to thrive in the coming years.
