Defibrillator Market Overview:
Defibrillators Market is expected to garner $15,610 million during the forecast period 2014-2022. Defibrillators are devices used to deliver therapeutic shock to a patient’s heart in life-threatening conditions such as ventricular fibrillation, cardiac arrhythmia, and pulseless ventricular tachycardia. The defibrillation procedure encompasses delivery of an electric shock to the heart, which depolarizes heart muscles and restores its normal electric impulse. Growing focus towards public access defibrillator (PAD) by the public & private organizations has fueled the market growth. Moreover, advanced defibrillator devices, rapidly growing geriatric population with elevated risk of targeted diseases, and increasing incidence of cardiac diseases among all ages are further driving the market growth. However, product failures and recalls, increasing pricing pressure on players and lack of awareness about sudden cardiac arrest (SCA) are restraining the growth of this market.
The global defibrillators market is segmented based on product, end-user, and geography. Implantable cardioverter-defibrillator (ICDs) and external defibrillators are two major product categories of defibrillators. ICDs are further categorized into cardiac resynchronization therapy - defibrillator (CRT-D), transvenous implantable cardioverter defibrillator (T-ICDs) and subcutaneous implantable cardioverter defibrillator (S-ICDs). The T-ICDs market is the largest within Implantable cardioverter-defibrillator market owing to higher precision and targeted functioning.
In addition, external defibrillators are further categorized into manual external defibrillator (MEDs), automated external defibrillator (AEDs), and wearable cardioverter defibrillator (WCDs). AEDs are most commonly used external defibrillator accounting for more than two-thirds of external defibrillator market revenue in 2015. However, WCDs are gaining express momentum and is expected to churn substantial revenue share of both MEDs and AEDs during forecast period due it’s easy to use and wearable features.
AED is the preferred external defibrillation system:
External defibrillators are life-saving medical devices used to deliver defibrillating shock through paddles or electrode pads to diagnose and restore life-threatening abnormal heart rhythms in the conditions of unexpected cardiac arrest. These devices are capable of performing cardioversion, defibrillation, and pacing of the heart. External defibrillators are of three major types, namely manual external defibrillator, AEDs and WCDs. AEDs are used in most cases among SCA patients due to productive opportunities observed and ease in use, thereby bagging a large market share in the global defibrillators market.
The increase in adoption of technologically advanced defibrillators, growing demand for quality medical care, high incidences of SCA, and cardiovascular diseases are the drivers of growth. In addition, the increasing focus of public & private organizations and key market players on public access defibrillators and an increase in number of training & awareness programs across the globe are a few more factors driving the growth of this industry. Moreover, promoting the innovation of the next-generation external defibrillators to improve safety and effectiveness, enhancing the ability of industry, identifying and addressing problems associated with devices by the FDA, and focusing on the SCA are anticipated to create lucrative opportunities. SCA is the leading cause of death globally, which is a life-threatening condition. It can be treated successfully by early intervention of the disease with defibrillation at the right time. The global external defibrillators market is dominated by automated external defibrillators (AEDs) and expected to grow with highest rate in future due to increase in adoption by heart failure patients across the globe. The increasing installations of public access AEDs, growing incidence of cardiovascular diseases, and growing awareness regarding the lifesaving potential of AEDs have fueled the market growth. The second-largest market of external defibrillators is covered by manual external defibrillators followed by wearable external defibrillators.
Growing incidence of sudden cardiac arrest (SCA) and cardiovascular diseases: throttling the market growth
SCA is a sudden and unexpected pulseless condition, which is caused by the cessation of cardiac mechanical activity. SCA is a leading cause of death among adults, usually above the age of 40. In the U.S. alone, 326,200 people experienced out-of-hospital cardiac arrests (OHCA) in 2011. In addition, cardiac diseases are the leading cause of death worldwide, accounting for 17.3 million deaths per year and projected to grow more than 23.6 million by 2030. According to the American Heart Association, 5.5 million people are affected by heart failure in the U.S. alone, while 10 million in European countries. Furthermore, in the U.S., around 700,000 new cases of heart failure are diagnosed annually and approximately 58,000 patient deaths are attributed to heart failure annually. This is one of the major driving factors for the growth of the defibrillators market. Moreover, the rising incidence of diabetes, atherosclerosis, strokes, hypertension, and others due to lifestyle habits such as unhealthy dietary habits, lack of physical activity and smoking, among others, is the leading cause of CHF. Moreover, rising geriatric population base is expected to fuel the prevalence of CHFs, thereby augmenting the market growth.
Asia-Pacific: Most Lucrative Region
The Asia-Pacific region includes China, Japan, India, Australia, Malaysia, Thailand, New Zealand, and other countries in the Pacific Rim. The Asia-Pacific region offers lucrative opportunities in the defibrillators market, anticipated to be the fastest-growing market during the forecast period. Asia-Pacifc is densely populated with India and China being the most populous. Its growth is supplemented by the growing demand for sophisticated defibrillators, large number of healthcare reforms, high prevalence of heart failures, and increased focus of key players on developing technologically advanced cost-effective defibrillators.
However, the weak reimbursement scenario for defibrillation procedures, lack in advanced healthcare infrastructure, low awareness among physicians & patients about different treatment devices, and high cost of these devices are impeding the growth of the defibrillators market in these countries.
The report provides a comprehensive analysis of the key players operating in the world defibrillators market, such as Asahi Kasei Corporation, Stryker Corporation, Biotronik SE & Co. KG, Boston Scientific Corporation, Philips Healthcare, LivaNova PLC, Medtronic plc, Cardiac Science Corporation, Nihon Kohden Corporation, and St. Jude Medical, Inc.
DEFIBRILLATORS MARKET KEY BENEFITS
- The study provides an in-depth analysis of the world defibrillation market with current trends and future estimations to elucidate the imminent investment pockets.
- The report provides a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- The report provides actual historical figures for 2014 and 2015 and provides Y-o-Y forecasts for 2016 to 2022, considering 2015 as base.
- Extensive analysis by product helps in understanding the various types of devices used for the treatment of neurological diseases and other related conditions.
- Competitive intelligence highlights the business practices followed by leading players across various regions.
- SWOT analysis studies the internal environment of the leading companies for strategy formulation.
DEFIBRILLATORS MARKET SEGMENTS
- Implantable Defibrillators
- Transvenous Implantable Cardioverter Defibrillator (T-ICDs)
- Subcutaneous Implantable Cardioverter Defibrillator (S-ICDs)
- Cardiac Resynchronization Therapy- Defibrillator (CRT-D)
- External defibrillators
- Manual External Defibrillator
- Automated External Defibrillator (AEDs),
- Wearable Cardioverter Defibrillator (WCDs).
By End User
- Public Access market
- Alternate Care Market
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa