Growing numbers of cardiac implant procedures and the availability of reimbursements across developed economies are boosting the growth of the Defibrillators Market

According to a new research study by Global Insight Services (GIS), the defibrillators market is expected to grow rapidly over the next 10 years to reach a value of more than the US $29.3 billion by 2031.

Defibrillation is a technique that is considered as a definitive treatment for cardiac arrests and arrhythmias. Defibrillators are devices that are used to defibrillate or stabilize the heartbeat of a patient in a condition of arrhythmias and ventricular tachycardia. The major function of defibrillation in ventricular arrhythmias is to apply a controlled electrical shock to the heart, which results in the depolarization of the electrical conduction system of the heart. After the heart is polarized the normal electrical conduction is attained, thus terminating the ventricular arrhythmia.

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Global Defibrillators Market: Key Drivers

The key factor boosting the growth of the market is the rising prevalence of target diseases. Cardiovascular disease (CVD) is a leading cause of death and disability across the globe. Worldwide, 17.9 million deaths owing to CVD were reported in 2019, which amounts to 32% of the total deaths across the globe (Source: WHO). More than 75% of deaths owing to CVDs occur in low- and middle-income countries. In the US alone, there were more than 390,000 sudden cardiac arrests in 2018 (Source: American Heart Association). Of the total US population, around 65% of deaths due to CVDs occur in people aged 75 and over, 29% in the age group of 55–74, and 6% in the age group of 35–54. Due to this, the demand for defibrillators has increased, as these devices help save the lives of patients at a high risk of cardiac arrest.

The increasing geriatric population across the globe is another key factor contributing to the rising prevalence of CVD, as aging is associated with progressive deterioration in the structure and function of the heart and acts as a catalyst in the development of chronic diseases. So, with the growth in the geriatric population across the world, the incidence of heart diseases is expected to rise.

Report Findings

The implantable cardioverter defibrillators segment is likely to dominate the market during the forecast period

The key factors such as the increasing prevalence of cardiovascular diseases coupled with the development of technologically advanced defibrillators are propelling the growth of the market.

The adult patient segment is likely to dominate the market during the forecast period

The development of advanced ICDs, CRT-Ds, and AEDs, along with increasing awareness about cardiac diseases and preventive measures taken by government bodies, are the primary factors boosting the market growth during the forecast period.

The hospitals, clinics and cardiac centers segment are likely to dominate the market during the forecast period

The key factors such as the growing numbers of cardiac implant procedures and the availability of reimbursements across developed economies are boosting the growth of the market.

Competitive Landscape

The key players studied in the defibrillators market Medtronic (Ireland), Stryker Corporation (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), Abbott (US), Nihon Kohden (Japan), MicroPort (China), BIOTRONIK (Germany), CU Medical Systems (South Korea), METsis Medikal (Turkey), Mediana Co. Ltd. (Korea), Mindray Medical International Ltd. (China), Progetti SRL – Medical Equipment Solutions (Italy), and Schiller AG (Switzerland), BPL Medical Technologies (India), Metrax GmbH – PRIMEDIC (Germany), MS Westfalia GmbH (Germany), Bexen Cardio (Spain), Axion Medical Equipment Ltd. (Russia), Element Science Inc. (US), Avive Solutions Inc. (US), Jeevtronics Pvt. Ltd. (India), HeartHero Inc. (US), and Shenzhen Comen Medical Instruments Ltd. (China).