Defibrillator Market is anticipated to grow at a CAGR of ~4% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Defibrillator Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Defibrillator Market is estimated to account for over US$ 9.9 Billion by 2019. The market is anticipated to grow at a CAGR of ~4% from 2019 to 2030.
The market growth of the defibrillator market can be attributed to several factors, which has led to its wide-scale adoption. The incidences & prevalence of cardiac disorders, growing focus on providing public-access defibrillators and technological advancements in defibrillators are anticipated to further contribute to substantial market growth between 2019 and 2030. However, issues related to the use of implantable & automated external defibrillators and frequent product recalls are likely to restrain market growth to a certain extent.
To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers, and companies. For instance, In December 2017, Zoll Medical Corp. and Myant, Inc. entered an exclusive strategic multi-year agreement to jointly develop technologies that will be leveraged in future generations of the Zoll LifeVest wearable defibrillator.
Incidences & prevalence of cardiac disorders coupled with increasing aging population is expected to boost the growth of the market. The prevalence of cardiovascular diseases has also increased in individuals below 35 years and Sudden Cardiac Arrest (SCA) is believed to be the major causes of death in younger population. Rising awareness about the cardiac diseases and growing demand for treatment of SCA is expected to support growth of the market over the forecast period.
Browse key industry insights spread across 230 pages with market data tables & figures & charts from the report, Defibrillator Market by Product (Implantable Cardioverter Defibrillator and External Defibrillator), End Users (Hospitals, Clinics, & Cardiac Centers; Pre-Hospital Care Settings; and Home Care Settings) - Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/defibrillator-market/197
The most common cause of death due to Sudden Cardiac Arrest (SCA) is the unawareness and unavailability of defibrillators. Therefore many developed countries are making efforts to increase defibrillator awareness through training programs at schools, offices, and other public places. Also, many initiatives are being taken to make it mandatory to store and maintain automated external defibrillators (AEDs) at public places like sports arenas, schools, government facilities, and institutes. Therefore, implementation of such regulation in developed countries will aid in the upsurge the market size.
However, issues related to the use of implantable & automated external defibrillators and frequent recalls of devices are some of the major factors hampering market growth. Sometimes the defibrillators for public access are prone to failure due to problems related to the battery, software, and hardware. Failure to perform defibrillation can result in delayed treatment or even death. There has also been increase in cases of malfunction and faults related to design and manufacturing which results in device recall. These overall factors are likely to hamper the growth of market.
Asia Pacific is the fastest-growing market for defibrillators and is anticipated to contribute significantly to the global market share. The growth in this region can be attributed to the increasing prevalence of cardiovascular diseases and improving healthcare infrastructure. Countries in the APAC, such as India and China, are anticipated to provide significant growth opportunities for the global defibrillator market due to a rapidly growing elderly population and increasing focus of key players for developing cost effective defibrillator.
Some of the prominent players in the Defibrillator market include Boston Scientific Corporation, Koninklijke Philips N.V, ZOLL Medical Corporation, SCHILLER, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Medtronic, NIHON KOHDEN CORPORATION., Physio-Control, Inc., METsis Medikal Ltd., Metrax GmbH, among others.
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