May 29, 2024

Defibrillators Market Dynamics: Exploring Trends, Innovations, and Growth Opportunities in Cardiac Care

Defibrillators Market

The defibrillators market is vital in saving lives by treating cardiac arrest and other life-threatening cardiac arrhythmias through electric shock therapy. Defibrillators detect and monitor irregular heartbeats and deliver therapeutic electrical shocks to restore the heart’s normal rhythm when necessary. The global defibrillators market is estimated to be valued at US$ 16,843.5 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period from 2023 to 2030.

The key to saving lives from sudden cardiac arrest is the rapid availability of defibrillators that can restore the heart’s normal rhythm by delivering an electric shock to the heart muscle. With growing burden of cardiovascular diseases worldwide, the need for prompt accessibility of defibrillators for effective resuscitation is crucial. Advanced external and implantable defibrillators available today are compact, user-friendly and highly effective in delivering the needed treatment. The automated external defibrillators segment is growing steadily owing to their rising deployment at public spaces for emergency use.

Key Takeaways
Key players operating in the defibrillators market are 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 established players are focusing on new product innovations and launches to consolidate their market position.

The global defibrillators market is witnessing increasing demand due to rising incidence of sudden cardiac arrest across regions. According to recent studies, approximately 350,000 out-of-hospital cardiac arrests occur annually in the United States. This growing patient pool necessitates wider availability of emergency defibrillators.

Defibrillator manufacturers are expanding their global footprint through collaborations and acquisitions to cater to the rising needs in developing countries. For instance, Koninklijke Philips recently acquired Cardiologs to strengthen its cardiac diagnostic and monitoring software portfolio in Europe and other emerging markets.

Market Key Trends
Remote patient monitoring through smartphone-connected defibrillators is a major trend gaining traction in the market. These innovative technologies allow continuous monitoring of cardiac patients from home, enabling early detection of potentially fatal heart issues. For instance, Medtronic’s Philips HeartStart Home defibrillator offers real-time ECG analysis and emergency response tools through live video calls. This brings timely medical assistance and an advanced level of care to isolated patients.

Porter’s Analysis
Threat of new entrants: High capital requirement, presence of giant players, economies of scale required barriers to entry. Bargaining power of buyers: Large number of buyers, standard products available with many sellers, availability of substitutes. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials. Threat of new substitutes: Moderate threat due to technological advancement leading to novel therapies. Competitive rivalry: High due to presence of established brands and technologies.

Geographical Regions
North America dominates the global defibrillators market, accounting for the largest share in terms of value. This is attributed to growing prevalence of target diseases and presence of sophisticated healthcare infrastructure facilitating easy accessibility to treatment in the region. Asia Pacific exhibits the fastest growth and is expected to overtake Europe by 2030 due to rising healthcare expenditure, growth in medical tourism, and expansion of private healthcare institutions in developing countries such as India and China.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it