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The defibrillators market is evolving rapidly due to the growing prevalence of cardiovascular diseases globally. Defibrillators are life-saving medical devices used to restore a normal heart rhythm by delivering an electric shock to the heart of a person experiencing a life-threatening cardiac arrhythmia. Commonly used defibrillators include implantable cardioverter defibrillators (ICD) for treating abnormal heart rhythms in heart disease patients at a high risk of sudden cardiac arrest, and external defibrillators (ED) that are portable devices used to administer an electric shock and restore normal heart rhythm during cardiac emergencies. The global defibrillators market is expected to grow strongly due to the rising economic burden of cardiovascular diseases such as coronary heart diseases, heart failure, stroke etc.
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 2023 to 2030.
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. The major players are focusing on new product launches and strategic collaborations to strengthen their market position.
The growing prevalence of cardiac arrhythmias and rising demand for rapid defibrillation systems in pre-hospital and hospital settings are fueling market revenue. According to the WHO, cardiovascular diseases (CVDs) account for over 17.9 million deaths annually making it the largest cause of mortality worldwide.
The rising healthcare spending on cardiac medical devices along with increasing government initiatives for public-access defibrillation programs are boosting the global adoption of defibrillators especially in developing nations. Furthermore, portable defibrillators are gaining prominence for use in industrial environments, public places and by trained medical responders.
Market Key Trends
The rise in demand for automated external defibrillators (AEDs) is one of the key trends witnessed in the defibrillators market. AEDs are intended for use by laypersons for victims of sudden cardiac arrest as they provide audible step-by-step instructions to the user and can detect abnormal heart rhythms automatically requiring a shock, reducing the intervention time which is critical for cardiac survival. AEDs have proliferated in public places such as airports, large gatherings due to their ease of use and potential to save thousands of lives lost to out-of-hospital cardiac arrests each year. Regulatory support and public policy efforts towards wider distribution of AEDs are propelling their adoption globally.
Porter’s Analysis
Threat of new entrants: High Capital requirement and stringent regulations limit the threat of new entrants.
Bargaining power of buyers: Large number of buyers reduces individual buyer’s influence on pricing and product development.
Bargaining power of suppliers: Established suppliers with proprietary technologies increase their bargaining power over original equipment manufacturers.
Threat of new substitutes: Substitutes have limited threat currently but continuous technological advancements can increase threat in future.
Competitive rivalry: Intense competition between major players to gain market share by developing innovative products.
Geographical Regions
North America accounts for the largest share in the defibrillators market currently owing to the rising incidences of targeted diseases and availability of reimbursement for defibrillator implantation.
Asia Pacific is poised to be the fastest growing regional market during the forecast period due to escalating healthcare expenditure, growing awareness regarding cardiac diseases, and increasing disposable incomes in developing countries such as India and China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
