Rising initiatives for educating people on using defibrillators in emergency situation expected to propel growth of defibrillators market

calendar_today 26 January, 2022 person_outline Growth Plus Reports

Defibrillators Market by Type (Implantable Cardioverter Defibrillator and External Defibrillator), End User (Hospitals & Clinics, Pre-hospitals, Public Access Market, Home Care Settings, and Alternate Care Market)–Global Outlook & Forecast 2021-2031

According to the deep-dive market assessment study conducted by Growth+ Reports, the global defibrillators market was pegged at ~US$ 9.95 billion in 2020. The market is expected to witness a CAGR of ~3.7% from 2021 to 2031. 

Major factors attributing to the growth of the defibrillators market include technological advancements, new product launches, rising geriatric population, growing incidence of cardiac diseases, growing government initiatives for creating awareness about the devices, and training programs for educating people on using defibrillators in emergency situation. However, instances of product recalls by the regulatory authorities are likely to hinder the market growth to a certain extent, as it decreases the faith of the customers in the products.

Rising incidence of the cardiac arrests is one of the major factors driving the growth of the defibrillators market. According to a report from the U.S. Occupational Safety & Health Administration, each year, about 10,000 cardiac arrests happens at the workplace in the U.S. In order to sensitize people on measures to be taken during such situation, government bodies conduct training and educational programs that also involve information on use of defibrillation devices. For instance, American Heart Association provides CPR and AED training. Such initiatives are anticipated to increase the awareness and in turn, propel the defibrillators market growth.

Companies in the market are adopting inorganic growth strategies such as mergers and acquisitions. This enables them to expand their product portfolio and geographic reach. For instance, in August 2019, Zoll Medical Corporation, a subsidiary of Asahi Kasei completed acquisition of Cardiac Science Corporation, a manufacturer of automated external defibrillators (AEDs). Through this acquisition, Zoll Medical Corporation strengthened their offerings under AED business segment.

Prominent players in the defibrillation market are focusing on developing technologically advanced devices as well as receiving clearance from the regulatory authorities. For instance, in July 2020, Abbott received FDA approval for Gallant defibrillator devices. These are Bluetooth-enabled defibrillators for use in patients with heart rhythm disorder. Further, in April 2019, Stryker launched newest defibrillation solution, the LIFEPAK CR2 defibrillator with LIFELINK central AED program manager in the U.S. Launch of technologically advanced products will help to increase the adoption of defibrillators and in turn, propel the growth of the market.   

Frequent product recalls by the FDA and other regulatory bodies due to malfunction reports is one of the factors restraining the market growth. For instance, in December 2020, Boston Scientific initiated recalls of their EMBLEM S-ICD system (Subcutaneous Implantable Cardioverter Defibrillator) owing to risk of short-circuit while delivering the high voltage shocks.

Regionally, Asia-Pacific is anticipated to be the fastest growing region in the defibrillators market during the forecast period. Rising geriatric population, increasing incidence of cardiac diseases, improving healthcare infrastructure, growing availability of different types of defibrillators, and rising awareness regarding the use of defibrillators are some of the factors driving the growth in this region.

Some of the prominent players operating in the global defibrillators market include Koninklijke Philips N.V., Boston Scientific Corporation, Cook, Biotronik, Medtronic, Stryker, CU Medical Germany GmbH, MicroPort, Abbott, Zoll Medical Corporation, and Shenzhen Mindray Bio-Medical Electronics Co., Ltd., among others.

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