Defibrillator Market: Global Market Size, Trends, Competitive, Historical & Forecast Analysis, 2020 – 2030- Increased geriatric population in conjunction with the growing adoption of advance defibrillator devices are major factors driving the market growth.
The Global Defibrillator Market was valued at USD 9.47 billion in 2019 and is predicted to reach USD 13.25 billion by 2030 with a CAGR of 3.1% during the forecast period.
Increasing instances of heart related diseases and deaths, elevated risk of targeted diseases such as diabetes, hypertension etc. and growing awareness towards cardiac problems are responsible for market growth. Also, growth in the geriatric population combined with poor lifestyle habits such as lack of exercise, smoking, unhealthy eating habits are expected to further escalate the defibrillator market growth within the forecast period. Additionally, the demand for defibrillators is anticipated to grow because of numerous reforms in the health care sector. However, high cost of devices, product recalls and lack of awareness regarding heart problems in some regions are factor restraining the market growth.
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The major market players of the defibrillator market are Asahi Kasei Corporation, Stryker Corporation, Biotronic SE and Co. KG, Boston Scientific Corporation, Philips healthcare, LivaNova PLC, Medtronic PLC, Jude Medical Inc., Cardiac Science Corporation, Nihon Konden Corporation and more.
The defibrillator market is segmented on the basis of product type, end user and geography. Based on product type, the market has been segmented into implantable defibrillators and external defibrillators. Implantable defibrillators are sub segmented into Transvenous Implantable Cardioveter Defibrillator, Subcutaneous Implantable Cardioverter Defibrillator and CRD with pacemaker and ICD function. External defibrillator is sub segmented into manual external defibrillator, automated external defibrillator and wearable cardioverter defibrillator. Based on end user, the defibrillator market is segmented into hospitals, prehospitals, public access market, alternate care market and home. In terms of geographical analysis, the market is categorized into North America, Europe, Asia Pacific and RoW.
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Recent analysis indicate that North America is leading in the global defibrillator market due to rising cases of heart related disease and deaths as well as rapidly growing geriatric population. However, Asia Pacific is expected to grow in terms of market size during the forecast period due to its large population base and growing demand for cost effective defibrillator devices.
Strategic collaborations and innovative product launches are commonly adopted strategies to maintain the market dominance. For instance, in September 2019, Micro Port CRM Japan Co. Ltd., had announced that it had started its direct sales operation by introducing first four implants of KORA pacemakers in several regions of japan. Also, Koninklijke Philips NV, a Netherlands based company, launched its advanced defibrillator, called HeartStart Intrepid Monitor, with IntelliSpace Connect in 2019.
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