Defibrillators Market Size, Share, Growth Report 2032

Defibrillators Market: Overview

The global Defibrillators market accounted for USD 9,714.6Million in 2020 and is expected to reach USD 12,552.2 Million by2028, growing at a CAGR of 3.5% from 2021 to 2028.

Defibrillators can be simply described as electronic devices that deliver an electric shock, of high energy, to the heart of an individual, who went into cardiac arrest. They restore the normal cardiac rhythm of the heart. They are predominantly used to correct and prevent an arrhythmia, which can be simply defined as a heartbeat that is too slow or too fast. There are several types of defibrillators and based on their type, they show a different modes of operation.

Cardiovascular diseases have risen the morbidity rate significantly. The increased morbidity rate is one of the key factors that is augmenting the global defibrillators market. The ability of defibrillators to efficiently control arrhythmias, for extended periods, will drive the growth of the Defibrillators market, during the forecast period.

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COVID-19 Impact Analysis

Before the COVID-19 pandemic, companies in the defibrillators market were expanding at a steady pace. However, during the pandemic, the players in the market took a sharp hit. This can be accredited to the worldwide lockdown and the widespread infection rate of the virus.

Due to the lockdown, the cardiac procedures that were classified as elective were pushed forward, indefinitely. Additionally, hospitals did not take on patients for surgical procedures due to the high risk of infection. All these factors had a cumulative impact on the Defibrillators market, which declined significantly.

However, the pandemic also highlighted the significance of health awareness. Furthermore, Defibrillators will be used in severe cases of Covid infection, to help patients who undergo cardiac arrest. This will enhance the defibrillators market, in the coming years.

Defibrillators Market: Growth Factors

Increased health awareness, changing demographics, and the rising prevalence of cardiovascular diseases are some of the key factors that advance the defibrillators market.

The world population, currently, is struggling with-communicable diseases such as cardiovascular diseases, obesity-related disorders, diabetes, and hypertension among others. These diseases have a negative impact on the cardiac health of individuals. Owing to this, there is an increase in cardiac surgeries and procedures. This will drive the growth of the defibrillators market. Furthermore, changing demographics have increased the population of aging citizens. This further increases the demand and need for cardiac procedures.

Subsequently, the presence of a large number of developing and developed economies, worldwide, has resulted in economic growth and high disposable incomes. Owing to this, the expenditure power of consumers has risen, which will further enhance the defibrillators market.

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Product Segment Analysis Preview

The Implantable Cardioverter Defibrillators (ICDs) segment held a share of over 36% in 2020, becoming the most dominant segment, globally and it is expected to maintain its dominance, during the forecast period. This dominance can be credited to several factors such as increasing technological developments, rising research and development activities, and the advantages linked with the usage of ICD.

Owing to economic growth, large investments for research and development activities, in the healthcare segment, and technological developments, ICDs have been modified and developed, to provide value to the end-users, efficiently. Due to this, they acquire a major part of the global Defibrillators market.

Subsequently, the External Defibrillators segment holds a substantial share of the market. This is attributable to the features of Wearable Cardioverter Defibrillators (WCDs) and Automated External Defibrillators (AEDs). Due to their automation, they can be easily operated, with convenience.

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End User Segment Analysis Preview

The Hospitals, Clinics, and Cardiac Centers segment is anticipated to reach a CAGR of over 2.5% between 2021 and 2028. This is attributable to the immense demand and usage of defibrillators at Hospitals and Clinics.  

Defibrillators are utilized for a multitude of cardiac surgeries and procedures. They have applications outside of cardiac surgery as well. With the rising healthcare segment and increased expenditure power, there has been a surge in elective procedures and surgeries. This, in turn, enhances the use of Defibrillators at Hospitals. Additionally, sedentary lifestyles increase the burden of cardiovascular diseases. Subsequently, the Public Access Markets segment holds a substantial share of the Defibrillators market. This is attributable to the increased prevalence of heart conditions. Setting up of Defibrillators in Public places helps with cardiac arrest occurrences at Public locations.

Defibrillators Market: Regional Analysis Preview

The North American region accounted for a share of over 33% in 2020. This is attributable to various factors such as innovations in the field of healthcare and devices, enhanced obesity rate,well-established and advanced healthcare system, and high prevalence of cardiovascular diseases, in the region.

Developed economies like the US and Canada have well-established and highly advanced healthcare systems. Due to this, they have a large number of investments in the medical industry, for developing and innovating surgical procedures. This advances the defibrillators market in the region. Additionally, the obesity rate in the region is on the rise. This creates health problems for its residents and increases their reliability on medical procedures. Furthermore, the region has a high prevalence rate of cardiovascular diseases. This, in turn, enhances the growth of the defibrillators market, in the region.

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The Asia Pacific region is anticipated to grow with a CAGR of over 6.7% between 2021 and 2028. This can be accredited to several factors that include economic development, growing population, advancing healthcare segment, and changing demographics, in the region.

Countries like Japan, China, and India have rapidly growing healthcare systems. Additionally, governments across various countries in the Asia Pacific region are taking initiatives and making huge investments in their healthcare system, to enhance their medical care and facilities.

Furthermore, the region is undergoing a change in its demographics which has increased the population of aging citizens. Subsequently, there is increased health awareness and enhanced expenses in the healthcare and medical industry, in the region. This will further enhance the regional Defibrillators market. 

Defibrillators Market: Key Players & Competitive Landscape

Some of the key players in the Defibrillators market are BostonScientific Corporation, Medtronic Plc, Abbott Laboratories, NihonKohden Corporation, Koninklijke Philips N.V., Biotronik, LivaNovaPlc, Mediana Co. Ltd., BPL Medical Technologies and Schiller among others.

The global Defibrillators Market is segmented as follows:

By Product

• Implantable Cardioverter Defibrillators (ICDs)
  • Transvenous Implantable Cardioverter Defibrillators(T-ICDs)
  • Subcutaneous Implantable Cardioverter Defibrillators(S-ICDs)
  • Cardiac Resynchronization Therapy Defibrillator (CRT-D)
• External Defibrillators
  • Manual External Defibrillators (MEDs)
  • Automated External Defibrillators (AEDs)
  • Wearable Cardioverter Defibrillators (WCDs)

By End User

• Hospitals, Clinics, and Cardiac Centers
• Prehospital Care Settings
• Public Access Markets
• Home Care Settings
• Alternate Care Facilities

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa