Defibrillator Market Growth
The global defibrillator market size was valued at $13,168 million in 2020, and is projected to reach $24,608.3 million by 2030, registering a CAGR of 6.6% from 2021 to 2030. Growing focus towards public access defibrillator (PAD) by the public and private organizations has fueled the market growth. Moreover, increase in number of key players to develop advanced defibrillator devices, rapidly growing geriatric population with elevated risk of cardiac arrest and increase in incidence of cardiac diseases further drive the market growth.
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Growing incidence of sudden cardiac arrest (SCA) and cardiovascular diseases across the globe, technological advancements in defibrillators, increase in awareness about defibrillator among physician and general public, and high presence of unmet medical needs drive the growth of the defibrillator market.
Defibrillator Market Segmentation
Defibrillators are devices that restore a normal heartbeat by sending an electric pulse or shock to the heart. They are used for prevention and treatment of cardiac arrhythmia. Cardiac arrhythmia is defined as a heart disorder, in which heartbeats are uneven, either too slow or too fast. Defibrillators aim to restore the beating of heart, if it stops suddenly.
There are different types of defibrillator, such as implantable defibrillators and external defibrillators. Automated external defibrillators (AEDs), is found in many public spaces, and designed to save the lives of people who experience sudden cardiac arrest. Even untrained bystanders can use these devices in case of an emergency.
The major factors driving the growth of the defibrillator market include increase in product developments in the field of defibrillators, rise in incidence of sudden cardiac arrest, growing awareness among the general public about the use of defibrillators, and supportive initiatives by governments and healthcare organizations for effective use of defibrillation in hospitals and research centers. However, side effects associated with the use of defibrillator such as blood clots in arteries and vein, frequent product recalls, and a lack of awareness about sudden cardiac arrest in developing nations are expected to hinder the growth of the defibrillator market during the forecast period. Moreover, limited reimbursements in developed nations, lack of healthcare infrastructure, particularly in developing and underdeveloped countries are also expected to hinder the growth of the market.
The defibrillator market is segmented on the basis of product, end user, and region. On the basis of type, the market is divided into implantable defibrillators, and external defibrillators. The implantable defibrillators segment currently dominates the global defibrillator market and is expected to continue during the forecast period owing to increase in geriatric population, emergence of new technologies in healthcare industry, increase in adoption of S-ICDs, and rise in incidence of sudden cardiac arrest (SCA).
By end user, the market is classified into hospitals, pre-hospital, public access market, alternative care, and home. The hospitals segment dominated the global defibrillator market in 2020 and is anticipated to be dominant in the market owing to higher number of cardiac patients received in hospitals and increase in number of surgeries performed in hospital settings. Both, ICDs and external defibrillators are increasingly used in hospitals to deliver treatment to patients with sudden cardiac arrest and for other indications.
What is the Impact of COVID-19 Pandemic on the defibrillator market?
The outbreak of COVID-19 has disrupted workflows in the healthcare sector globally. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of the healthcare sector. The overall impact of the COVID-19 pandemic was negative for key players in the defibrillators industry. The pandemic affected the buying capacities of hospitals, particularly in small-scale hospitals, resulting in canceled or postponed supply deals and procedure, which has impacted the overall revenue of all the major players in the defibrillator market. Also, due to lockdowns, many people lost their jobs and livelihood, which, in turn, affected the buying pattern of patients considerably. Due to the virus outbreak, many surgical procedures were canceled or postponed, depending on the criticality of the patient. This resulted in loss in the defibrillator market.
Key Findings Of The Study
- By product, the implantable defibrillators segment was the highest contributor to the market in 2020.
- Depending on end user, the hospital segment led the market in 2020.
- Region wise, North America garnered the largest revenue share in 2020. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
North America garnered a major share of the electrophysiology market in 2020, and is expected to continue to dominate during the forecast period, owing to rise in prevalence of cardiac arrhythmia, increase in number of geriatric population, and strong presence of key players. However, Asia-Pacific is expected to register highest CAGR of 8.2% from 2021 to 2030, owing to increase in prevalence of atrial fibrillation, advancements in technology in the field of defibrillator, and initiatives taken by governments to enhance healthcare infrastructure
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