April 13, 2024

Defibrillators Market Review: Recent Market Developments

Defibrillators Market

The defibrillators market has been growing significantly over the past decade. Defibrillators are medical devices that deliver an electrical shock to the heart in life-threatening conditions such as cardiac arrest and ventricular fibrillation. These devices help resuscitate patients and restore normal heart rhythm. There are mainly two types of defibrillators – internal defibrillators and external defibrillators. Internal defibrillators known as implantable cardioverter defibrillators (ICDs) are surgically implanted under the skin to monitor the heart of patients who are at high risk of life-threatening arrhythmias. External defibrillators, on the other hand, are portable devices used to deliver a shock to the heart without surgery.

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 from 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 market offers ample growth opportunities due to rising awareness programs about cardiac conditions and easy availability of technologically advanced defibrillators.
Furthermore, growing geriatric population and better healthcare infrastructure worldwide have led to the expansion of the defibrillators market globally.

Market drivers
A significant driver for the defibrillators market growth is the rising prevalence of cardiovascular diseases including heart attacks and strokes. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of deaths globally, taking an estimated 17.9 million lives each year. Other key drivers comprise growing obesity rates, increasing healthcare spending, and changing lifestyle habits such as sedentary work culture, smoking, and poor diet that further drive the risk of life-threatening cardiac conditions.

PEST Analysis

Political: Regulations related to healthcare infrastructure modernization and upgrading medical facilities are promoting market growth. Governments provide incentives for manufacturing defibrillators.

Economic: Rising healthcare expenditures and increasing affordability for expensive medical devices are fueling market revenues. The growing economies provide larger patient pools and more funding availability.

Social: Greater public awareness of cardiac conditions and medical equipment improves prevention and treatment access. Population aging trends indicate higher risk of cardiovascular diseases.

Technological: Companies launch novel defibrillators with wireless communication capabilities and integrate artificial intelligence for automated data analysis. Upgrades in electrode materials and battery designs extend product lifespan. Further advancements may miniaturize sizes for portability.

North America accounts for the largest share of the global defibrillators market in terms of value. Established healthcare infrastructure, high awareness levels, and supportive reimbursement scenarios are major regional growth drivers. The availability of advanced devices and greater adoption rates also contribute to North America’s large market size for defibrillators.

Asia Pacific is poised to be the fastest growing region for defibrillators over the forecast period. Rapidly developing economies, rising healthcare investments, growing patient bases and cardiac disease incidences, and increasing awareness of cardiac condition treatments are pushing the regional market expansion. China, India, and other Southeast Asian countries will be vital to sustaining Asia Pacific’s high growth rate for defibrillators in the coming years.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it