Defibrillator Market Size [2022 - 2028] to reach USD 14,806.4 Million [CAGR 5.3%]

Posted on Jun 22 2022 8:16 AM

"Defibrillator Market research report 2022 CAGR Status, Size, Industry Share, Interaction, Revenues , Development Strategy, Key Players, Competitive Landscape, Dynamics, competitive share analysis, consumption by regions, business development, technologies and growth trends, demand status and future product."

The global defibrillator market is likely to expand considerably in the coming years due to the increasing incidence of out of hospital cardiac arrests. According to a report published by Fortune Business Insights, titled “Defibrillator: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 9,836.8 Mn in 2018. Fortune Business Insights states that the market will be valued at US$ 14,806.4 Mn by 2026, thereby exhibiting a CAGR of 5.3% during the forecast period.

According to the National Institutes of Health, an estimated 450,000 people succumbed to cardiac arrests in 2016. Coupled with a low survival rate, increasing awareness about cardiac arrests by private as well as public organizations is boosting the global defibrillator market. The increasing death rate of cardiac arrests in emerging nations has created a demand for defibrillators, globally. The exceptional properties possessed by defibrillators have led their rising uptake and this is likely to have a positive impact on the global defibrillators market.

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External Defibrillators to be the Most Widely Used Product Type

Among product types, the external defibrillator is likely to emerge as the most widely used product type. The comfort offered by external defibrillators is a major factor that has led to a high demand and high uptake. Additionally, strict government policies regarding installation of external defibrillators in public places has also added to the adoption of these devices. The advantages of an external defibrillator over its counterparts, such as safety with regard to inappropriate shocks and lead poisoning, have led to the rising uptake of external defibrillators. Fortune Business Insights has predicted that the external defibrillators are likely to emerge as the most attractive product type.

North America to Dominate the Global Market

Growing installations of external defibrillators in public places as well as hospitals are likely to drive the defibrillator market in North America. The increasing use of defibrillators in places such as schools, hotels, railway stations, and streets have also aided the growth of the market in North America. Fortune Business Insights states that the defibrillator market in North America was valued at US$ 4,414.1 Mn in 2018. Additionally, the shift in preference towards subcutaneous implanted cardioverter defibrillator (ICD), resulting from growing patient awareness is likely to contribute to the growth of the defibrillator market in North America.

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FDA Approves Wearable Defibrillator for Children

The FDA approved ‘LifeVest’ defibrillator has been successful ever since it was announced in 2017.  The LifeVest was launched as a wearable device, suitable for children at the risk of sudden cardiac arrest. The device consists of an electrode belt and a cloth that surrounds the chest of the patient using it. Additionally, the device also makes use of a monitor that is used for real time analysis. The efficacy of the device has lifted the otherwise moderately rising defibrillator market. The device provides a shock to the heart, whenever a failure is detected, allowing it to restore its heartbeat. LifeVest has a positive outcome on the global defibrillators market and is likely to enable growth of the market in the coming years.

Boston Scientific Proposes a Defibrillator with 70% More Pacing Options

Boston Scientific receives FDA approval for its newest range of defibrillators, designed to better patient care. The company received approvals for Dynagen Mini and Inogen Mini, along with Dynagen X4 and Inogen X4. The company claims that the X4 lines of defibrillators offer 70% more pacing options for gathering elevated threshold levels. The size of these devices are what differentiates them from its counterparts and it has created a rising uptake within end users. The company has submitted on its website that these devices are approximately 20% smaller than the existing devices, produced by its counterparts. The approvals for Boston Scientific’s latest devices is likely to enable the growth of the global market in the forthcoming years.

Some of the leading companies that are operating in the global defibrillator market are Asahi Kasei Corporation, Philips Healthcare, Defibtech, LLC., Cardiac Science, Stryker, CU Medical System Inc., Medtronic Boston Scientific Corporation, Biotronik, LivaNova Plc and Abbott.