The defibrillators market involves devices that deliver an electric shock to the heart in order to restore normal heart rhythm in patients experiencing cardiac arrest or life-threatening cardiac arrhythmias. Defibrillators can be worn externally or implanted inside the body depending on the severity and frequency of arrhythmias. Advance external and implantable defibrillators provide precise diagnosis and treatment to irregular heartbeats and heart attacks. The global rising prevalence of target disease and growing elderly population are increasing the demand for defibrillators for emergency cardiac care.
The 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 2023 to 2030. 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.
Key Takeaways
Key players operating in the defibrillators market are focusing on new product launches and regulatory approvals to strengthen their market position. For instance, in 2022, Philips received FDA approval for its HeartStart OnSite and HeartStart Home defibrillators.
The rising prevalence of cardiovascular diseases and technological advancements in defibrillation technology are fueling market growth. As per WHO, cardiovascular disease accounts for over 17.9 Mn deaths annually worldwide.
Adoption of wireless monitoring, smartphone connectivity, and cloud-based technologies in defibrillators allows continuous monitoring of high-risk patients and quick emergency response, improving clinical outcomes. Major players are collaborating with digital health companies to develop smart defibrillator solutions.
Market Trends
1. Growing demand for wearable and remote defibrillators: Manufacturers are developing remote monitoring technologies and smart patches for continuous monitoring of high-risk patients and quick emergency response during cardiac arrest.
2. Integration of AI and advanced algorithms: Players are integrating AI, augmented reality, and machine learning algorithms to develop advanced algorithms for more accurate arrhythmia detection and appropriate treatment selection in defibrillators.
Market Opportunities
1. Untapped developing markets: Developing regions like Asia Pacific and Latin America offer lucrative growth opportunities owing to increasing healthcare investments, rising healthcare affordability, and growing incidence of target disease.
2. Favorable reimbursement policies: Many developed countries are implementing national reimbursement programs and policies favoring the adoption of technological advanced defibrillators, driving the demand.
Impact of COVID-19 on Defibrillators Market Growth
The COVID-19 pandemic posed unprecedented challenges to the global defibrillators market. The strict lockdowns and social distancing measures disrupted the supply chains and halted non-essential procurements and installations of defibrillators globally. This led to a decline in market growth in 2020 and 2021. However, as the priority shifted to strengthening healthcare infrastructure, the demand saw an uptick. Procurement of defibrillators was accelerated to equip hospitals, clinics, public places, and ambulances to handle medical emergencies better. Telemedicine also became vital for remote monitoring of cardiac patients.
The post-COVID scenario signifies greater focus on preventive healthcare. Policymakers acknowledge the importance of public access defibrillators in malls, airports, corporates, and densely populated areas. Their increased availability can improve cardiac arrest survival rates. Industry players are proactively enhancing their supply chain resilience through diversified manufacturing facilities and strategic partnerships. They also focus on technologically advanced products with features like remote servicing and software upgrades. Looking ahead, population aging, growing incidence of target conditions, and improving accessibility in rural regions are projected to support the sustained growth of the defibrillators market.
Geographical Regions with High Concentration of Defibrillators Market
North America dominates the defibrillators market in terms of value, accounting for over 40% share. This is attributed to the rising geriatric population, growing prevalence of cardiac conditions, and presence of advanced healthcare infrastructure and reimbursement landscape. Other major markets include Western Europe and Asia Pacific. The Asia Pacific region has emerged as one with the fastest growth, driven by unmet clinical needs, increasing healthcare expenditures, growing medical tourism, and expanding access in middle-income countries like India and China.
Fastest Growing Regional Market for Defibrillators
The Asia Pacific region presents immense opportunities for stakeholders in the defibrillators market. It is expected to grow at the fastest pace during the forecast period from 2023 to 2030. This can be accredited to factors like rising incidence of target diseases, surging disposable incomes, growing medical insurance penetration, improving quality of care, expansion of private healthcare systems, and massive investments by market players. Additionally, supportive initiatives from governments, non-profit organizations, and hospitals associations to place public access defibrillators are aiding the increased adoption in Asian countries.
