Defibrillators Market (Advanced Life Support, Automated External Defibrillators, Implantable Cardioverter Defibrillators, Wearable Defibrillators) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019
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Global Defibrillators Market: Snapshot
The global defibrillators market has been portioned based on item type, by end-clients and by topography. Based on defibrillator type, the market is ordered into computerized outside defibrillators (AEDs) and propelled life support (ALS) defibrillators. Propelled life bolster defibrillators are utilized by clinical and paramedical experts, and crisis clinical group. These defibrillators are additionally called as screen/defibrillators since they have a capacity to screen various types of substantial capacities, for example, blood oxygen levels, heartbeat and heart musicality. In 2013, the ALS defibrillators showcase represented the biggest offer by income in the market. The Middle East and Africa defibrillators showcase has likewise been divided by end-client into clinics, community, crisis clinical administrations and business working environments. These developments are projected to propel the growth of global defibrillators market from 2014 to 2020.
- A defibrillator gadget depolarizes a basic piece of a heart muscle in this way helping in rebuilding of ordinary heart beat. In the event that SCA casualties get cardiopulmonary revival (CPR) and defibrillation inside 5 to 12 minutes of heart failure, numerous lives can be spared. Developing occurrences of cardiovascular sickness and expanding social insurance framework in the Middle East and Africa are the main considerations expected to support the development sought after for defibrillators in the locale. This shall support the growth of global defibrillators market during the tenure of 2014 to 2020.
- Regardless of a phenomenal market opportunity in the Middle East and Africa, absence of mindfulness relating to working of a defibrillator during crisis and ominous government intercession to introduce mechanized outer defibrillators (AEDs) in broad daylight places are the key restrictions for the development of market in the Middle East and Africa. This shall enhance the dominance of the region in the global defibrillator market during the estimated time frame.
As per a report published by the WHO, cardiovascular diseases is one of the main causes of death across the world. In 2015, 17.7 million death occurred due to cardiovascular diseases (CVDs). Further, low- and middle-income countries accounted for two-third of CVD related death.
To control number of CVD-related deaths, demand for defibrillators is increasing across the world. Also, technological advancements in the device and increasing investment from private players are boosting defibrillators market.
However, stricter regulations for use of defibrillators and longer wait time for approval process are the biggest restraining factors for growth of the defibrillators market.
For example, in 2015, the U.S. FDA ordered PMA approval for existing and new automated external defibrillators. As a consequence, 2 million devices, since 2005, were recalled to check manufacturing issues. Further, stricter regulations were set pertaining to manufacturing process of defibrillators. This, in turn, interfered with growth of the market.
In addition, lack of awareness about the use of device at the time of sudden cardiac arrest is also hampering growth of the defibrillators market. Such scenario is usually observed in developing economies.
To overcome the challenge, various training sessions are being conducted across the world. This will enable medical practitioners to use the device accurately, at right time.
Further, growing prevalence of cardiovascular diseases, growing geriatric population, and inflow of investment from players for research and development of advanced products are few significant factors anticipated to fuel market growth in coming years.
Defibrillators are present in different types, serving various purpose. They are classified as external defibrillators and implantable defibrillators. In recent years, implantable defibrillators dominated the market. Further, factors such as growth in number of implant process, development of technologically-advanced device with long shelf life, and rise in adoption rate of cardiac resynchronization therapy defibrillators are anticipated to contribute to growth of implantable defibrillators segment in the global defibrillators market in forthcoming years.
The demand within the global market for defibrillators has been rising on account of the growing incidence of cardiac diseases across the globe. Defibrillators are important medical devices that are extensively used in hospitals and healthcare centers for the treatment of complex cardiac diseases. Defibrillators are medical devices that send electric shocks to the heart muscles in order to regulate or facilitate proper movement of these muscles. The technique is widely used for the treatment of cardiac dysrhythmias, a life-threatening disease, and several other complications relating to the heart. The controlled electric shocks given by defibrillators set the heart muscles in motion which restores the heart to its normal state. Sudden cardiac arrests are amongst the leading causes of deaths across the world, and hence, defibrillators are readily available across hospitals in order to attenuate cardiac arrests. Owing to the aforementioned factors, the demand within the global market for defibrillators has been escalating at a robust rate over the past decade. It is expected that the quest of the cardiology department within healthcare to become patient-centric would expand the market for defibrillators. Besides, the use of defibrillators in treating medical condition such as cardiac arrhythmias and pulseless ventricular tachycardia is also projected to aid the growth of the global market for defibrillators.
Transparency Market Research (TMR) finds that the global market for defibrillators would expand at a healthy CAGR of 6.2% over the period between 2013 and 2019. While the global market for defibrillators accumulated revenues worth USD 9.3 billion in 2012, this value is expected to reach USD 14.2 billion by 2019. Several key factors related to the boisterous growth rate of the healthcare sector are behind the growth of the global market for defibrillators.
Hospitals to Dominate Other End-Use Segments
The demand for defibrillators has been the highest in hospitals amongst all other end-use segments, and this is a key consideration for the growth of the global market. Other key segments based on end-use of defibrillators are homes, hospitals, community or public access spaces, business workplace, and emergency medical services. The expansive demand for ICD implantation in hospitals is behind the growth of the this segment while the installation of defibrillators in business workplaces is projected to enhance the prospects of market growth. On the basis of product type, wearable defibrillators have been attracting commendable demand within the market in recent times. This owes to the rising geriatric population and the high incidence of cardiac arrests across the world.
North America Dominates Other Regional Segments
The demand within the market for defibrillators in North America has been the highest amongst all other regional segments, majorly due to the presence of a stellar healthcare industry in the US and Canada. Furthermore, the installation of defibrillators at workplaces is a unique trend that has taken swing across the US, and this has also created tremendous demand within the market for defibrillators in North America. The rising geriatric population and expertise of medical professionals in Canada are amongst other factors that have aided the growth of the market for defibrillators in North America.
Some of the key players in the global market for defibrillators are Defibtech LLC, Boston Scientific Corporation, Zoll Medical Corporation, GE Healthcare Ltd., Medtronic, Inc., HeartSine Technologies Inc., and St. Jude Medical Inc.
The increasing incidence of cardiovascular diseases and aging of baby boomers are the key factors supporting growth exhibited by the global defibrillators market. Defibrillator devices are used in the treatment of sudden cardiac arrests, which could prove life threatening, caused due to cardiac arrhythmias. The demand for defibrillators is particularly high in countries across Asia Pacific and the Middle East. Transparency Market Research (TMR) predicts that the increasing trend of installation of automated external defibrillators across workplaces will give significant impetus to the global defibrillators market.
For the purpose of the study, the global defibrillators market has been segmented based on end user, product type, and geography. By type, the market has been classified into automated external defibrillators (AEDs), advanced life support (ALS) defibrillators, wearable defibrillators, and implantable cardioverter defibrillators. (ICDs). Of these, holding a larger share ICDs emerged dominant in the market in 2012. Regionally, the global market has been segmented into Asia Pacific, the Middle East, Africa, Europe, North America, and Latin America.
The report provides an in-depth overview of the global defibrillators market, studying the factors influencing its trajectory during the forecast period between 2013 and 2019. Besides studying the impact of the prevailing socio-economic factors, the report also presents an executive-level overview of the prevailing competitive landscape. It thus includes the profiles of the leading companies operating in the market, and detail pertaining to the strategies adopted by them.
Global Defibrillators Market : Overview
TMR projects the global defibrillators market to exhibit a CAGR of 6.2% between 2013 and 2019. The market stood at US$9.3 bn in 2012 and is expected to reach a valuation of US$9.3 bn by the end of 2019.
By end user, the global defibrillators market has been segmented into homes, hospitals, community access or public, business workplace and emergency medical services. Of these, the hospitals segment dominated the global market, with a share of 90% in 2012. The continuously increasing demand for ALS defibrillators and ICD implantation is aiding the installation of defibrillators across hospitals. Besides this, the market is also expected to gain from the rising healthcare expenditure by governments across emerging nations such as India, China, and Brazil.
With the installation of AEDs for public access and businesses workplace on the rise, the global defibrillators market is projected to expand at a robust pace in the near future. Furthermore, AEDs have gained importance due to their easy operability of the devices, which enables even laypersons to use them during emergency.
Among the key regional segments of the market, North America emerged dominant in 2012. The region is expected to rise at a CAGR of 5.7% from 2013 to 2019. However, TMR forecasts the Middle East and Asia Pacific to report growth at a faster rate during the forecast period. The increasing incidence of cardiovascular diseases in these regions, rising healthcare investments, and the increasing willingness among people to spend on advanced treatments are expected fuel growth of the defibrillators market in Asia Pacific and the Middle East.
Companies Mentioned in Report
To study the completion prevailing in the market, the report has profiled companies such as Biotronik SE& Co.KG, Boston Scientific Corporation, Defibtech LLC, Medtronic, Inc., GE Healthcare Ltd., Philips Healthcare, HeartSine Technologies Inc., Nihon Kohden Corporation, St. Jude Medical Inc., and Zoll Medical Corporatio.
Global Defibrillators Market is segmented as:
- Global Defibrillators Market, by Products
- Advanced Life Support Defibrillators (ALS)
- Automated External Defibrillators (AED)
- Implantable Defibrillators
- Wearable Defibrillators
- Business Workplace
- Global Defibrillators Market, by End Users
- Public Access
- Emergency Medical Services
- Global Defibrillators Market, by Geography
- North America
- Latin America
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments