Global Defibrillators Market Is Estimated To Witness High Growth Owing To Increasing Incidences of Cardiac Arrests & Technological Advancements
The global Defibrillators Market is estimated to be valued at US$ 16,843.5 million in 2022 and is expected to exhibit a CAGR of 5.7% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Defibrillators Market refers to the medical devices used to restore normal heart rhythm in patients experiencing cardiac arrest. These devices deliver an electric shock to the heart, allowing it to resume its normal beating pattern. Defibrillators are crucial in saving lives, especially in emergency situations where immediate action is required. The market offers various types of defibrillators such as automated external defibrillators (AEDs), implantable cardioverter-defibrillators (ICDs), and wearable cardioverter defibrillators (WCDs).
B) Market Dynamics:
The market is driven by two main factors: the increasing incidences of cardiac arrests and technological advancements in defibrillator devices.
1. Increasing Incidences of Cardiac Arrests:
Cardiac arrest is a leading cause of death worldwide, and the prevalence of cardiovascular diseases is rising. According to the World Health Organization (WHO), an estimated 17.9 million deaths occur each year due to cardiovascular diseases, accounting for 31% of all global deaths. The growing incidence of cardiac arrests necessitates the availability of defibrillators, driving market growth.
For example, in the United States, the American Heart Association (AHA) reported that sudden cardiac arrest (SCA) is a leading cause of death, with approximately 350,000 cases occurring outside of hospitals annually. The need for defibrillators in public places, workplaces, and homes is increasing to ensure immediate access to life-saving treatment.
2. Technological Advancements:
Advancements in defibrillator technologies have improved their efficacy, ease of use, and portability. The introduction of automated external defibrillators (AEDs) has made it possible for non-medical professionals to administer timely treatment in emergency situations. AEDs are designed for ease of use and provide voice prompts and visual instructions to guide users through the resuscitation process.
Furthermore, the development of wearable cardioverter defibrillators (WCDs) has enabled continuous monitoring and early detection of abnormal heart rhythms. WCDs can be worn by patients who are at risk of sudden cardiac arrest but are not eligible for implantable devices. These technological advancements contribute to market growth by expanding the target patient population and increasing the accessibility of defibrillators.
C) SWOT Analysis:
Strengths:
1. Technological advancements enhancing efficacy and ease of use
2. Increasing awareness and demand for defibrillators
Weaknesses:
1. High cost associated with defibrillator devices
2. Limited availability of trained personnel to operate defibrillators
Opportunities:
1. Growing geriatric population susceptible to cardiac ailments
2. Expansion of public access to defibrillators in various settings
Threats:
1. Competitive market landscape with the presence of several key players
2. Stringent regulatory requirements for product approval
D) Key Takeaways:
- The global Defibrillators Market Demand is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period, due to increasing incidences of cardiac arrests and technological advancements in defibrillator devices.
- North America is expected to dominate the market due to the presence of key players, high healthcare expenditure, and growing public awareness about the importance of defibrillators.
- Key players operating in the global Defibrillators Market include Koninklijke Philips N.V., Metrax GmbH, Medtronic, Mindray Medical International Limited, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Abbott, BIOTRONIK, Stryker, and LivaNova PLC. These companies focus on research and development activities, strategic partnerships, and product innovation to gain a competitive edge in the market.
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