Defibrillator Market Size Worth $14,876.95 Mn, Globally, by 2028 at 5.1% CAGR - Exclusive Report by The Insight Partners

The Defibrillator Market Size, Growth driven by increasing prevalence of cardiovascular disorders along with surge in training and awareness programs on cardiopulmonary resuscitation and automated external defibrillators. The Implantable Cardioverter Defibrillator segment dominated the global market and held the largest revenue share of 68.80% in 2021. The Hospitals and Clinics segment accounted revenue share of 63.96% in 2021.

NEW YORK, Feb. 4, 2022 /PRNewswire/ -- According to the new market research report "Defibrillator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Implantable Cardioverter Defibrillator (Transvenous ICD and Subcutaneous ICD) and External (Manual, Fully Automated External Defibrillators, and Wearable), End User (Hospitals and Clinics, Prehospital Care, Public Access, Alternate Care Facilities, and Home Care Settings), and Geography", published by The Insight Partners, the global defibrillator market is projected to reach $14,876.95 million by 2028 from $10,478.31 million in 2021; it is expected to grow at a CAGR of 5.1% from 2021 to 2028.  

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Defibrillator Market: Competitive Landscape and Key Developments

Medtronic, Abbott, Boston Scientific Corp., Zoll Medical Corp., KONINKLIJKE PHILIPS N.V., Biotronic, Inc., Progetti srl, Shenzhen Mindray Biomedical Electronics Co., Ltd., Nihon Kohden Corp are the leading companies operating in the global defibrillator market. These players focus on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.

In January 2020, Medtronic announced that it has received CE (Conformité Européenne) Mark for its Cobalt and Crome portfolio of implantable cardioverter-defibrillators (ICD) and cardiac resynchronization therapy-defibrillators (CRT-D).

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In February 2020, Abbott announced that it has received CE Mark for the new Gallant implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices to treat abnormal heart rhythms and heart failure cases across Europe.

In September 2021, Medtronic announced a collaboration with Mpirik to address disparities in care associated with the prevention of sudden cardiac arrest (SCA), a condition in which the heart suddenly and unexpectedly stops beating.

In 2020, North America dominated the defibrillator market. The US holds the largest share of the market in this region. The market growth in the country is attributed to the increase in prevalence of cardiovascular diseases, rising awareness about the presence of innovative defibrillators, presence of leading pharmaceutical companies in this region and presence of well-developed healthcare infrastructure across the country. Coronary artery disease is one of the leading causes of morbidity and mortality in well-matured countries. According to the Center for Disease Control research, one in four deaths were due to coronary artery disease. Coronary artery disease cost more than US$100 billion a year in human productivity. In addition, the study released by the American Heart Association in 2018 reports that one in three deaths were caused by cardiovascular disease. Approximately 2,300 Americans die of cardiovascular disease each year and an average of one death is recorded every 38 seconds.

Moreover, almost 92.1 million adults in the US suffer from some form of cardiovascular disease. The indirect and direct costs of overall cardiovascular disease and stroke are estimated to total more than US$ 329.7 billion, including both health and productivity losses. The population of people aged 65 and up is predicted to increase between 2012 and 2050. This growth needs a greater understanding of the impact of cardiovascular diseases in the older adults. Thus, owing to above mentioned factors the market has good growth opportunities during the forecast period.

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The Increasing Prevalence of Cardiovascular Disorders Boosts Defibrillator Market Growth:

Cardiovascular diseases (CVDs) are the leading cause of morbidity and mortality globally. The World Health Organization (WHO) estimates 17.9 million lives are lost due to CVDs, i.e., 32% of all deaths are reported globally every year. Four out of five CVD-related mortalities are due to heart attacks and strokes. Unhealthy lifestyles habits, including tobacco consumption, poor diet, obesity, physical inactivity, and excess alcohol consumption, are the leading causes of CVDs. The surging cases of CVDs result in high demand for defibrillators as an essential tool for resuscitation and care of CVD patients in hospitals. With a rise in national healthcare expenditures and disposable household incomes in various regions, the use of defibrillators is expected to increase further to manage CVDs better. Furthermore, amid such high demands for defibrillators as a vital instrument in hospitals, automated external defibrillators are gaining special traction owing to their suitability in the resuscitation of persons having a sudden cardiac arrest (SCA). Thus, the growing incidence of CVDs drives the demand for defibrillators of all types in hospitals, homes, and other healthcare settings.

Defibrillator Market: Segmental Overview

Based on the product type, the defibrillator market is segmented into Implantable cardioverter defibrillator, and External. The implantable cardioverter defibrillator segment is sub segmented into, transverse ICD and subcutaneous ICD. Moreover, the external segment is further sub segmented as, Fully Automated External Defibrillators, manual, wearable. The Implantable cardioverter defibrillator segment is expected to hold the largest share of 68.80% of the defibrillator market in 2021.

Based on the end user, the defibrillator market has been segmented into Hospitals and Clinics, Prehospital Care, Public Access, Home Care Settings, and Alternate Care Facilities. The Hospitals and Clinics segment is likely to account for a larger market share in 2021. However, the prehospital care segment is expected to register a higher CAGR in the market during the forecast period.

The COVID-19 pandemic has heavily affected North American countries, including the US and Canada. These countries reported the highest numbers of COVID-19 positive cases. The US registered the highest number of deaths due to the COVID-19 pandemic. With the chaotic situation erupted in the medical industry across the region, the demand for diagnosing and therapeutic devices dramatically increased in hospitals. For instance, the demand for ventilators, respirators, and in vitro diagnostic (IVD) tests has risen drastically in hospitals in North America.

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Moreover, as the hospital admissions and pressure on the healthcare infrastructure rose, the demand of defibrillators saw a surge along with other medical devices owing to their importance in in-hospital resuscitation as well as in home settings with implantable cardioverter–defibrillator. Initial assessments showed fast, abnormal heart rates as a symptom experienced by many COVID-19 patients and therefore, various recommendations and bulletins were issued by the CDC and the American College of Cardiology warning patients about the potential risk for cardiac patients and encouraged the use of automated external defibrillators along with various other precautions. As people with heart conditions were at the highest risk of contracting the virus and amounted for a large population of deaths, the demand for defibrillators in hospitals saw a sharp rise which were needed for cardiac arrests in critically ill patients. Thus, the covid-19 has a mild impact on global defibrillators market.

Browse Adjoining Reports:

Implantable Cardioverter Defibrillators Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Transvenous Implantable Cardioverter Defibrillators, Subcutaneous Implantable Cardioverter Defibrillators, and Cardiac Resynchronization Therapy Defibrillator (CRT-D)); End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others), and Geography

Automated Implantable Cardioverter Defibrillator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Single Chambered, Dual Chambered, Bi-Ventricular); Implantation Region (Trans-Venous Implantable Cardioverter Defibrillators, Subcutaneous Implantable Cardioverter Defibrillators); End User (Hospitals, Specialty Cinics, Others) and Geography

Defibrillator Analyzers Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Modularity Type (Portable Defibrillator Analyzers, Desk Defibrillator Analyzers); End-Users (Hospitals, Prehospital, Public Access, Homecare) and Geography

External Defibrillator Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Product (Manual External Defibrillator, Automated External Defibrillator (AED) and Wearable Cardioverter Defibrillator(WCD)); End User (Hospitals, Pre-Hospital, Public Access and Home Care) and Geography

Medical Implantable Defibrillators Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Single Chambered Implantable Defibrillators, Dual Chambered Implantable Defibrillators, Biventricular Implantable Defibrillators); Procedure Type (Trans-Venous Implantable Defibrillators, Subcutaneous Implantable Defibrillators); End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers) and Geography

Emergency External Defibrillators Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Manual External Defibrillator, Semi-Automatic External Defibrillator, Automatic External Defibrillator); Application (Cardiac Arrest, Arrhythmia, Others); End User (Hospitals, Pre-Hospitals, Public Access, Emergency Medical Services, Others) and Geography

External Defibrillator Tester Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Portable, Desktop); Application (External Defibrillators, External Cardiac Stimulators, Others); End-user (Hospitals and Clinics, Schools and Public Places, Home Care Settings, Others) and Geography

Manual External Defibrillator Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Asynchronous External Defibrillator, Synchronous External Defibrillator); Application (Hospital Surgery, Medical School Teaching, Disaster Scene, Others) and Geography

Defibrillator Pads Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Manual External, Manual Internal, Automatic External); Age Group (Pediatric Defibrillator Pads, Adult Defibrillator Pads); Distribution Channel (Online Pharmacy, Retail Pharmacy, Hospital Pharmacy) and Geography

Used and Refurbished Defibrillator Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Automatic External Defibrillators, Implantable Cardioverter Defibrillators, Wearable Cardioverter Defibrillator, Other); End User (Hospital, Clinic, Other)

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