Market Insights
The defibrillators market was estimated at USD 12.65 billion in 2022 and is likely to grow at a CAGR of 9.18% during 2023-2028 to reach USD 21.54 billion in 2028.
Market Dynamics
Introduction
A defibrillator is a medical device designed to restore a normal heartbeat by delivering a controlled electric shock to the heart. It is used in situations of cardiac arrhythmias, particularly life-threatening conditions such as ventricular fibrillation (VF) and pulseless ventricular tachycardia (VT). These devices play a critical role in emergency response, intensive care, and operating rooms, as well as in public spaces and private homes, as part of broader efforts to improve survival rates from sudden cardiac arrest (SCA).
Market Drivers
The defibrillator market is driven by several factors that contribute to its growth and development. Here are some of the key drivers:
- Globally, the main cause of death is due to cardiovascular diseases like cardiac arrest and arrhythmias. Defibrillators are in high demand as they are vital life-saving tools that maintain normal heart rhythms.
- The development of defibrillator technology played a vital role in the growth of the market. It has also become easier for non-medical professionals to utilize automated external defibrillators (AEDs) in emergency scenarios.
- The significance of early defibrillation has been widely considered through public awareness campaigns and training initiatives. The probability of survival increases with prompt defibrillation within the first few minutes after a cardiac arrest.
- The defibrillator market plays a critical role in saving lives during cardiac emergencies, as acknowledged by governments all over the world. The installation of defibrillators in public spaces, schools, and workplaces is mandated by laws in several nations.
- Increased healthcare costs, particularly in developing nations, have fueled the market for defibrillators. The need for defibrillators rises as healthcare infrastructure develops and more people have access to medical treatment, particularly in settings like hospitals, clinics, and ambulatory care centers.
- Defibrillators are intended to be more easily available in public locations, such as airports, retail centers, sporting venues, and transit hubs.
Segment Analysis
By Type
"ICDs segment held the market's larger share of > 65% in 2022"
The market is segmented into implantable cardioverter defibrillators and external defibrillators. The ICDs segment held the market's larger share of the market in 2022. The external defibrillators segment has the fastest CAGR of nearly 9.2% during the forecast period.
The growth and development of technologically enhanced devices with extended life spans, fast-increasing implant procedures, and a surge in the adoption of cardiac resynchronization therapy defibrillators (CRT-Ds) and S-ICD systems globally, are some of the major factors contributing to the major share of these segment of the market during the forecast period.
By End-User Type
"Hospitals held a largest share of more >75% in 2022"
The defibrillators market is segmented as hospitals, clinics & cardiac centers, prehospital care settings, public access markets, alternate care facilities, and home care facilities. The hospitals, clinics, and cardiac centers segment captured the largest share of the market in the year 2022. Hospitals held a largest share of the market in 2022, public access market segment CAGR of nearly 9.5% during the forecast period
Some of the major factors fueling the growth of this end-user segment of the market during the forecast period are the rapidly increasing cardiac implant procedures and the accessibility of reimbursements across the developed markets.
Regional Analysis
"North America held the largest market share of >30% in 2022"
North America held the largest market share of the market in 2022 and is likely to continue its dominance during the forecast period as well. During the forecast period, major factors such as an increase in the geriatric population, growing incidents of cardiac diseases, and technological advancements are fueling the growth of the defibrillators market in the region. Asia-Pacific and Europe are also expected to offer substantial growth opportunities during the forecast period.
Key Players
The following are the key players in the defibrillators market:
- Biotronik
- Boston Scientific
- CU Medical Systems, Inc.
- Koninklijke Philips N.V.
- Mediana
- Medtronic plc
- Metsis Medikal
- Microport
- Mindray Medical
- Nihon Kohden
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
Market Segmentation
This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The defibrillators market is segmented into the following categories:
By Type
- Implantable Cardioverter Defibrillators
- External Defibrillators
By End-User Type
- Hospitals, Clinics, and Cardiac Centers
- Prehospital Care Settings Public Access Markets
- Alternate Care Facilities
- Home Care Settings
By Region
- North America (Country Analysis: the USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
Research Methodology
- This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s defibrillators market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to 3 players)
- SWOT analysis of key players (up to 3 players)
Market Segmentation
- Current market segmentation of any one of the types by end-user type.
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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