Defibrillators Industry Overview
The global defibrillator market size is expected to reach USD 20.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2022 to 2030. The key drivers for this market include supportive regulatory policies, rising incidences of sudden cardiac arrests, product developments, and rising awareness regarding cardiac conditions. The COVID-19 pandemic, however, gave rise to several challenges such as dampened demand for ICDs, logistical bottlenecks, postponed elective surgeries across the globe, and reduced sales growth.
The demand for ICDs plunged during 2020 as governments in many key markets implemented movement restrictions and hospitals deferred elective procedures. The sales recovered gradually as movement restrictions were eased and elective procedure volume went up. For instance, Abbott reported a decline in demand and sales of its cardiovascular and neuromodulation portfolio in 2020. Abbott attributed the sales decrease to reduced procedure volumes resulting from the pandemic.
Defibrillators Market Segmentation
Grand View Research has segmented the global defibrillators market on the basis of product, end use, and region:
Based on the Product Insights, the market is segmented into Implantable Cardioverter Defibrillators (ICD), External Defibrillators (ED).
Implantable cardioverter defibrillators (ICDs) dominated the market with a share of over 70.0% in 2021.
The key factors driving this segment include the growing adoption of these devices due to the high prevalence of cardiovascular diseases, the high geriatric population in key markets, and growing product improvements by major companies.
Medtronic, for instance, reported continued acceptance and expansion of its Magnetic Resonance Imaging-compatible Claria CRT-D devices in 2020. This was in addition to strong growth recorded for its Crome & Cobalt portfolio of CRT-Ds and ICDs.
The external defibrillators segment is anticipated to register the fastest growth rate of 9.3% over the forecast period. This is due to technological advancements and initiatives promoting access to AEDs in public places.
This was in addition to strong growth recorded for its Crome & Cobalt portfolio of CRT-Ds and ICDs.
Based on the End-use Insights, the market is segmented into Hospital, Pre Hospital, Public Access Market, Alternate Care Market, Home Healthcare.
Hospitals held the largest revenue share of over 80.0% in 2021. This is owing to the higher number of cardiac patients received in hospitals and surgeries performed in hospital settings.
Both ICDs and external defibrillators are increasingly used in hospitals to deliver treatment to patients of sudden cardiac arrest and for other indications.
The public access market segment is anticipated to register the fastest growth rate of 9.6% over the forecast period due to the rising initiatives to increase the availability of public access AEDs, train personnel, and improve response to sudden cardiac arrest events.
Defibrillators Regional Outlook
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market has been characterized by intense competition. Market players incorporate various strategic initiatives to increase their market share. These include product development, regional expansion, partnerships and collaborations, and mergers & acquisitions.
Some prominent players in the global defibrillators market include:
Medtronic
Abbott
Boston Scientific Corporation
BIOTRONIK SE & Co. KG
MicroPort Scientific Corporation
Koninklijke Philips N.V.
Stryker
ZOLL Medical Corporation (Asahi Kasei)
Nihon Kohden Corporation
Schiller AG
Order a free sample PDF of the Defibrillators Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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