Defibrillators Market - By Product (Implantable Cardioverter Defibrillator (ICDs), External Cardioverter Defibrillator, Wearable External Cardioverter Defibrillator), End-use (Hospitals, Clinics, Cardiac Catheterization Labs) & Global Forecast, 2023-2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationDefibrillators Market - By Product (Implantable Cardioverter Defibrillator (ICDs), External Cardioverter Defibrillator, Wearable External Cardioverter Defibrillator), End-use (Hospitals, Clinics, Cardiac Catheterization Labs) & Global Forecast, 2023-2032
Defibrillators Market Size
Defibrillators Market size exceeded USD 11 billion in 2022. The industry is estimated to expand at over 6.5% CAGR from 2023 to 2032, driven by surging incidences of sudden cardiac arrests and heart failures.
The industry demand is primarily fueled by the mounting prevalence of cardiac diseases. One of the main risk factors for illness progression and high mortality rates is tachycardia. The rising occurrence and prevalence of these disorders and their subsets, including atrial fibrillation, ventricular tachycardia, supraventricular tachycardia (SVT), and ventricular fibrillation, are anticipated to drive business growth.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Defibrillators Market Size in 2022 | USD 11billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 6.9% |
| 2032 Value Projection | USD 22.5 billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 320 |
| Tables, Charts & Figures | 874 |
| Segments covered | Product, End-use, and Region. |
| Growth Drivers |
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| Pitfalls & Challenges |
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High cost of the devices may impede industry progression
The hefty price tag of defibrillators is casting a shadow over their potential to save lives. Even though heart problems are becoming all too common, the high cost of these devices is making them out of reach for many people, especially those who are struggling financially or living in developing countries. The sticker shock of defibrillators is a major obstacle. In the United States, implantable cardioverter defibrillators (ICDs) alone can cost anywhere from $18,000 to $35,000. That's a lot of money to pay for a device that could potentially save your life. But there's hope on the horizon. Governments and organizations are starting to recognize the importance of making defibrillators more affordable. They're offering subsidies and reimbursement programs to help people cover the cost. These efforts are expected to make defibrillators more accessible in the years to come, giving more people a fighting chance against sudden cardiac arrest.
Wide product range availability to help implantable cardioverter defibrillators (ICD) gain traction
In 2022, the implantable cardioverter defibrillator (ICD) segment held more than 71% share in the defibrillators market as a result of the broad variety of product diversity, expanded application possibilities, and technical breakthroughs. A 2022 study on ICD’s long-term results found that very few patients underwent S-ICD replacement, indicating future self-terminating shock events pacing indications. These defibrillators can now indicate backup pacing and emergency defibrillation in line with the surging demand for pacing's enhanced benefits.
Defibrillators Market Analysis
Hospitals are embracing defibrillators like never before, with the market expected to grow by over 7% each year until 2032. Why the surge? It's all about the amazing new defibrillators that are helping cardiac patients recover better and faster after surgery. These devices simply work wonders! But there's more to the story. As more people suffer from cardiac arrest, more hospitals need to have defibrillators on hand. Plus, the demand for ICD implants (implantable cardioverter-defibrillators) is climbing. And let's not forget the skilled healthcare workers who know exactly how to use these life-saving machines. And if you're wondering about hospital resources, don't worry. In the U.S., hospitals are well-equipped, with nearly 80% of hospital beds being used as of January 2022. So, hospitals are ready and waiting to provide the best possible care for cardiac patients, and defibrillators are playing a huge role.
Europe defibrillators market is foreseen to reach a valuation of over USD 6 billion by the end of 2032. The rising occurrence of tachycardia due to hypertension, obesity, and dyslipidemia among the elderly population is slated to escalate the demand for defibrillators. In addition, supportive government spending is set to further accelerate business growth in the region. In December 2022, the Department of Health and Social Care under the UK Government announced intentions on investing £1 million (around USD 1.2 million) in automated external defibrillators (AEDs) to provide access to defibrillators in areas that are most in need.
Defibrillators Market Share
- Abbott Laboratories, Inc.
- BIOTRONIK SE & Co. KG
- AMI Italia
- Boston Scientific Corporation
- Koninklijke Philips N.V.
- CU Medical Systems Co. Ltd
- Stryker Corporation
- Medtronic plc
- MicroPort Scientific Corporation
- Meditech Equipment Co., Ltd (Meditech Group)
- Mindray Medical International Limited
- BPL Medical Technologies Pvt Ltd
- Nihon Kohden Corporation
- Schiller AG
- and ZOLL Medical Corporation (Asahi Kasei Group)
are some of the key participants involved in the defibrillators market.
These firms primarily engage in rigorous R&D initiatives and efforts to enhance their market standing. For instance, in January 2023, Mindray Medical International Limited, a medical device firm, received CE mark for its defibrillation product family under the EU’s new Medical Device Regulation. With this the company became the first manufacturer to win MDR accreditation, paving its way for remarkable business opportunities.
Impact of COVID-19 Pandemic
The COVID-19 outbreak had a massive impact on public health and led to a drastic rise in hospitalizations. The coronavirus proliferated the disease burden and negatively influenced the healthcare sector over 2020 and the initial phase of 2021. Many medical facilities delayed and postponed non-emergency surgical procedures resulting in pending cardiovascular surgeries & implantation procedures. These challenges slackened the defibrillators industry statistics.
Defibrillators Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments Click here to Buy Section of this Report
By Product Implantable Cardioverter Defibrillator (ICD)
- Subcutaneous Implantable Cardioverter Defibrillator
- Transvenous Implantable Cardioverter Defibrillator
- Single-chamber ICDs
- Dual-chamber ICDs
- External Defibrillator
- Manual ED
- Automated ED
- Semi-automated External Defibrillator
- Fully Automated External Defibrillator
- Wearable Cardioverter Defibrillator
By End-use
- Hospitals
- Ambulatory Surgical Centers
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- The Netherlands
- Sweden
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Colombia
- Peru
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
- Iran
- Turkey
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