Defibrillator market growth can be attributed to factors such as defibrillator technology advancements and defibrillator training and awareness programs. Cardiovascular diseases are listed as the primary cause of death and accounted for nearly 836,546 deaths in the United States, according to the research program of the American Heart Association. Compared to deaths related to all forms of cancer and chronic lower respiratory diseases combined, cardiovascular disease deaths are higher. According to the American Heart Association, cardiovascular disease is the leading cause of death worldwide, accounting for over 17.9 million deaths per year in 2015, a number expected to increase to over 23.6 million by 2030. Therefore, an increase in cardiovascular disease prevalence is expected to drive the growth of the market.
Defibrillator is a life-saving device that helps in life-threatening conditions such as ventricular fibrillation, cardiac arrhythmia, and pulseless ventricular tachycardia to deliver a therapeutic shock to a patients heart. Approximately 300,000 out – of-hospital heart arrests take place every year in the United States.
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Supportive government policies in developed countries can help to increase defibrillator availability and access, which is likely to further boost market growth over the forecast period.
Key Market Trends: –
Implantable Cardioverter Defibrillator ICD Spearheaded the Defibrillator Market:
The largest share on the global market was the implantable cardioverter defibrillator ICD segment. The ICDs are made up of three main types, transvenous ICDs, subcutaneous ICDs and pacemaker and ICD function CRT. It is expected that transvenous and subcutaneous ICDs will show the fastest growth rate over the forecast period due to the rising technological advances, increased R&D, and benefits associated with these ICDs. Due to the increasing integration of multiple technological capabilities in a single device such as defibrillators and pacemakers, the overall ICD segment contributes to the largest market share. Furthermore, the effectiveness of these devices in managing arhythmias over a prolonged period of time is expected to drive segment growth over the forecast period.
North America Leads the Global Defibrillator Market:
Cardiovascular diseases, which are listed as the underlying cause of death, account for almost 836,546 deaths in the United States about 1 in 3 deaths . Thus, the regions increasing prevalence of cardiovascular diseases is expected to drive this markets growth over the forecast period. Together with a number of public and private partners, the Department of Health and Human Services HHS launched the Million Hearts initiative in 2017 to prevent one million heart attacks and strokes. It is expected that all the factors mentioned above will boost market growth.
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Boston Scientific Corporation, Koninklijke Philips NV., Medtronic, Nihon Kohden Corporation, and Abbott Laboratories are the major players operating on the defibrillators market. Acquisitions and mergers, new product developments, geographic expansions, and enhanced marketing strategies are the key strategies adopted by major market players.
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