Defibrillators Market by Product (External (Wearable, Manual, AED), Implantable Cardioverter Defibrillator (CRT-D, Transvenous ICD, S-ICD, Single & Dual Chamber)), End-User (Hospitals, Public Access, Pre-hospital, Homecare), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast to 2027
Newark, NJ, May 19, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global defibrillators market is expected to grow from USD 9.62 billion in 2019 to USD 16.92 billion by 2027, at a CAGR of 4.01% during the forecast period 2020-2027. North America is expected to dominate the market share across the globe. The increase in ageing population and rising prevalence of cardiac diseases in the region due to changes in lifestyle are the major drivers for market growth. The policies of the government for the encouragement of the use of the instrument to upgrade the medical facilities will fuel the market growth. There is a rise in awareness about the instrument amongst the patients that has led to its increased demand in the region. Asia-Pacific region is expected to account for the highest growth rate due to lucrative opportunities like rising awareness, an increase in expenditure on healthcare, and the rising incidence of cardiovascular diseases.
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Some of the leading players of the market include Stryker Corporation, Asahi Kasei Corporation, Biotronik SE & Co. KG, Philips Healthcare, Boston Scientific Corporation, LivaNova PLC, Cardiac Science Corporation, Medtronic plc, Nihon Kohden Corporation, and St. Jude Medical, Inc. The players are adopting strategies like innovation and product development, regional expansion, and increasing competitive strength through mergers and acquisitions.
This study delivers a comprehensive analysis of products, end-user, and regions of global defibrillators market. On the basis of the product, the market can be divided into implantable convertible defibrillators (ICD) and external defibrillators. The ICDs segment can be further classified into CRT-D, transvenous ICD, S-ICD, and single & dual chamber. The external defibrillators segment can be further classified into wearable, manual, and AED. The ICDs dominate the market share due to technological advancements in the use of defibrillators with other devices. The rising incidences of implants and the development of devices with better life and quality will also contribute to market growth. The high efficiency of the devices in the treatment of arrhythmias will also lead to the growth of the market. On the basis of end-user, the market can be divided into hospitals, public access, pre-hospital, and home care. The hospital segment dominates the market due to higher cases of cardiac implant surgeries and the reimbursements provided by the government for the same. The implantable defibrillators are mostly available in the hospitals fuelling the market growth. The public access market is expected to portray the highest growth rate in the segment due to the regulatory requirements for storage and maintenance of AEDs.