Increasing Geriatric Population and Rising Prevalence of Target Diseases are the major Factors driving the Defibrillators Market
As stated in our extensive report; providing insights on Type, Patients Type, End Users, and Region; the Global Defibrillators Market accounted for USD 11.1 Billion in the year 2021.
The growth of the market is mainly driven by the increasing prevalence of target diseases, growing focus on providing public-access Defibrillators, and training and awareness programs on Defibrillators.
Furthermore, upcoming markets and the development of S-ICDs and MRI-compatible ICDs & CRT-Ds are expected to offer extraordinary growth opportunities for players in the Defibrillators Market. However, issues related to the use of implantable and automated external Defibrillators, frequent product recalls, and a lack of awareness about sudden cardiac arrest in developing nations are expected to hinder the growth of the Defibrillators Market during the forecast period. Other factors such as limited reimbursements in developed nations, lack of infrastructure, particularly in developing and underdeveloped countries are also expected to hinder the growth of this market.
For instance, Medtronic is the leading player in the global implantable Defibrillators Market due to its extensive product portfolio. The company focuses on developing innovative products to treat and manage heart failure and heart rhythm disorders. In the past few years, the company has received approvals and launched several new products, including COBALT and CROME (both ICDs and CRT-Ds), which indicate the company’s strong focus on innovation. The company invests around 10% of its revenue in Research and Development (R&D) activities to always stay ahead of the competition.
Defibrillators Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for Defibrillators Market.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in coming years owing to high demand for Defibrillators. Additionally, this region has advance medical systems which is further helping flourish the market in coming years. Countries such as the U.S. & Canada are considered to be the most advanced countries in the manufacturing and sales of Defibrillators. These are few of the reasons Asia Pacific is expected to grow in coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of Defibrillators in the healthcare sector. North America held the largest share of the Defibrillators Market in 2021, followed by Europe and the Asia Pacific. In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability Research and Development (R&D) facilities, underdeveloped healthcare infrastructure and social constraints.
Major players of the Global Defibrillators Market such as Medtronic (Ireland), Stryker Corporation (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), Abbott (US), Nihon Kohden (Japan), MicroPort (China), BIOTRONIK (Germany), CU Medical Systems (South Korea), METsis Medikal (Turkey), Mediana Co. Ltd. (Korea), Mindray Medical International Ltd. (China), Progetti SRL – Medical Equipment Solutions (Italy), and Schiller AG (Switzerland).BPL Medical Technologies (India), Metrax GmbH – PRIMEDIC (Germany), MS Westfalia GmbH (Germany), Bexen Cardio (Spain), Axion Medical Equipment Ltd. (Russia), Element Science Inc. (US), Avive Solutions Inc. (US), Jeevtronics Pvt. Ltd. (India), HeartHero Inc. (US), Shenzhen Comen Medical Instruments Ltd. (China) and others.
Browse the full Report - Defibrillators Market Size, Share & Trends Analysis Report by Type (Implantable cardioverter defibrillators, Transvenous implantable cardioverter defibrillators, Subcutaneous implantable cardioverter defibrillators, External defibrillators), by Patients type (Adult, Pediatrics), by End Users (Hospitals, clinics, and cardiac centres, Pre-hospital care settings, Public access markets, Home care settings), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)