Cardioverter defibrillators are devices that can be of two types – external cardioverter defibrillators and implantable cardioverter defibrillators (ICDs). External cardioverter defibrillators are devices used for resuscitation purposes in cases of sudden cardiac arrest. They are used to give therapeutic shock to a patient’s heart in life-threatening heart conditions.
Implantable cardioverter defibrillators, on the other hand, are battery-powered devices that are placed under the skin. The device monitors the heart rate in patients with tachycardia and fibrillation, and it also helps manage arrhythmias. The integration of technologies such as pacemakers with defibrillators has increased the scope of ICDs, and therefore, this segment is poised to exhibit substantial growth in the coming years. In 2016, ICDs accounted for more than 50% of the overall market.
The global defibrillators market is predicted to grow at a CAGR of 3.1% to reach USD 10,883.3 million by 2022, from USD 9,323.5 million in 2017. The market for cardioverter defibrillators will be propelled by factors like rising incidence of lifestyle diseases such as cardiovascular diseases and increasing awareness about these diseases and cardioverter defibrillators.
The need to manage cardiovascular conditions more effectively has led to innovations in both external and implantable cardioverter defibrillators. Technological advancements such as the emergence of automated external defibrillators (AEDs), and subcutaneous and transvenous patches have helped boost the growth of the cardioverter defibrillator market.
The market for defibrillators is also receiving support in the form of training programs conducted across public places to create an awareness about defibrillation. Moreover, it has been made mandatory for certain public places like sports arenas, schools, and other institutes in developed countries like the U.S and the U.K., to keep Automated External Defibrillators (AEDs). Such initiatives have also helped expand the defibrillator market.
North America held a major share in the overall cardioverter defibrillator market in 2016, mainly due to rising incidence of cardiac conditions, increasing awareness about these diseases, favourable reimbursement policies, training programs, and supportive government policies.
Asia-Pacific, on the other hand, was the fastest growing market and is likely to exhibit the same trend in the coming years. The increasing awareness about these devices and their increased accessibility will support the growth of the Asia-Pacific cardioverter defibrillator market.
Some major global players operating in the cardioverter defibrillator market are, Medtronic, St. Jude Medical LLC, Boston Scientific Corporation, ZOLL Medical Corporation, LivaNova, Cardiac Science, Physio-Control Inc., HeartSine Technologies LLC, Nihon Kohden Corporation, Schiller AG, Progetti Srl, Fukuda Denshi Co., Ltd., Koninklijke Philips N.V., BIOTRONIK SE & Co. KG, and Defibtech LLC.