The global cardioverter defibrillator market was valued at US$ 8.2 billion in the year 2018 and is expected to reach US$ 10.67 billion by the year 2023, growing at a CAGR of 5.4%. A cardioverter defibrillator is a device which can be implanted or externally used for the purpose of cardioversion, defibrillation, and pacing of the heart. The device is capable of preventing sudden deaths due to cardiac arrest or lethal arrhythmia. It is used to check the rhythm of the heart and then respond with an electrical shock to restore the normal heart rhythm.
According to the World Health Organization, approximately 17.9 million people die annually due to cardiac diseases worldwide. This figure accounts for 31% of deaths globally. The Centres for Disease Control and Prevention (CDC) estimates that in the United States alone, 2.7 million to 6 million people have atrial fibrillation.
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Atrial fibrillation is one of the major indications in which a cardioverter defibrillator is used. The incidence of atrial fibrillation is higher in the population aged 65 years and above. Therefore, with the rising geriatric population, the incidence of atrial fibrillation is expected to increase further. This is expected to drive the market for cardioverter defibrillators.
The major factors driving the growth of the cardiac defibrillators market are the rising geriatric population and the increasing prevalence of cardiovascular diseases. However, the high implant cost and stringent reimbursement policies are expected to impede the market growth.
Newer methods of delivering cardiac care to patients are being studied. In 2017, a study was carried out in Sweden, in which drones carrying external defibrillators were sent to rural areas in order to analyse if drones could deliver defibrillators faster than ambulances. It is extremely important that cardiac care reaches patients quickly. The incidence of heart attacks outside of hospitals is increasing. In the US alone, on an average more than 350,000 cardiac arrests occur outside of hospitals every year.
The implantable cardioverter defibrillators is expected to be the highest growing segment in the global cardioverter defibrillator. Implantable cardioverter defibrillators are pager-sized devices that are placed in a patient’s chest to reduce the risk of cardiac arrest.
The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The major factors driving the growth of the cardioverter defibrillator market in this region are the rising geriatric population, the increasing focus of the major players on this region, and the increasing prevalence of target diseases in this region.
· In March 2019, Biotronik launched its 3 Tesla full-body MRI conditional implantable cardioverter defibrillator (ICD) in the European market. The newly launched ICD has been designed in such a way that its shape is body-friendly and also features an extended battery life, with up to 15 years. This leads to increased device longevity, which results in reduced need for device replacement, less difficulty for patients, and reduced procedural costs.
The key players in the Cardioverter Defibrillator market are Medtronic (Ireland), Boston Scientific (US), Abbott (US), Biotronik (Germany), Physio-Control (US), Philips (Netherlands), Cardiac Science (US), Mindray Medical (China), Nihon Kohden Corporation (Japan), and Zoll Medical (US), amongst others. Medtronic is dominating the defibrillators market due to its broad product portfolio and strong geographical presence.
The major strategies adopted by the companies in order to gain market share include new product launches and mergers and acquisitions. For instance, in June 2017, Abbott announced the completion of its acquisition of St. Jude Medical Inc. The completion of this acquisition will help Abbott to broaden its cardiovascular portfolio into atrial fibrillation, structural heart, heart failure, and chronic pain complement and thereby, increase its market share and geographical presence in the cardiovascular devices market.