The Global Defibrillators Market was valued at USD 10.5 billion in 2020, and it is expected to reach USD18.9billion by 2027, with a CAGR of 8.8%, during the forecast period-2021-2027.
The rising demand for handling sudden cardiac diseases is leading to the smart innovation in defibrillators. Defibrillator is a medical device which is used in the treatment of cardiac arrest, which produce high energy electric current to the heart in order to get back a cardiac rhythm. This is used when the heart is not able to generates its own impulses and requires external support. This device is used in cases of cardiac arrest, ventricular fibrillation, arrhythmia and pulseless ventricular tachycardia. The aim of this device is to increase patient comfort level.
Defibrillators market is segmented based on type of products which include Implantable Cardioverter Defibrillator (T-ICD, CRT-D, S-ICD), External-Manual, Automated, Wearable. Based on end user include hospitals, pre-hospitals, public access and home care. Based on product type, implantable cardioverter defibrillator accounted for the highest market share in 2020 and expected to increase more due to improvement in advanced technologies and rising cardiac diseases patients. On the basis of end user, hospital segment accounted for highest market share in 2020. Hospitals provides complete patient care starting from check-ups to the discharge procedure and it has provisions for reimbursements for the patients. This factor drives the growth of end user segment in defibrillator market. Geographically, North America accounted for the highest market share in 2020 due to increase in healthcare expenditure and rising incidence of cardiac arrest population. These factors drive the growth of defibrillator market during the forecast period.
With increase in advancements in research and technologies, portable defibrillators are developed, which is most importantly used in ambulances and does not require any setup unit. These portable defibrillators were developed so that patient can have easy access to the defibrillator and this could save their lives. Further, government support in terms of campaigns and funding led to increase in need for defibrillators. For instance, the initiative taken by Australian government, Department of Health, with name “Men’s sheds defibrillator” to ensure that every individual in Australia has ease to access AED along with training of using it. This will spread the awareness regarding the use of automated external defibrillator and its usage, which ultimately lead to increase in demand for defibrillators market.
The increase in diseases associated with cardiac arrest, rising health issues in adult-to-geriatric populations followed by innovation and development in types of defibrillators like implantable, automated, and external defibrillators aims for the patient centric and comfort level, creates an opportunity for the growth of the defibrillators market across the world. In year 2017, Swedish Transport Agency introduced a programme using automated external defibrillator by drone. This aimed to decrease the delivery time and increase the survival rate with fast treatment. This initiative enhances the initiatives by the players for delivering innovative defibrillator in the market. Hence, the major industry players are now focused for launching of smart and advanced products to feature in the competitive market.
Moreover, Covid-19 positively impacted the market as the need for cardiac defibrillator for elderly patients suffering from covid led to sudden cardiac arrest increased. These devices were used to stable the condition of patients which provided opportunity for the growth of defibrillator market revenue.
Major players in defibrillator market are now focussing on launching new advanced products in the market. For instance, In February 2020, Abbott Laboratories launched the new next-generation heart rhythm management device called as ‘Gallant’ in Europe, which is implantable defibrillator helps to monitor heart rhythms through smartphone.