PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1525474
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1525474
Global defibrillator market is projected to witness a CAGR of 7.07% during the forecast period 2024-2031, growing from USD 11.19 billion in 2023 to USD 19.32 billion in 2031. The growth of the market is boosted by the rising incidences of sudden cardiac arrests, increasing initiatives to boost awareness about the usage of defibrillators, and growing investments towards the availability of defibrillators in public spaces to combat the public health crisis caused by sudden cardiac arrests. In November 2023, as a part of the Karnataka Rathna Puneeth Rajkumar Hrudaya Jyothi Scheme, the government announced that they are going to install automated external defibrillators (AEDs) in public spaces across Karnataka, India. The self-powered AEDs will be available at airports, bus stands, Vidhana Soudha, courts, railway stations, and other crowded spaces in major cities. The 50 AEDs that will be installed in the state are estimated to cost USD 1,314 (INR 110,000) each.
The global defibrillator market growth is supported by the growing awareness about various advantages associated with early defibrillation. Implantable cardioverter, external, and wearable cardioverter defibrillators aid in treating sudden cardiac arrests by allowing the restoration of a normal heart rhythm. Additionally, the expansion of geriatric population is bolstering the requirement for defibrillators as the older population is more vulnerable to chronic diseases and disorders, including cardiovascular disorders, propelling the requirement for various medical devices, including defibrillators to restore the normal heart rhythms of the patients. As per the estimates of the World Health Organization (WHO), by 2030, one in six individuals across the globe will be sixty years or older.
Rising Initiatives to Boost Awareness in Market Demand
The rising initiatives by various health institutions and government organizations to bolster awareness about the usage of defibrillators is providing lucrative growth opportunities to the market. In May 2024, in recognition of the cardiopulmonary resuscitation- automated external defibrillator (CPR-AED) awareness week, Medic One Foundation ran a campaign to urge the public to learn how to use an AED and hands-only CPR in the United States, with the aim of combating the health crisis associated with sudden cardiac arrests. Due to the increasing cases of sudden cardiac arrests, the investments towards campaigns that augment the awareness about the use of defibrillators is rising as they deliver electric shocks to the heart muscle, allowing the patient to regain normal rhythm in case of the occurrence of arrhythmias. Thus, propelling the requirement for defibrillators from various regions across the globe.
Increasing Incidences of Sudden Cardiac Arrest Boosts Market Demand
The rising incidences of sudden cardiac arrests in various regions across the globe is one of the major factors bolstering the global defibrillator market demand. According to the heart and stroke statistics, released by the American Heart Association for 2022, over 356,000 out-of-hospital cardiac arrests (OHCA) occur in the United States, approximately 90% of which are fatal. The increase is propelling the requirement for defibrillators as they aid in restoring normal heart rhythm and thus, are essential for providing lifesaving treatment to the patient in a time efficient manner.
Additionally, due to the increase in the cases of sudden cardiac arrests, various governments, schools, companies, and others are installing defibrillators on the premises to enhance community and workplace preparedness, bolstering the market demand. In February 2024, Udgam Group of Schools in Gujarat, India, installed automated external defibrillators to provide a higher chance of survival to the individuals suffering from sudden cardiac arrests. Similarly, a new defibrillator was installed in the Priory Theatre building in Kenilworth, England, in July 2024 to provide access to lifesaving equipment to the community.
Implantable Cardioverter Defibrillators (ICDs) Expected to Hold Significant Market Share
The segment's expansion is supported by the rising cases of sudden cardiac arrests, novel product launches, and rising investments by leading market players and research institutions towards research and development activities. The Ottawa Heart Institute Research Corporation, based in Ontario, Canada is conducting an interventional study for determining if cardiac resynchronization therapy aids in improving cardiac outcomes for patients with permanent arterial fibrillation compared to ICDs alone. The multi-centered, controlled, and randomized trial is estimated to conclude in September 2024.
Moreover, the segment's growth is bolstered by increasing provision of funding to study the working and functioning of implantable cardioverter defibrillators. In May 2024, the University of Rochester Medical Center received a funding of USD 27 million for a six year-long study for evaluating the health outcomes of patients with heart failures, with and without the device. Over 3,000 patients across the United States and Canada are going to be enrolled in the study at 115 sites.
North America Holds Significant Market Share
The growth of the market in North America is supported by the increasing cases of cardiac diseases, strong presence of key market players, availability of a well-established healthcare sector, and rising initiatives by health organizations to increase awareness among the regional population. According to the estimates of the US Occupational Safety and Health Administration, approximately 10,000 cardiac arrests occur in the workplace in the United States, every year. The increase is propelling the requirement for defibrillators in the country and bolstering the installation of external defibrillators in public spaces such as railway stations, schools, offices, and hotels, and others to prevent fatalities in cases of a sudden cardiac arrest.
Meanwhile, the Asia- Pacific market is expected to witness significant growth in the coming years owing to the rapid expansion of the population, increasing incidences of cardiovascular diseases, and growing investments towards the enhancement of the healthcare infrastructure in the region. According to the findings of a study published in The Lancet, the crude cardiovascular mortality in Asia is expected to rise 91.2% between 2025 and 2050.
Future Market Scenario (2024 - 2031F)
The defibrillator market is expected to witness significant growth in the forecast years, due to the rising incidences of sudden cardiac arrests, increasing investments towards novel product launches, and rising initiatives to boost public awareness. The increasing investments in research and development activities by different market players and health organizations is expected to provide lucrative growth opportunities to the market. Asan Medical Center, one of the leading tertiary and teaching hospitals in Seoul, South Korea is conducting an interventional study for assessing if optimal medical therapy in combination with implantable cardioverter defibrillator (ICD) implantation reduces the incidences of death in patients that are manifesting variant angina as aborted sudden cardiac death, compared to optimal medical therapy. The participants of the study are going to be monitored for five years and the study is expected to conclude in June 2030.
Key Players Landscape and Outlook
The increasing investments by the leading market players towards the development of novel products and rising provision of approval from regulatory bodies such as the Food and Drug Administration (FDA) is boosting the global defibrillator market size. In October 2023, Medtronic Plc announced that their extravascular implantable cardioverter-defibrillator, Aurora EV-ICD MRI SureScan, and Epsila EV MRI SureScan defibrillation lead for treating fast heart rhythms that can cause sudden cardiac arrest, have received approval from the FDA. The Aurora system offers back up pacing therapies, anti-tachycardia pacing, and provides lifesaving defibrillation with the help of a device that is same in longevity, size, and shape to transvenous, traditional implantable cardioverter defibrillator. Such developments are expected to provide lucrative growth opportunities to the market and support its expansion in the coming years.
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Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.