Defibrillators Market to Be Driven by Increasing Cardiovascular Incidences
Albany, NY -- (SBWire) -- 10/02/2018 --The global defibrillators market features a highly consolidated landscape on account of the prominent presence of only a handful number of players, finds Transparency Market Research (TMR). Leading players in the market include Zoll Medical Corporation, Nihon Kohden Corporation, GE Healthcare Ltd., Philips Healthcare, Defibtech LLC, HeartSine Technologies Inc., Biotronik, Medtronic, Inc., and Boston Scientific Corporation. Several top players are focused on incorporating technological advancements in their offering to consolidate their position in the market.
The market stood at US$9.3 billion in 2012. The global defibrillators market is projected to grow at a modest CAGR of 6.2% in between the forecast period of 2013–2019 and reach a worth of US$14.2 billion by 2019 end.
The various devices can be classified as automated external defibrillators (AEDs), wearable defibrillators, implantable cardioverter defibrillators (ICDs), and advanced life support (ALS) defibrillators. Of these, ICDs led the market in 2012. The extensive demand for ICDs is attributed to the widespread popularity of this life-saving defibrillation therapy in reducing the risk of sudden cardiac arrest among patient populations.
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Regionally, North America held the sway in 2012. However, the regional market lost some share by expanding at relatively low CAGR compared to the Middle East and Asia Pacific which will rise at an attractive pace over the assessment period. The rising healthcare investment on cardiac care in these regions is fueling their growth.
Growing Incidence of Heart Diseases and Cardiovascular Disorders fuels Demand
The rising prevalence of cardiovascular diseases in developing and developed regions and its substantial mortality in various parts of the world is a key factor driving the need for effective treatment for ventricular fibrillation. This is propelling the growth of the defibrillators market. The rising incidence of life-threatening cardiac diseases, notably cardiac arrhythmias, particularly in less developed nations is a notable factor bolstering the demand for defibrillators. The rapid rise in aging populations in advanced economies such as the U.S. on account of burgeoning baby boomer cohorts is boosting the market.
The market will also benefit substantially from large implementation of automated external defibrillators in workplaces, especially in developed nations. The unhindered demand for ICD and ALS defibrillators in hospitals is accentuating the market's growth. Moreover, the rising governmental spending on improving healthcare infrastructure in emerging nations is also catalyzing the growth of the market.
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Profuse Demand for Automated External Defibrillators sustaining high Market Growth
Wide implementation of automated external defibrillators in emerging economies for life-saving defibrillation therapy is providing a robust impetus to the market's growth. The ease of use of automated external defibrillators has stoked its acceptance among patients world over.
The rising healthcare infrastructure, along with increasing appetite for advanced technologies, is boosting the market. Constant advances in techniques and technologies for defibrillation process have expanded the understanding of various defibrillator mechanism. This is opening exciting avenues in the market. For instance, improvement in battery life of implantable cardioverter defibrillators bodes well for the market. The notable risk of cardiac arrest among people living in less developed nations is favoring the demand for defibrillators. The growing awareness of life-saving defibrillation therapy in patients is accentuating the market.
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