Defibrillators Market to Reach a Valuation of US $14.2 Bn by 2019 Due to Growing Prevalence of Cardiovascular Diseases
MRRSE has announced the addition of the “Defibrillators Market (Advanced Life Support, Automated External Defibrillators, Implantable Cardioverter Defibrillators, Wearable Defibrillators) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019” report to their offering.
Albany, NY -- (SBWire) -- 01/23/2017 --Defibrillator devices are used in treating life-threatening sudden cardiac arrest caused due to cardiac arrhythmias, particularly ventricular fibrillation and pulseless ventricular tachycardia. The global defibrillators market was valued at USD 9.3 billion in 2012, and is expected to grow at a CAGR of 6.2% to reach an estimated value of USD 14.2 billion by 2019. Sudden cardiac arrest is one of the major reasons for deaths across the globe with more than 300,000 deaths only in the United States alone. A defibrillator device depolarizes critical part of a heart muscle thereby helping in restoration of normal heart rhythm. If SCA victims receive cardiopulmonary resuscitation (CPR) and defibrillation within 5 to 12 minutes of cardiac arrest, many lives can be saved. The most significant factors for the growth of global defibrillators market are –
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Growing incidences of cardiovascular diseases and disorders
Aging of baby boomer population in the U.S.
Increasing demand from emerging countries of Asia-Pacific and the Middle-East
Increasing trend towards installations of AEDs at workplaces by businesses
The global defibrillators market has been segmented by product types, by end-users and by geography. On the basis of defibrillator types, the market is divided into advanced life support (ALS) defibrillators, automated external defibrillators (AEDs), implantable cardioverter defibrillators (ICDs) and wearable defibrillators. In 2012, implantable defibrillator devices accounted for the largest share by revenue of the global defibrillators market while the advanced life support defibrillators segment stood second in the global defibrillator market. The larger share of market is captured by implantable cardioverter defibrillators (ICDs) due to the rise in ICD implantations for preventing death from sudden cardiac arrest. Other factors such as accuracy in analyzing cardiac rhythm and quick response time for delivering shock are expected to drive the market in the near future.
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The global defibrillators market is also segmented by end-users into hospitals, homes, public or community access, emergency medical services and business workplace. The defibrillators market was largely dominated by hospitals as end-user category contributing to more than 90% of the total market. The huge demand for defibrillators from hospitals is largely accounted for the ICD implantations and continuous demand for ALS defibrillators. In the near future, number of AED installations at large hospitals are expected to increase. In addition, the developing healthcare infrastructure in the emerging nations such as China, India and Brazil are expected to drive the demand for defibrillators. The demand of AEDs for public access and installations at businesses workplace are on a rise and expected to grow rapidly during the forecast period. The AEDs have gained critical importance due to easy operability of these devices which allows even laypersons to use them in case of emergency.
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The global defibrillators market is also segmented by geography into six major regions, namely, North America, Europe, Asia-Pacific, Middle-East, Latin America and Africa. In 2012, North America was the largest market for defibrillator devices amongst all geographic segments but is expected to grow at a slower CAGR of 5.7% during the forecast period 2013 to 2019. Asia-Pacific and Middle-East are expected to grow at a comparatively faster pace than North America and Europe owing to the large patient base, increasing incidences of cardiovascular diseases and rising per capita expenditure on healthcare. The increasing awareness about utility of defibrillators in the Middle-East, especially in U.A.E and the support from government is contributing to growth of the market in this region.
The global defibrillator market is consolidated with very few large players in the market. In recent years, many mergers and acquisitions have taken place in the market, one such significant acquisition was of Zoll Medical Corporation being acquired by a Japanese company Asahi Kasei Corporation. Some of the major players in the global defibrillators market include Biotronik SE& Co.KG, Boston Scientific Corporation, Defibtech LLC, GE Healthcare Ltd., HeartSine Technologies Inc., Medtronic, Inc., Nihon Kohden Corporation, Philips Healthcare, St. Jude Medical Inc., and Zoll Medical Corporation.
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