Defibrillators Market Report 2028: A Surge to USD 18.1 Billion
The global defibrillator market is expected to reach USD 18.1 billion by 2028 from USD 13.6 billion in 2023, at a CAGR of 5.9% during the forecast period. Factors such as an increase in cardiac arrest among patients with cardiovascular diseases worldwide, growing initiatives by government or private organizations to boost the installation of defibrillators in public access places to enhance the responses during cardiac arrest emergencies, and a rise in defibrillators training & awareness programs are anticipated to propel the growth of defibrillators market during the forecast period. Moreover, ongoing developments in S-ICDs and MRI-compatible ICDs & CRT-Ds and improving healthcare infrastructure in emerging nations will likely support the market's growth.
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Opportunity: Growing number of mergers & acquisitions among market players
Many
key market players in the defibrillator market are increasingly
acquiring other players to expand their product offerings globally.
These acquisitions help manufacturers of implantable and external
defibrillators improve their technical efficiencies, strengthen their
financial base, penetrate emerging markets, and offer patients a wide
range of products. Acquisitions enable defibrillator manufacturers to
maintain their profit margins and enhance their geographic presence
despite the increasing cost pressures. Some of the key mergers &
acquisitions in the defibrillator market are listed below. In July 2020,
ZOLL Medical (an Asahi Kasei subsidiary) acquired Cardiac Science to
strengthen its Critical Care segment. This acquisition diversified the
company's defibrillator and cardiac care segment, helping the parent
company maintain a competitive edge in the market.
Challenge: Lack of awareness about sudden cardiac arrests in developing countries
Defibrillators
are typically used to restore normal heartbeat in critical cardiac
patients (such as arrhythmia, cardiac arrest, etc.). However, developing
countries such as India, Indonesia, and Brazil are reported with
limited public awareness levels about the clinical relevance of timely
interventions through defibrillators as well as a limited operational
understanding of defibrillators among the general public.
Therefore,
clinical and product awareness level in developing countries is a major
challenge to sustained and positive demand growth of defibrillator
products during the coming decade. This is further aggravated by
frequent product recalls resulting in lower availability of innovative
external defibrillators in the market.
The defibrillator market
is consolidated and dominated by various global players as of 2022.
Major players operating in this market are Medtronic (Ireland), Stryker
(US), Koninklijke Philips (Netherlands), Asahi Kasei Corporation
(Japan), Boston Scientific Corporation (US), and Abbott (US). These
include product launches, contracts, partnerships, mergers and
acquisitions, and new product development activities to expand their
presence in defibrillators.
Medtronic (Ireland): Due to its
extensive product portfolio, Medtronic is the leading player in the
global implantable defibrillators market. The company primarily focuses
on developing innovative products to treat and manage heart failure and
heart rhythm disorders. The company focuses on inorganic business growth
strategies such as product development & commercialization,
acquisitions, and market expansions to strengthen its current position
and gain a larger share of the neurovascular devices market. The company
received the CE Mark for its implantable defibrillator system, Aurora
EV-ICD MRI SureScan, and Epsila EV MRI SureScan for managing irregular
heart rhythms in 2023. Moreover, the company is also focusing on
expanding its R&D capabilities to fuel product development and
commercialization across mature and emerging markets.
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In 2022, North America to dominate in defibrillator industry
The
global defibrillator market is segmented into North America, Europe,
Asia Pacific, Latin America, and Middle East & Africa. North America
is expected to dominate during the forecast period due to the advanced
healthcare infrastructure, rapid adoption of innovative defibrillators,
presence of key market players in the region, and availability of
reimbursement for defibrillators surgical procedures.
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