The Defibrillators Market is Estimated To Witness High Growth Owing To Increased Incidences of Sudden Cardiac Arrests

 
The Defibrillators Market

Market Overview:

The defibrillators market includes devices that monitor heart rate and deliver an electric shock to restore normal heart rhythm (defibrillation) when required. Defibrillators are used in various hospital environments like emergency rooms, surgical centers, and ICUs. They help resuscitate patients experiencing sudden cardiac arrests (SCAs) and other life-threatening cardiac arrhythmias like ventricular fibrillation and pulseless ventricular tachycardia. Portable and external defibrillators are increasingly being installed in public places like airports, educational institutions, shopping malls due to rising SCA incidences.

Market key trends:
The Global Defibrillators Market Share is expected to witness high growth over the forecast period owing to increasing incidences of sudden cardiac arrests (SCAs) globally. According to the American Heart Association, out-of-hospital cardiac arrests in the U.S. kill more than 350,000 people each year. Also, SCA strikes about 1,000 people daily in the U.S. With growing geriatric population prone to cardiovascular diseases, the number of SCA cases is expected to rise further in the future. Therefore, there is an increasing demand for various implantable cardioverter defibrillators (ICDs) and automated external defibrillators (AEDs) globally to resuscitate SCA patients and improve cardiac arrest survival rates. Rise in cardiological interventions globally along with increasing healthcare infrastructure and funding is also fueling the growth of the defibrillators market.

Porter's Analysis

Threat of new entrants: Low research costs, patent protections, and consolidations in the industry make entry difficult. Bargaining power of buyers: Buyers have moderate bargaining power due to the specialized needs for defibrillators and availability of substitutes. Bargaining power of suppliers: Suppliers have moderate power due to the specialized components required and presence of alternative component sources. Threat of new substitutes: Technology advances may introduce improved substitute products. Competitive rivalry: Intense as major players compete on product quality, technological innovation and customer service.

SWOT Analysis

Strengths: Expanding application areas and technological advancements. Weaknesses: High costs of defibrillators limiting market growth in price-sensitive areas. Opportunities: Growing demand in emerging markets and increasing investments from market players. Threats: Stringent regulations and presence of alternative resuscitation methods.

Key Takeaways

The global defibrillators market size is expected to grow at a CAGR of 5.7% over the forecast period due to the increasing prevalence of cardiovascular diseases. North America currently dominates the market due to supportive government policies and initiatives for public access defibrillation programs in the region. However, the Asia Pacific market is anticipated to grow at the highest CAGR during the forecast period owing to rising healthcare expenditures, growing penetration of players, and expanding medical infrastructure in emerging countries.

Key players operating in the defibrillators market are Koninklijke Philips N.V., Medtronic, Mindray Medical International Limited, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Abbott, BIOTRONIK, Stryker, and LivaNova PLC. Major players are focusing on new product launches, mergers, acquisitions, and collaborations to strengthen their distribution networks and market presence globally. For instance, in 2021, Koninklijke Philips N.V. launched its new HeartStart FR3 and HeartStart FRx defibrillators in the US to provide hospitals and public spaces with simplified defibrillation.

Read More:

https://www.dailyprbulletin.com/increasing-awareness-to-drive-the-growth-of-defibrillators-market/

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