Global Defibrillator Market Growth Factors, Applications, Regional Analysis, Key Players and Forecasts by 2023

The global defibrillator market is expected to register a CAGR of 6.5% during the forecast period, 2018 to 2023. Defibrillator is a life-saving device that helps deliver a therapeutic shock to a patient’s heart in life-threatening conditions, such as ventricular fibrillation, cardiac arrhythmia, and pulseless ventricular tachycardia. In the United States, approximately 300,000 out-of-hospital cardiac arrests occur each year. Supportive government policies in developed countries may help increase the availability and access of defibrillators, which will further boost the market growth over the forecast period.

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Increase in the Prevalence Rate of Cardio Vascular Diseases

According to the American Heart Association’s research program, cardiovascular diseases are listed as the primary cause of deaths and accounted for nearly 836,546 deaths in the United States.. The deaths related to cardiovascular diseases are higher when compared to deaths related to all forms of cancer and chronic lower respiratory diseases combined. As per the American Heart Association, cardiovascular disease is the leading cause of death, globally, accounting for more than 17.9 million deaths per year in 2015, a number that is expected to grow to more than 23.6 million by 2030. Hence, the increase in prevalence of cardiovascular diseases is expected to drive the market growth.

Other factors driving this market are technological advancements in the field of defibrillators and training and awareness programs for defibrillators.

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Stringent Regulatory Framework

Defibrillators face stricter regulations when compared to other devices of this category, which is one of the major factors that may hinder the growth of the market. For instance, in 2015, the US FDA ordered the PMA approval for new and existing automated external defibrillators, citing manufacturing issues, and recalled more than 2 million devices since 2005. Also, the rise in product failure, recalls, and the lack of awareness about SCA, especially in the emerging markets, are expected to hamper the market growth.

Other factors that may restraint the market include: high costs of the defibrillators.

North America to Dominate this Market

Cardiovascular diseases, listed as the underlying cause of death, account for nearly 836,546 deaths (about 1 of every 3 deaths) in the United States. Thus, the increasing prevalence of cardiovascular diseases in the region is expected to drive the growth of this market over the forecast period. In 2017, the Department of Health and Human Services (HHS), along with a number of public and private partners, launched the Million Hearts initiative that aims to prevent one million heart attacks and strokes. All the aforementioned factors are expected to boost the market growth.

Key Developments in the Market

May 2018: Medtronic PLC announced results from a research study demonstrating the feasibility of a novel approach in delivering pacing and defibrillation therapy in which a lead is placed under the sternum (breastbone), outside the heart and veins.

February 2017: Boston Scientific Europe announced the launch of RESONATE cardiac resynchronisation therapy defibrillator (CRT-D) systems in Europe, a new family of devices featuring SmartCRT technology, which recently received CE Mark and are now available for heart failure patients across Europe.

Major Players: BOSTON SCIENTIFIC CORPORATION, CARDIAC SCIENCE, DEFIBTECH LLC, KONINKLIJKE PHILIPS NV, LIVANOVA PLC, MEDTRONIC, NIHON KOHDEN CORPORATION, PHYSIO-CONTROL INC., ABBOTT (ST. JUDE MEDICAL, LLC), and ZOLL MEDICAL CORPORATION, amongst others.

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Companies Mentioned:

Boston Scientific Corporation, Cardiac Science, Defibtech LLC, Koninklijke Philips NV, LivaNova PLC, Medtronic, Nihon Kohden Corporation, Physio-Control Inc., Abbott (St. Jude Medical, LLC), Zoll Medical Corporation

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Posted by Rahul Jadhav on Thursday July 26 2018, 3:20 AM EST. All trademarks acknowledged. Filed under Uncategorized. Comments and Trackbacks closed. Follow responses: RSS 2.0