Growing effectiveness in preventing and treating arrhythmias underpins abundant opportunity; medtech companies in market actively expanding portfolio of automated external defibrillators in order to capture massive revenue streams
Wilmington, Delaware, United States, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Firms are leaning on unveiling portable and technologically advanced products to boost their defibrillators market shares during the forecast period. Widespread uptake of external defibrillators especially in developed countries has contributed to expansion of defibrillator market size over the years. The global market was valued at US$ 7.2 Bn in 2021.
Rise in incidence of heart diseases and morbidity associated with arrhythmias have fueled clinical adoption of implantable cardioverter defibrillators. Incidence of sudden cardiac arrest spurred the use of automated external defibrillators at public places. Technological and design advancements have paved the way for devices that can be used effectively in pre-hospital as well as hospital settings, found an in-depth global defibrillators industry analysis.
A recent global defibrillators industry analysis by TMR found that sales of implantable cardioverter-defibrillator (ICD), and wearable cardiac defibrillator are growing. Of notable relevance to market players was commercialization of ICDs that reduce the risks of sudden cardiac death. Device manufacturers are educating the patient population and their caregivers about the contraindications to implantable cardiac defibrillators, which is likely to broaden the defibrillators market outlook.
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Key Findings of Study
Hospitalization Due to Cardiac Arrest Spurs Products Demand: Over the years, ICDs and external defibrillators have become popular technologies in the treatment of cardiac arrest. Of note, the hospitals segment accounted for a major market share in 2020. Rise in the rate of hospitalization worldwide due to sudden cardiac arrest has spurred revenue generation from the segment.
Rising Demand for Automated External Defibrillators Presents Enormous Lucrative Avenue: The market has made strides on the back of steadily growing adoption of portable, easy-to-use, and feature-rich external defibrillators. Particularly, automated external defibrillators (AEDs) presented a vast revenue stream for various firms in the global defibrillators market. Indeed, the availability of AEDs at public spaces and buildings has helped prevent sudden cardiac deaths However, technical glitches in ICDs and lack of knowledge of the proper use of AEDs have deterred the demand for these product types. Hence, numerous medtech companies lean on constant technological advancements to expand their customer base.
High burden of cardiovascular diseases (CVDs) is a major concern, and cardiac arrest is associated with high mortality, notably in people aged not exceeding 70 years. This is a key driver of the defibrillators market. Implantable cardiac defibrillators have been proven to be useful in lowering risk of sudden cardiac death.
Morbidity associated with sudden cardiac arrest has spurred continuous technological advancements in automated external defibrillators (AEDs). This is expanding the canvas for product commercialization.
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Defibrillators Market: Regional Growth Dynamics
The market in North America is anticipated to witness sizable revenue streams during the forecast period. Prevalence of heart diseases and concerns of deaths arising out of rising incidence of heart attacks and strokes especially in the U.S. are reinforcing the revenue potential of the regional market. Rapid adoption of external defibrillator in hospitals and wide availability of these portable devices in public places has spurred the revenue streams.
Defibrillators Market: Competition Landscape
The study authors assert that the landscape is increasingly competitive. Partly, this is evident in the fact that 10 players accounted for a key market share in 2021. The study further observed that all prominent medtech companies in the defibrillators market are keenly spending on R&D to launch innovative devices in order to retain their competitive edge.
Defibrillators Market Segmentation
Advanced Life Support Defibrillators (ALS)
Automated External Defibrillator (AED)
Implantable Cardioverter-defibrillator (ICD)
Wearable Cardiac Defibrillator
Middle East & Africa
Australia & New Zealand
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