(I-BusinessNews.Com, May 01, 2021 ) According to the new market research report Defibrillators Market is projected to reach USD 10,883.3 million by 2022 from USD 9,323.5 million in 2017 at a CAGR of 3.1%.
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The growth in this market is driven by the growing focus on providing public-access defibrillators, rising prevalence of target diseases, and training and awareness programs on defibrillators. In addition, emerging markets and the development of S-ICDs and MRI-compatible ICDs and CRT-Ds are expected to offer growth opportunities for players in the market.
On the basis of type, the market is segmented into implantable cardioverter defibrillators (ICDs) and external defibrillators. The ICDs market is further segmented into transvenous implantable cardioverter defibrillators (T-ICDs) and subcutaneous implantable cardioverter defibrillators (S-ICDs). The T-ICDs segment is further categorized as single-chamber ICDs, dual-chamber ICDs, and cardiac resynchronization therapy defibrillators (CRT-Ds). The external defibrillators market is further segmented into manual and semi-automated external defibrillators, fully automated external defibrillators, and wearable cardioverter defibrillators (WCDs).
On the basis of end users, the market is segmented into hospitals, clinics, and cardiac centers; prehospital care settings; public access markets; alternate care facilities; and home care settings. The hospitals, clinics, and cardiac centers segment accounted for the largest share of the global market in 2019. The growing number of cardiac implant procedures and the availability of reimbursements across developed markets are the major factors driving the growth of this end-user segment.
The ICDs segment accounted for the largest share of the market in 2019. Factors such as the rapid growth in the number of implant procedures, development of technologically advanced devices with extended longevity and increasing adoption of cardiac resynchronization therapy defibrillators (CRT-Ds) and S-ICD systems across the globe are contributing to the large share of this segment.
Prominent players in the defibrillators market include Medtronic (Ireland), St. Jude Medical (US), Boston Scientific (US), BIOTRONIK (Germany), Physio-Control (US), Nihon Kohden (Japan), SCHILLER AG (Switzerland), Koninklijke Philips N.V. (Netherlands), ZOLL Medical (US), Mindray Medical (China), Mediana (South Korea), and METsis Medikal (Turkey).
Recent Developments:
> In 2019, Koninklijke Philips N.V. (Netherlands) launched its HeartStart Intrepid Monitor/Defibrillator with IntelliSpace Connect.
> In 2017, Abbott (US) acquired St. Jude Medical (US), wherein the later will act as a wholly-owned subsidiary of Abbott.
> In 2016, Boston Scientific (US) collaborated with Mayo Clinic (US) to speed up the development of medical devices partnered wherein both organizations aim to share intellectual property rights to develop new medical technologies.
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In 2019, North America accounted for the largest share of the defibrillators market. Increasing incidence of cardiac diseases rising geriatric population and technological advancements are the major factors driving the growth of the market in North America. Increasing efforts by governments to provide the necessary care to cardiac arrest victims at public places through public-access defibrillation programs have also increased the demand for defibrillators in the region.
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