Market Research Report
Defibrillator Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||659348|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Defibrillator Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: March 1, 2019||Content info: 110 Pages||
The growth of the defibrillator market can be attributed to factors such as technological advancements in the field of defibrillators and training and awareness programs for defibrillators. 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.
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 likely further boost the market growth over the forecast period.
Implantable Cardioverter Defibrillator(ICD) Spearheaded the Defibrillator Market
The implantable cardioverter defibrillator (ICD) segment accounted for the largest share in the global market. The ICDs are of three major types, namely transvenous ICDs, subcutaneous ICDs, and CRT with pacemaker and ICD function. The transvenous and subcutaneos ICDs are expected to exhibit the fastest growth rate over the forecast period, owing to the rising technological advancements, increasing R&D, and benefits associated with these ICDs. The overall ICD segment contributes for the largest market share, owing to the rising integration of multiple technological capabilities in a single device, such as defibrillators and pacemakers. In addition, the efficacy of these devices to manage arhythmias for a prolonged period is expected to drive the segment growth over the forecast period.
North America Dominated the Global Defibrillator 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.
The major players operating in the defibrillators market are Boston Scientific Corporation, Koninklijke Philips NV., Medtronic, Nihon Kohden Corporation, and Abbott Laboratories. The key strategies adopted by the major market players are acquisitions and mergers, new product developments, geographical expansions, and enhanced marketing strategies.