Global Defibrillator Market Size, Share, Growth Analysis, By Product(Implantable Cardioverter Defibrillators (ICD), and External Defibrillators (ED)), By End-User(Hospital, Pre-Hospital) - Industry Forecast 2024-2031

Global Defibrillator Market size was valued at USD 12.76 Billion in 2022 and is poised to grow from USD 13.68 Billion in 2023 to USD 23.86 Billion by 2031, at a CAGR of 7.20% during the forecast period (2024-2031).

The growth of the market is being propelled by several key factors, including advancements in product technology, an uptick in sudden cardiac arrest cases, heightened public awareness, and supportive initiatives from governmental and healthcare bodies. An example of this progress is evident in Rapid Response Revival Research Ltd., an Australian company, obtaining CE certification in 2021 for their groundbreaking CellAED, the world's first personal AED designed for home use, which facilitated the company's expansion plans. Despite strides in prevention and treatment, sudden cardiac arrest remains a significant contributor to cardiovascular mortality, fostering innovation and driving demand for implantable cardioverter defibrillators (ICDs) and external defibrillators. Ami Italia, for instance, offers a range of defibrillators like the Saver One, Geo Saver, and Smarty Saver lines, with the versatile Smarty Series finding application in various settings such as emergency vehicles, medical facilities, and public spaces, catering to both medical and non-medical personnel. Meanwhile, Microport dominates China's cardiac rhythm management market, recording a substantial revenue surge of 95% in the first half of 2022, owing to its diverse product portfolio and robust pipeline. Additionally, increasing awareness of cardiovascular diseases in emerging markets is driving market growth, alongside initiatives like the Dubai Corporation for Ambulance Services (DCAS) distributing 80 AEDs to diverse locations across the city, complemented by volunteer training through programs like This Town Saves Now, aimed at establishing a network of skilled responders via DCAS' Help Me app.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Defibrillator Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Defibrillator Market Segmental Analysis

The global defibrillator market is segmented based on product, end user, and region. Based on product, the market is segmented into implantable cardioverter defibrillators (ICD), and external defibrillators (ED). With respect to categorization by end-use, the market is segmented into hospital, pre-hospital, public access market, alternate care market, and home healthcare. Regionwise, the global defibrillator market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Defibrillator Market

The surge in specific target diseases is exerting a profound influence on global healthcare. Cardiovascular ailments, encompassing coronary artery disease and cardiac arrest, impact a considerable segment of the world's populace, resulting in a rising mortality rate. In 2021, data from the Centers for Disease Control and Prevention (CDC) linked approximately 695,000 deaths in the United States to cardiovascular diseases. Particularly, coronary artery disease heightens the risk of sudden cardiac death due to arrhythmias. A 2022 report from the Coronary Artery Disease Foundation indicates an annual occurrence of roughly 356,000 out-of-hospital cardiac arrests (OHCA) in the United States. Lifestyle-related factors such as obesity, hypertension, dyslipidemia, and diabetes significantly contribute to the heightened risk of various cardiovascular conditions. Moreover, the global aging populace serves as a pivotal factor driving the escalating prevalence of cardiovascular diseases. Aging correlates with an increased susceptibility to developing ventricular arrhythmias, primarily attributable to the progressive degradation and heightened complexity in the structure and functionality of the heart, thereby fostering a burgeoning prevalence of arrhythmias among the elderly.

Restraints in the Global Defibrillator Market

The adoption of defibrillators, particularly advanced ones such as ICDs and implantable devices, may be hindered by their relatively high costs, which can constrain market expansion, especially in areas with constrained healthcare budgets or insufficient insurance coverage.

Market Trends of the Global Defibrillator Market

The defibrillator market is experiencing swift technological progressions focused on improving device functionality, user-friendliness, and patient results. Prominent advancements involve the incorporation of artificial intelligence (AI) algorithms to enhance the precision of cardiac rhythm detection, wireless connectivity for distant monitoring and data transfer, and upgraded user interfaces for simplified operation.