Global defibrillator market size was valued at USD 9.92 billion in 2013 and is expected to grow at a CAGR of 6.8% over the forecast period. Rising incidences of cardiovascular diseases and geriatric population amplification are anticipated to serve as major drivers.
Some other vital drivers of the industry include rising stress levels and changing demographics, improper eating habits, pollution and work place exposure to hazardous compounds such as smoke, extreme cold, lead and so on.
Defibrillator utility over the next six years is estimated to witness growth owing to, initiatives undertaken by healthcare regulatory agencies such as by the Agency for Healthcare Research and Quality, Medicare and Medicaid Services, European Heart Agency and the CDC.
Through these initiatives, the federal offices aim at rising awareness, improving the quality of treatment, reduction in cost and facilitation in cashless procedures to prevent sudden deaths due to cardiac arrest and arrhythmias over the forecast period.
Furthermore, public access and display of the product is a prominent program run by these agencies. In 2000, president of the U.S. endorsed the Cardiac Arrest Survival Act (CASA) promoting awareness and accessibility to automated external defibrillators anywhere within the country.
Improving home care attractiveness is anticipated to boost the sale of these devices. Companies are likely to employ innovative technology within the device such as quadripolar lead devices that allow for higher programming and reporting at home, decreasing the frequent visits to the hospitals.
North America defibrillator market revenue by product, 2012-2020, (USD Million)
Implantable cardioverter defibrillators (ICD) and external defibrillators are the two products segments. ICD was the largest product segment accounting for about USD 5 billion in 2013. The possibility of remote patient monitoring by the utility of this device, is a major driver of the segment. New generation ICD with the bi-functional capability of preventing cardiac arrest along with performing the role of a pacemaker are expected to enhance sales volume of the device.
External defibrillators are expected to grow at a CAGR of 6.0% from 2014 to 2020 on account of efforts by the government through public access programmes. The ability of the device to diagnose early onset of ventricular tachycardia and ventricular defibrillation is expected to promote their demand.
These products are likely to witness high demand due to cost effectiveness and technological up gradation such as wireless and cloud-based patient monitoring software. Also, estimation by the WHO for over 23 million deaths globally due to cardiovascular disorders by 2030 is expected to boost the demand for the industry.
Hospitals dominated the global market accounting for over 90% of the revenue in 2013. Chronic condition and augmenting incidences of sudden cardiac arrest entailing skilled and professional management are the key forces accounting for growth.
Following hospitals, public access market forms the second largest segment with a significant revenue share on account of increasing awareness. The segment is expected to grow at a lucrative rate from 2014 to 2020. Home healthcare segment is also expected to witness lucrative growth with a CAGR of about 8% over the forecast period.
North America defibrillator industry was the largest owing to, the growing prevalence of cardiovascular disorders. The revenue for 2013 was valued at over USD 4 billion with the U.S. and Canada being leaders.
Europe was followed by Asia Pacific, which accounted for over 20% of global revenue in 2013. Installation of manufacturing units and collaboration with Indian, Chinese and Korean companies for high quality but cheaper device production along with marketing outsourcing are major factors for the growth. Rising medical tourism is another impactful driver.
Large scope for improving infrastructure, the high untapped market in the Asian region and rising volumes of procedure are expected to play a major role in driving demand over the next six years.
Competitive Market Share Insights
Major players dominating the defibrillator market share include St. Jude Medical Inc, Koninklijke Philips N.V., Boston Scientific Corporation, Physio Control Inc., Nihon Kohden Corporation, Biotronik SE & Co.KG, Sorin Group, HeartSine Technologies, Cardiac Science Corporation, and ZOLL Medical Corporation
Boston Scientific Corporation is pioneering in innovating and quick launch of highly advanced FDA approved products. In April 2014, it launched Dynagen X4 and Inogen X4 CRT-D device that aimed at easier placement, higher PNS threshold, and prolonged battery life with over 70% additional pacing opportunity.
ZOLL Medical Corporation offers a unique light weight wearable external defibrillator (LifeVest) on a temporary basis by patients suffering from the long-term arrhythmic condition, to allow physicians to accurately evaluate the condition and make well-informed decisions without compromising on the safety of the patient.
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