The global Defibrillators Market is estimated to be valued at US$ 16,843.5 million in 2022 and is expected to exhibit a CAGR of 5.7% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Defibrillators are medical devices used to restore normal heart rhythms in patients experiencing life-threatening cardiac arrhythmias such as ventricular fibrillation and pulseless ventricular tachycardia. These devices deliver an electric shock to the heart, allowing it to regain its normal rhythm. Defibrillators play a crucial role in emergency medical settings and are also used in hospitals, clinics, and ambulances.
The need for defibrillators is increasing due to the rising prevalence of cardiovascular diseases and the growing geriatric population. In addition, advancements in technology and the introduction of innovative defibrillator devices are driving market growth. Defibrillators are easy to use, portable, and offer improved patient outcomes, making them an essential tool in emergency medical situations.
- B) Market Key Trends:
One key trend in the defibrillators market is the increasing adoption of automated external defibrillators (AEDs). AEDs are designed for non-medical professionals and can be used without formal training. Their ease of use makes them ideal for public settings such as schools, airports, and sports arenas where immediate response to sudden cardiac arrest is critical. The demand for AEDs is expected to rise due to their wide availability and user-friendly features.
For example, Philips HeartStart OnSite AED is one of the popular AEDs in the market. It offers voice prompts and CPR guidance to provide step-by-step instructions for bystanders during an emergency situation. The increasing availability of AEDs in public places and the emphasis on CPR training for the general public are expected to drive the growth of the defibrillators market.
- C) PEST Analysis:
Political: Government initiatives promoting early defibrillation programs and increasing regulatory approvals for defibrillator devices are driving market growth.
Economic: The growing healthcare expenditure, especially in developed economies, and the increasing disposable income of the population are contributing to market growth.
Social: The rising awareness about the importance of immediate response to sudden cardiac arrest and the increasing adoption of AEDs in public places are societal factors influencing market growth.
Technological: Advancements in defibrillator technology, such as the development of wearable defibrillators and the integration of artificial intelligence, are driving market growth.
- D) Key Takeaways:
– The global Defibrillators Market is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period, due to increasing incidence of cardiac arrest and the rising prevalence of cardiovascular diseases.
– North America is expected to dominate the defibrillators market due to the presence of key market players, advanced healthcare infrastructure, and high healthcare expenditure.
– Key players operating in the global defibrillators market include Koninklijke Philips N.V., Metrax GmbH, Medtronic, Mindray Medical International Limited, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Abbott, BIOTRONIK, Stryker, and LivaNova PLC.
In conclusion, the global defibrillators market is expected to witness significant growth due to factors such as the increasing incidence of cardiac arrest and the growing adoption of AEDs in public places. Advancements in technology and the introduction of innovative defibrillator devices will further drive market growth. North America is expected to dominate the market, and key players continue to innovate and expand their product offerings to maintain their market position.
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