Defibrillator Market

The global defibrillator market in terms of revenue was estimated to be worth $13.6 billion in 2023 and is poised to reach $18.1 billion by 2028, growing at a CAGR of 5.9% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growth in this market is attributed to the increase in the prevalence of cardiovascular diseases, the increasing adult population with higher susceptibility to cardiac arrest, a strong focus of government organizations to enhance the accessibility of defibrillators by boosting the installation of public access defibrillators, and providing training & programs on defibrillators. Additionally, the rapid expansion of healthcare infrastructure in emerging countries and strategic collaborations & partnerships among manufacturers to boost the new developments in defibrillators is likely to support the market's growth in the near future.

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Defibrillator Market Dynamics

Driver: Growing prevalence of target diseases

Globally, a large proportion of the population is affected by cardiovascular diseases, such as coronary artery disease and cardiac arrest. The increasing prevalence of cardiovascular diseases is responsible for the rising number of deaths worldwide. According to the Centers for Disease Control and Prevention (CDC), around 695,000 deaths people in the US were attributed to CVD in 2021.

Moreover, coronary artery disease increases the risk of sudden cardiac death due to arrhythmias. According to the report published by the Coronary Artery Disease Foundation in 2022, around 356,000 out-of-hospital cardiac arrests (OHCA) are reported annually in the US. Lifestyle diseases, such as obesity, hypertension, dyslipidemia, and diabetes, are the major contributors to increasing the risk of development of various cardiovascular diseases. Moreover, the rising global geriatric population is another key factor contributing to the increasing prevalence of CVD. Aging is associated with an exponential rise in the development of Ventricular arrhythmias owing to the progressive deterioration and rise in the complexities in the structure and function of the heart resulting in a rising prevalence of arrhythmias in the aging population. All these factors are anticipated to propel the demand for defibrillators to provide the timely intervention of these devices during cardiac emergencies.

Restraint: Issues related to the use of implantable and automated external defibrillators

Public access defibrillators (or automated external defibrillators) are often found to be associated with technical issues such as battery defects or hardware defects. Similarly, faulty wiring, circuitry, and connectors are also reported frequently.

These defects often result in device failure to administer an electric shock in a timebound manner. Therefore, emergency care providers or public access facilities often prefer to adopt well-known brands with a proven track record of product quality while making a purchase decision. Thus, techno-commercial issues related to ICDs and AEDs are a major restraining factor for positive market growth of emerging vendors and local distributors worldwide.

Opportunity: Growing number of mergers & acquisitions among market players

Many key market players in the defibrillator market are increasingly acquiring other players to expand their product offerings globally. These acquisitions help manufacturers of implantable and external defibrillators improve their technical efficiencies, strengthen their financial base, penetrate emerging markets, and offer patients a wide range of products. Acquisitions enable defibrillator manufacturers to maintain their profit margins and enhance their geographic presence despite the increasing cost pressures. Some of the key mergers & acquisitions in the defibrillator market are listed below. In July 2020, ZOLL Medical (an Asahi Kasei subsidiary) acquired Cardiac Science to strengthen its Critical Care segment. This acquisition diversified the company's defibrillator and cardiac care segment, helping the parent company maintain a competitive edge in the market.

Challenge: Lack of awareness about sudden cardiac arrests in developing countries

Defibrillators are typically used to restore normal heartbeat in critical cardiac patients (such as arrhythmia, cardiac arrest, etc.). However, developing countries such as India, Indonesia, and Brazil are reported with limited public awareness levels about the clinical relevance of timely interventions through defibrillators as well as a limited operational understanding of defibrillators among the general public.

Therefore, clinical and product awareness level in developing countries is a major challenge to sustained and positive demand growth of defibrillator products during the coming decade. This is further aggravated by frequent product recalls resulting in lower availability of innovative external defibrillators in the market.

Defibrillator Market Ecosystem

Prominent companies in this market include financially stable and well-established manufacturers of defibrillator systems, reagents, gel documentation systems, and software. These companies have been operating in the market for several years and possess state-of-the-art technologies, diversified product portfolio, and strong marketing networks and global sales. Prominent companies in this market include Medtronic (Ireland), Stryker (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), Abbott (US), MicroPort Scientific Corporation (China), NIHON KOHDEN CORPORATION (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), and Biotronik (Germany).

Implantable cardioverter defibrillators (ICDs) segment to capture the largest share of the defibrillator industry during the forecast period

Based on product, the defibrillator market is segmented into Implantable Cardioverter Defibrillators and External Defibrillators. The implantable cardioverter defibrillator (ICDs) is further divided into Transvenous implantable cardioverter defibrillators and Subcutaneous implantable cardioverter defibrillators. In contrast, external defibrillators are divided into fully automated AED, manual AED, and wearable defibrillators. The ICDs segment dominated the global defibrillator market in 2022. This is attributed to technological advancements in ICDs, the growing preference of subcutaneous ICDs, and strong focus of players toward launching innovative ICDs. In May 2022, MicroPort Scientific Corporation (China)received marketing approval from the National Medical Products Administration of the People's Republic of China (NMPA) for its Platinum implantable cardioverter defibrillator across China.

In 2022, adult patients segment to dominate the defibrillator industry, by patient type.

Based on patient type, the defibrillator market is segmented into adult and pediatric patients. The adult patients segment dominated the global defibrillator market in 2022. Globally, an increased proportion of adult population suffering from cardiovascular diseases increases the risk of cardiac arrest. According to the data published by Sudden Cardiac Arrest Foundation in 2020, an estimated 347,322 adults in the US suffered from sudden cardiac arrest, which is anticipated to increase significantly in the coming years. Moreover, the rise in the geriatric patient population at higher risk of development of arrhythmias and growing awareness among adults about the accessibility of public access defibrillators are some of the key factors fueling the growth of the segment.

In 2022, North America to dominate in defibrillator industry

The global defibrillator market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate during the forecast period due to the advanced healthcare infrastructure, rapid adoption of innovative defibrillators, presence of key market players in the region, and availability of reimbursement for defibrillators surgical procedures.

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The defibrillator market is dominated by players such as Medtronic (Ireland), Stryker (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), and Boston Scientific Corporation (US). Other players include Abbott (US), MicroPort Scientific Corporation (China), NIHON KOHDEN CORPORATION (Japan), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Biotronik (Germany), CU Medical Systems, Inc. (South Korea), METsis Medikal (Turkey), Mediana Co., Ltd (South Korea), Progetti srl (Italy), Schiller AG (Switzerland), BPL Medical Technologies (India), Metrax GmbH (Germany), MS Westfalia GmbH (Germany), Bexen Cardio (Spain), and Shenzhen Comen Medical Instruments Co., Ltd (China).

Scope of the Defibrillator Industry

This study categorizes the global defibrillator market to forecast revenue and analyze trends in each of the following submarkets:

By Type

• Implantable cardioverter defibrillators
• Transvenous implantable cardioverter defibrillators
• Subcutaneous implantable cardioverter defibrillators
• External defibrillators
• Manual & semi-automated external defibrillators
• Fully automated external defibrillators
• Wearable cardioverter defibrillators

By Patients type

• Adult
• Pediatrics

By End Users

• Hospitals, Clinics and Cardiac centres
• Pre-hospital care settings
• Public access markets
• Home care settings
• Alternate care facilities
• Other end users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • RoAPAC
• Latin America
  • Brazil
  • Mexico
  • RoLA
• Middle East & Africa

Recent Developments of Defibrillator Industry

• In February 2023, Medtronic (Ireland) received the CE Mark for its implantable defibrillator system, Aurora EV-ICD MRI SureScan, and Epsila EV MRI SureScan for the management of irregular heart rhythm.
• In January 2022, Koninklijke Philips N.V. (Netherlands) acquired Cardiologs (France) to boost its cardiac diagnostic and monitoring product offerings.
• In May 2021, MicroPort Scientific Corporation (China) and Implicitly Inc. (US) entered into a distribution agreement to scale up Microport's cardiac rhythm product offerings.

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