Global Cardiology Defibrillators Devices Sales Market Set for High Gains: Expected to Reach Market Worth of USD 12.35 Million in 2027
Published | April 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global cardiology defibrillators devices sales market was worth USD 9.52 Billion in the year 2020. And it is estimated to grow at the CAGR of 4.1%, earning revenue of around USD 12.35 Billion by the end of 2027. An implantable defibrillator is a device that helps in maintaining irregular heartbeats. Cardiology Defibrillators prove to be very crucial in times of cardiac arrests as they aid in restoring heartbeats by sending shock waves. Cardiovascular diseases have become a significant cause of death for people all over the world due to the growing prevalence of cardiac disorders and their increasing fatality. This is positively contributing to the cardiology defibrillator market's growth.
The Rising Competitive Landscape Pushing Global Cardiology Defibrillator Devices Sales
Companies that make cardiology defibrillators put a lot of money into research and development. They are working on making the device lighter and smaller, besides lowering the price, for enhancing the demand for the products. These factors are playing a key role in elevating the overall market for cardiology defibrillator devices. Furthermore, a large number of market entrants are entering the market, removing the monopoly of price control from the hands of large corporations. The competition among the market players is all about product quality. As a result of cutthroat competition, the market players are constantly striving to develop improved Cardiology Defibrillators devices.
Government Regulations and Infrastructure Development Contributing to Global Cardiology Defibrillation Sales
The developing economies like China, India, etc., are following the path of their western counterparts by continuously working on their healthcare infrastructure. The developing economies are investing heavily in hospitals, supplying them with adequate services and only employing skilled and trained physicians. This infrastructural development in healthcare is going to expand the demand for cardiology defibrillators to a great extent, further supporting its market growth. The government of such countries is working hard to ensure that healthcare is of high quality and available to as many people as possible. Therefore, the Asia-pacific region is expected to witness exponential growth in the cardiology defibrillator market during the forecast period.
Implantable Cardioverter Defibrillator to witness higher growth in the forecast period
Based on products, the global cardiology defibrillators devices sales market is segmented into Implantable Cardioverter Defibrillator (ICDs), external defibrillator, wearable cardioverter defibrillator (WCDS), advanced life support units, and others. Among these, the Implantable Cardioverter Defibrillator (ICDs) recorded the highest revenue share in the year 2020. It is also estimated to witness substantial traction during the forecast period. ICDs are more affordable and efficient as compared to other defibrillators, which could be the reason behind their growing demand. Furthermore, favorable government policies play a very crucial role in maintaining the proper demand for defibrillators in the market.
Global Cardiology Defibrillators Devices Sales Market - Regional insights
Geographically, the global cardiology defibrillators market is segmented into North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa. Since North America has one of the most developed healthcare infrastructures in the world, it has the largest share of the defibrillator market. Favorable government policies and initiatives such as the installations of cardiac defibrillators in public spaces are contributing to the rising demand for these devices in North America. However, Asia-Pacific is also coming up as a potential market for cardiology defibrillators with rising government investment towards healthcare development.
Impact of COVID-19 on Global Cardiology Defibrillators Devices Sales Market
The outbreak of Covid-19 has brought very serious implications on the lives of people. Every person and industry suffered due to it. The lockdown was especially tough for people with chronic illnesses and mental disorders as physical activity is very crucial in tackling these. According to a report by the American College of Cardiology (ACC), patients with cardiovascular diseases are potentially more at risk of contracting the virus. Furthermore, in sudden cases of cardiac arrest, it has become tough to seek the help of specialist doctors in the pandemic situation. Because of this, demand for cardiology defibrillators is rising, to tackle such kinds of situations without the need for specialist supervision.
The key players in the global cardiology defibrillators devices sales market are Physio-Control, Inc., Laerdal Medical Corporation, Cardiac Science Corporation, Defibtech, Medtronic Physio-Control Corporation, Philips Healthcare; Heartstream Division, Nihon Kohden Corporation, Cardiac Science, Inc. (formerly Survivalink Corp.), Biotronik, Stryker, LivaNova Plc, CU Medical System Inc., Abbott, and other prominent players.
The major players in the cardiology defibrillator market have been pouring money into R&D to upgrade their products. They adopt key market strategies like mergers, acquisitions, partnerships, joint ventures, etc., to expand their services and gain a competitive edge in the market. Regional businesses are also producing high-quality products, positioning themselves as potential rivals for global corporations, besides expanding their operations around the world.
Don’t miss the business opportunity of the global cardiology defibrillators devices sales market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global cardiology defibrillator devices sales market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global cardiology defibrillators devices sales market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.