Global External Defibrillator Market to Reach USD 7.5 Billion by 2028
Published | 28 July 2022
The expansion in the external defibrillator market is primarily attributed to the rising prevalence of sudden cardiac arrest, increased public awareness, and supportive actions by governments and healthcare organizations…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global External Defibrillator Market was worth USD 4.2 billion in 2021 and is projected to reach USD 7.5 billion by the year 2028, growing at a CAGR of 8.8% over the forecast period of 2022-2028. The expansion in the external defibrillator market is primarily attributed to the rising prevalence of sudden cardiac arrest, increased public awareness, supportive actions by governments and healthcare organizations, and rising technological advancement.
Rising Prevalence of Sudden Cardiac Arrest
SCA (sudden cardiac arrest) can occur at any moment, at any age, and in any location. Sudden cardiac arrest in young persons is uncommon, although it can happen. According to the Centres for Disease Control and Prevention (CDC), around 2,000 young, seemingly healthy people under the age of 25 die of sudden cardiac arrest in the United States each year. Therefore, the increasing prevalence of SCA and its associated risk factors are expected to increase the demand for the market.
An external defibrillator can deliver an electric shock to a person's heart. This shock can aid in the cessation of aberrant electrical impulses in the heart, allowing it to recover to a regular beating rhythm. The device quickly provides automatic life-saving emergency therapy and is controllable by any layperson.
Automated External Defibrillators Segment Dominated the Global External Defibrillators Market
Based on product type, the market is segmented into Manual External Defibrillators, Automated External Defibrillators, Wearable Cardioverter Defibrillators. Automated external defibrillators dominated the market in 2021. In individuals over the age of 40, sudden cardiac arrest is the leading cause of death. Unfortunately, the current survival rate from cardiac arrest is low, just about 10% of people survive. AEDs are important in boosting the rate of survival from sudden cardiac arrest. They administer an electrical shock to the heart to restore normal heart rhythm. The sooner a defibrillator is utilized, the greater the probability of survival.
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Impact Of COVID-19 On The Global External Defibrillators Market
The emergence of the COVID-19 pandemic has disrupted the global external defibrillators market. During the COVID-19 crisis, many countries' healthcare systems were overburdened, and issues were faced in recruiting, deploying, keeping, and protecting adequately well-trained, supported, and motivated health workers. There was a clear need for long-term investment in health systems, including the health personnel and good working conditions, training, and equipment, particularly in the areas of personal protective equipment and occupational safety.
Elective surgeries were temporarily halted when COVID-19 was discovered to reduce the risk of virus transmission, preserve personal protective equipment (PPE), hospital bed capacity, and critical equipment (e.g., ventilators), and allow for shifts in healthcare staffing patterns. Furthermore, the pandemic has also hampered hospitals' purchasing capabilities, mainly small-scale hospitals, leading to supply transactions being dropped or postponed, affecting the overall revenue of all key competitors in the defibrillator industry.
The North America Region Catered the Largest Market Share in The Global External Defibrillator Market
In terms of regional analysis of global external defibrillator market is fragmented into North America, Europe, The Asia Pacific, Latin America, The Middle East, and Africa. The North American region accounted for a significant market share in 2021 due to the high burden and increasing prevalence of sudden cardiac arrest cases in U.S.
Heart and Stroke Statistics - 2022 Update has been released by the American Heart Association, according to this, cardiac arrest continues to be a public health crisis. In the U.S., there are more than 356,000 out-of-hospital cardiac arrests (OHCA) per year, with over 90% of them being fatal. The estimated incidence of EMS-assessed non-traumatic OHCA in people of any age is 356,461 per year, or about 1,000 people every day. Survival until hospital discharge following EMS-treated cardiac arrest is just approximately 10%; these factors may increase the demand for an external defibrillator in the country, therefore contributing to the overall market growth in the region.
Competitive Landscape
The global external defibrillator market is highly competitive, with all the players continually competing to gain a larger market share. The key players operating in the global external defibrillator market are Koninklijke Philips N.V, Stryker ZOLL Medical Corporation, Nihon Kohden Corporation, ProgettiSrl, Schiller AG, Bexen Cardio, Medtronic, Abbott, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, and other prominent players.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global external defibrillator market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global external defibrillator market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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