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Defibrillator Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028

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Defibrillator Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028

February 12
18:45 2024
Defibrillator Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028
The defibrillators market is segmented based on the region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the defibrillators market.
The defibrillator industry is poised for significant advancements and growth in the near future. With the increasing prevalence of cardiovascular diseases and the rising emphasis on prompt and effective cardiac care, the market for defibrillators is expected to witness remarkable developments.

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 according to a new report by MarketsandMarkets™. The defibrillators market is mainly driven by the rising incidence of coronary artery diseases, growth in the older population, availability of medical reimbursements for cardiac procedures, expansion of healthcare infrastructure across emerging economies, growing number of players on boosting the research in defibrillators machine, and increase government focuses in boosting the installation of automated external defibrillators in public access places. However, frequent product recalls and issues related to implantable and automated defibrillators are some of the key challenges the leading players face in the global market.

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By product, Implantable Cardioverter-Defibrillator (ICDs) segment is expected to account for the largest defibrillators market share in 2022

Based on product, the defibrillators market is broadly segmented into implantable cardioverter defibrillators (ICDs) and external defibrillators. The implantable cardioverter defibrillators (ICDs) segment is anticipated to capture the largest global defibrillators market share by product in 2022. Timely intervention using implantable defibrillators during cardiac emergencies is a key advantage offered by this programmed device. Moreover, growing approvals of technologically advanced implantable defibrillators and rising preference for subcutaneous ICDs are likely to support the growth of this segment during the forecast period.

By end-users, the hospitals, clinics, and cardiac centers segment is anticipated to dominate the defibrillator market in 2022

Based on end users, the defibrillators market is segmented into hospitals, clinics, and cardiac centers; public-access markets; pre-hospital care settings; home care settings; alternate care facilities; and other end users. The hospitals, clinics, and cardiac centers segment will dominate the global defibrillators market in 2022. The significant rise in hospitalization for critical cardiac conditions, the growing number of ICD and CRT-D implant procedures performed in hospitals & cardiac centers, and the rising prevalence of cardiac diseases among geriatric patients are the major factors boosting the demand for defibrillators among target end user segments during the study period.

North America to dominate the global defibrillator market

The defibrillators market is segmented based on the region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the defibrillators market. This can be attributed to the rapid adoption of technologically advanced defibrillators, favorable reimbursement policy, and the strong presence of defibrillator manufacturers with a strong focus on strengthening R&D through investments in new product development. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of a large target patient pool, government initiatives to modernize & expand healthcare infrastructure, and expansion of market players in the region.

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Defibrillator Market Dynamics:

Drivers:

  • Growing prevalence of target diseases

Restraints:

  • Issues related to the use of implantable and automated external defibrillators

Opportunities:

  • Growing number of mergers & acquisitions among market players

Challenges:

  • Lack of awareness about sudden cardiac arrests in developing countries

Key Market Players:

Major players in the defibrillator market include Medtronic (Ireland), Stryker (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), MicroPort Scientific Corporation (China), Nihon Kohen Corporation (Japan).

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Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
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Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/automated-external-defibrillator-market-549.html