The global defibrillator market size is expected to reach USD 20.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2022 to 2030. The key drivers for this market include supportive regulatory policies, rising incidences of sudden cardiac arrests, product developments, and rising awareness regarding cardiac conditions. The COVID-19 pandemic, however, gave rise to several challenges such as dampened demand for ICDs, logistical bottlenecks, postponed elective surgeries across the globe, and reduced sales growth.
The demand for ICDs plunged during 2020 as governments in many key markets implemented movement restrictions and hospitals deferred elective procedures. The sales recovered gradually as movement restrictions were eased and elective procedure volume went up. For instance, Abbott reported a decline in demand and sales of its cardiovascular and neuromodulation portfolio in 2020. Abbott attributed the sales decrease to reduced procedure volumes resulting from the pandemic.
The rising demand to develop solutions to improve sudden cardiac arrests response and the need to improve patient outcomes is expected to drive innovation in implantable as well as external defibrillators product segments. Innovation in the implantable defibrillators segments is driven by product advancements in subcutaneous and transvenous devices to increase device safety and efficacy. Integration of digital technologies such as analytics and tracking software is expected to drive the development in the external defibrillators segments. Other emerging technological trends include developments in personal AEDs for use in home settings, improvements in tracking technology for AEDs, the use of drones to deliver devices to care sites, and the use of IoT.
Major market players are focused on launching technologically advanced products and collaborations to enhance their presence. For instance, in July 2020, Zoll Medical Corporation launched a new remote view technology feature on its X Series monitor/defibrillator. This enhanced the existing product portfolio. In 2020, the European Emergency Number Association (EENA) launched a project in collaboration with Everdrone and Schiller to understand and explore the possibilities of using Unmanned Aerial Vehicles (UAVs) for emergency medical deliveries. The AEDs used were provided by Schiller, thus strengthening the company’s market presence.
North America held the largest revenue share of more than 35.0% in 2021. The growth of the North American market can be attributed to the initiatives by key players, favorable regulations, and technologically advanced healthcare facilities in the U.S. and Canada. Boston Scientific, for instance, reported that it had distributed about 33,000 of its CRT-Ds line-up including Resonate, Autogen, Dynagen, Incepta, and Cognis devices worldwide in 2020. Out of these, 16,500 were registered in the U.S. alone indicating a high adoption rate.
Asia Pacific is projected to expand at the fastest CAGR of 7.9% over the forecast period. This is owing to developing healthcare infrastructure, high patient population, and prevalence of cardiac diseases. The regional growth is spearheaded by the Japanese market owing to the high penetration of defibrillators and supportive policies. In fact, Nihon Kohden, a market leader in Japan registered over USD 66,000 sales of manual external defibrillators in 2020.
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