(I-BusinessNews.Com, September 07, 2021 ) According to the new market research report "Defibrillators Market by Product [Implantable Cardioverter Defibrillator (Transvenous ICD, Single & Dual Chamber, CRT-D, S-ICD), External (Manual, AED, Wearable)], End User (Hospitals, Pre-hospital, Public Access, Home care) - Global Forecast to 2025", published by MarketsandMarkets™, the Defibrillators Market is projected to reach USD 11.7 billion by 2025 from USD 9.6 billion in 2019, growing at a CAGR of 3.4% during the forecast period.
The growth in this market is driven by the rising prevalence of target diseases, growing focus on providing public-access defibrillators, and training and awareness programs on defibrillators. In addition, emerging markets and the development of S-ICDs and MRI-compatible ICDs and CRT-Ds are expected to offer growth opportunities for players in the market. However, issues related to the use of implantable and automated external defibrillators, frequent product recalls, and a lack of awareness about sudden cardiac arrest in developing nations are expected to hinder the growth of the market during the forecast period.
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The ICDs segment accounted for the largest share of the market in 2019
On the basis of type, the market is segmented into implantable cardioverter defibrillators (ICDs) and external defibrillators. The ICDs market is further segmented into transvenous implantable cardioverter defibrillators (T-ICDs) and subcutaneous implantable cardioverter defibrillators (S-ICDs). The T-ICDs segment is further categorized as single-chamber ICDs, dual-chamber ICDs, and cardiac resynchronization therapy defibrillators (CRT-Ds). The External Defibrillators Market is further segmented into manual and semi-automated external defibrillators, fully automated external defibrillators, and wearable cardioverter defibrillators (WCDs).
The ICDs segment accounted for the largest share of the market in 2019. Factors such as the development of technologically advanced devices with extended longevity, rapid growth in the number of implant procedures, and increasing adoption of cardiac resynchronization therapy defibrillators (CRT-Ds) and S-ICD systems across the globe are contributing to the large share of this segment.
The hospitals, clinics, and cardiac centers segment accounted for the largest share of the global Defibrillators Market in 2019
On the basis of end users, the market is segmented into hospitals, clinics, and cardiac centers; prehospital care settings; public access markets; alternate care facilities; and home care settings. The hospitals, clinics, and cardiac centers segment accounted for the largest share of the global market in 2019. The growing number of cardiac implant procedures and the availability of reimbursements across developed markets are the major factors driving the growth of this end-user segment.
In 2019, North America accounted for the largest share of the Defibrillators Market
In 2019, North America accounted for the largest share of the market. The rising geriatric population, increasing incidence of cardiac diseases, and technological advancements are the major factors driving the growth of the market in North America. Increasing efforts by governments to provide the necessary care to cardiac arrest victims at public places through public-access defibrillation programs have also increased the demand for defibrillators in the region.
Prominent players in the Defibrillators Market include Medtronic (Ireland), St. Jude Medical (US), Boston Scientific (US), Koninklijke Philips N.V. (Netherlands), ZOLL Medical (US), BIOTRONIK (Germany), Physio-Control (US), Nihon Kohden (Japan), SCHILLER AG (Switzerland), Mindray Medical (China), Mediana (South Korea), and METsis Medikal (Turkey).
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