A new report projects that the global defibrillator market will grow to $14.2 billion in 2019, up from $9.3 billion in 2012. Between 2013 and 2019, the market is expected to grow at 6.3% CAGR, according to Transparency Market Research that issued the report.
Four subcategories of products comprise the defibrillator market - advanced life support defibrillators (ALSs), automated external defibrillators (AEDs), implantable defibrillators (ICDs), and wearable defibrillators. These devices are meant to jolt a person’s heart back to life after sudden cardiac arrest. They are also used to treat cardiac arrhythmias.
In 2012, ICDs comprised the large share of revenue of the overall market, followed by ALS defibrillators. The demand for the latter category of devices is being fueled by the rise of healthcare infrastructure around the world that include state-of-the-art hospitals and ambulances equipped with advanced medical devices.
But the overall growth of the market is being driven by the growing incidences of cardiovascular diseases and disorders globally, as well as the aging of the baby boomer population in the U.S.
North America, which is the largest market for defibrillator devices, is expected to maintain its top position through 2019. Growing awareness about sudden cardiac disease is also one reason for growth in the U.S. and Canada.
Further, legislation requiring installation of AEDs for public access and Good Samaritan laws providing immunity to citizen first-responders are driving factors for the market.
Europe took the no. 2 spot in terms of revenue in 2012, but between 2013 and 2019, Asia-Pacific and Middle-East are expected to grow at a faster pace than North America and Europe. That’s due to a large patient base, increasing incidences of cardiovascular diseases and rising per capita expenditure on healthcare.
Biotronik SE& Co.KG, Boston Scientific, Defibtech LLC, GE Healthcare., HeartSine Technologies, Medtronic, Nihon Kohden, Philips Healthcare, St. Jude Medical, and Zoll Medical are the major players in this market.