Global Defibrillator Market is expected to reach USD 15.75 billion by 2020, according to a new study by Grand View Research Inc. Defibrillators, owing to their capability to resolve cardiac related conditions such as cardiac arrhythmias, ventricular tachycardia and ventricular fibrillation are expected to witness substantial growth over the forecast period. Increasing incidences of cardiovascular diseases and rising geriatric population base are some key factors expected to drive market growth by widening the patient base. Moreover, improving healthcare infrastructure and growing focus of key market players on emerging economies is also expected to fuel the growth of this market. Defibrillators are most commonly used to deliver therapeutic doses of electrical energy to the heart in case of a cardiac arrhythmia. Rising mortality rates associated with sudden cardiac arrest (SCA) has led to a consequential rise in demand for defibrillators.
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Further key findings from the study suggest:
- Implantable cardioverter defibrillator (ICD) is the most lucrative product segment. The global market for ICD is expected to grow at a rate of over 6.0% over the forecast period owing to their ability to avoid sudden cardiac arrest (SCA).
- The product is also expected to remain as the most revenue generating segment of the market throughout the forecast period. The rise in demand for single and dual chamber ICDs are some factors expected to drive segment growth over the next six years.
- North America accounted for more than 35.0% of the defibrillator market in 2013. High adoption rates of technologically advanced products and the presence of a sophisticated healthcare infrastructure in the region are some key factors expected to drive regional market growth. Moreover, growing geriatric population base and the prevalence of disease inducing lifestyle habits are expected to widen the patient base, thereby, providing manufacturers with future growth opportunities.
- Asia Pacific is identified as the most lucrative region of the market. Presence of high unmet needs in the emerging markets of China and India and growing patient awareness levels are some factors expected to drive market growth over the forecast period.
- Key players of this market include St. Jude Medical Inc, Boston Scientific Corporation, Biotronik SE & Co. KG, Sorin Group, ZOLL Medical Corporation, HeartSine Technologies, Nihon Kohden Corporation, Defibtech LLC, GE Healthcare, Welch Allyn, Koninklijke Philips N.V., Cardiac Science Corporation and Physio Control Inc.
For the purpose of this study, Grand View Research has segmented the global defibrillator market on the basis of products and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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