The defibrillators market is estimated to be valued at USD 12.70 Bn in 2024, growing at a CAGR of 6.8% over the forecast period (2024 – 2031). Furthermore, increasing investments in the research and development of advanced defibrillation technology is expected to propel the market growth.
Market Dynamics:
The growth of the defibrillators market is driven by various factors such as rising geriatric population and increasing incidence of cardiovascular diseases globally. As per World Health Organization estimates, cardiovascular diseases accounted for over 17.9 million deaths each year. Moreover, the risk of cardiac diseases significantly increases with age. According to the US Census Bureau, the population over 65 years is projected to reach 1.5 billion by 2050. This growing geriatric demographic is likely to augment the adoption of defibrillators in the coming years. In addition, favorable government initiatives to improve access to emergency cardiovascular care and technological advancements in defibrillation devices are expected to boost market expansion over the forecast period. However, high cost of automated external defibrillators (AEDs) may hamper the market growth to some extent.
Increasing Incidences of Cardiovascular Diseases is Driving the Growth of Defibrillators Market
Cardiovascular diseases (CVDs) have been one of the major causes of mortality worldwide. As per the World Health Organization (WHO) 2021 report, cardiovascular diseases account for over 17.9 million deaths annually, which is estimated to grow to over 23.6 million by 2030. Heart diseases such as coronary heart disease, cerebrovascular disease, rheumatic heart disease, and other conditions have seen rising incidences. This has increased the demand for devices that can help restore normal heart rhythm in case of cardiac arrests or arrhythmias such as automated external defibrillators (AEDs) and implantable cardioverter defibrillators (ICDs). Advanced defibrillators offer portability, accuracy, and automatic operation, making them ideal for the treatment of cardiac emergencies in pre-hospital settings as well as for patients at high risk of life-threatening arrhythmias. The growing incidences of target diseases is a major market driver for the defibrillators market.
Stringent Regulatory Framework Hampers the Market Growth
Medical devices are strictly regulated by regulatory bodies to ensure their safety and efficacy. Regulatory approvals involve rigorous clinical trials and testing which makes the approval process lengthy and expensive. Any changes made to an approved device may require re-submission and approval. For example, in the U.S., defibrillators require clearance from the U.S. FDA. The approval procedure involves design controls, labelling, biocompatibility testing, animal/clinical testing, review of clinical data, and post-market surveillance. Moreover, differing regulations across countries add to compliance challenges for manufacturers. The stringent regulatory processes increase the costs and time taken to launch new and upgraded products in the market. This acts as a key restraint especially for small players in the defibrillators market.
High Cost of Advanced Defibrillators is a Barrier
Advanced defibrillators equipped with cutting-edge technologies come at a high price owing to factors such as research & development investments, costs of materials, and manufacturing complexity. For instance, implantable cardioverter defibrillators can cost anywhere between USD 20,000 and USD 30,000. Similarly, automated external defibrillators range from $1,500–$3,500. The high equipment costs limit the adoption of defibrillators in low and middle-income countries as well as in rural communities in developed nations. It also restricts individual patients from opting for advanced personal use defibrillators. The high costs pose affordability challenges, thereby limiting market growth for defibrillator manufacturers.
Growing Investments in Digital Health to Augment the Market Growth
Digital health including telehealth and remote patient monitoring gained prominence during the COVID-19 pandemic. Telehealth enables doctors to monitor defibrillator patients and detect arrhythmias remotely without in-person visits. This increases access and lowers costs. It also aids proactive patient management. Manufacturers are also developing Bluetooth and cloud-enabled defibrillators that can seamlessly integrate with digital platforms. For example, Medtronicffers its CareLink network that wirelessly transmits device data for remote follow-ups. Growing investments in digital health infrastructure globally presents opportunities for defibrillator companies to offer Internet of Things (IoT)-enabled solutions. This will help expand the market scope.
Rising Awareness Boosts the Demand for Personal-use Defibrillators
Awareness levels regarding sudden cardiac arrest (SCA) and the need for early defibrillation have been increasing over the years. This is boosting the demand for public access and personal-use automated external defibrillators (AEDs). For instance, many schools, corporate offices, and fitness centers now have AEDs installed. There is a rise in individual customers purchasing AEDs for home use especially among the aging population and patients with a prior history of cardiac issues. The increased awareness is encouraging people to be prepared to respond in an emergency and be able to provide quick treatment by activating nearby AEDs. This presents an opportunity to expand the market for personal defibrillators through targeted training and education programs.
Link: https://www.coherentmarketinsights.com/market-insight/defibrillators-market-115
Key Development
- On February 8, 2024, ZOLL, a subsidiary of Asahi Kasei (a multinational Japanese chemical company), specializing in the production of medical equipment and software solutions, officially disclosed that its ZOLL AED 3 defibrillator has attained certification in accordance with the European Union's Medical Device Regulation 2017/745 (EU MDR)
- On January 25, 2024, Element Science, an innovative health technology firm leading the development of a digital wearable platform tailored for high-risk cardiovascular patients, revealed that its Notified Body, the BSI Group, has awarded certification to its groundbreaking Patch Wearable Cardioverter Defibrillator (P-WCD) with both the European Union's CE mark and the United Kingdom's UK Conformity Assessed (UKCA) mark.
- In October 2023, Medtronic plc, a renowned frontrunner in healthcare technology worldwide, has disclosed that the Aurora EV-ICD MRI SureScan (Extravascular Implantable Cardioverter-Defibrillator) and Epsila EV MRI SureScan defibrillation leads have received approval from the U.S. FDA for the treatment of dangerously rapid heart rhythms leading to sudden cardiac arrest (SCA).
- In January 2023, Mindray, a pioneering medical device manufacturer, unveiled the BeneHeart D60 and D30 defibrillators, marking the next evolutionary step in the BeneHeart series. These new defibrillators are designed to elevate resuscitation standards through enhanced reliability, advanced diagnostics, and monitoring capabilities, and a comprehensive quality improvement solution for both in-hospital and pre-hospital rescue scenarios.
Key Players: Koninklijke Philips N.V., Metrax GmbH, Medtronic, Mindray Medical International Limited, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Abbott, BIOTRONIK, Stryker, LivaNova PLC, Asahi Kasei Corporation, MicroPort Scientific Corporation, Schiller AG, and Bexen Cardio
