Defibrillator Devices Global Market estimated to be worth $17,710.8 million by 2023

Heart a major organ of human body plays an important role in maintaining the normal metabolism of the body by pumping the blood throughout the body via the circulatory system, supplying oxygen and nutrients to the tissues and removing carbon-di-oxide and others wastes. Inorder to carry out these functions, systematic heart rhythms plays a major role and if these rhythms fail then overall function of the body organs becomes abnormal resulting in sudden cardiac arrest and death. Hence when patient suffers from irregular heartbeats a life saving device called defibrillator should be used for delivering shocks to heart muscles to regain the normal heart beats. These defibrillator devices are mainly used as therapeutic tools to save the life of a patient immediately after the attack and enhance their safety.

According to IQ4I analysis, the defibrillator devices global market is expected to grow at mid to high single digit CAGR to reach $17,710.8 million by 2023. Increase in aging population and subsequent rise in incidence of cardiovascular diseases, increasing use of defibrillators in public access areas and favorable reimbursement policies are some of the factors driving the defibrillator devices market growth. Emergence of next generation integrated ICD’s, market expansion opportunities in emerging countries and increasing trend for MRI compatible defibrillators are few opportunities for the defibrillator devices market. However, patient safety risks due to chances of infections and other complications while using defibrillators and lack of awareness on sudden cardiac arrests are expected to hamper the market growth.  

The defibrillator devices global market is mainly segmented by products, applications, end-users and by geography. The defibrillator devices global market by the products is segmented into devices, by consumables and servicing. The devices segment accounted for the largest share in 2016. Among these devices market is further classified into implantable cardioverter defibrillators and external defibrillators. Implantable cardioverter defibrillators hold the major share in 2016.

Based on application, the market is segmented into ventricular tachycardia, ventricular fibrillation and bradycardia. The ventricular tachycardia segment accounted for the largest share in 2016 due to rise in aging population and increasing incidences of cardiovascular diseases.

End-Users are further segmented into hospitals, home healthcare, pre-hospital care, public access care, ambulatory surgical centers and others. Among the end users of the defibrillator devices market home healthcare is expected to grow at a strong CAGR of XX% due to availability of wide range of ICD’s, which enhances patient safety thus driving the market growth rate.

Advancements in technology includes customized defibrillator devices & consumables, leadless defibrillators, 3D printed multifunctional integumentary membrane devices for arrhythmias diagnosis, ambulance drone and ambulance robotic assisted AED’s. One of the most advantageous advancement in this market includes next generation ICD’s, which have emerged as an useful tool in defibrillator device industry due to its integration with bi-functional capabilities that which plays a role of performing both as a pacemaker and defibrillator for providing effective treatment in patients with both ventricular tachycardia and fibrillation conditions. It has improved capacitor, detection algorithms, lead systems, battery longevity and advanced sophisticated sensor functions for reducing inappropriate shocks.  These are programmable and can be implanted within a small incision of about 2 to 2.5 inch for providing improved detection, therapy and stored diagnostic information about arrhythmia through wireless technology. For instance, Boston Scientific Inc (U.S.) provides Dynagen X4 and Inogen X4 CRT-Ds products with quadripolar leads with 70 percent more pacing options, high capture thresholds and large battery capacity compared to conventional ICD’s.  

Matured regions such as North America commanded the largest market share in 2016 due to high investments in healthcare infrastructures, availability of government funds improved market growth in this region. However, Asia-pacific region is expected to grow at the highest CAGR from 2016-2023 due to increased healthcare awareness, improved economic growth, and increasing awareness among the people about sudden cardiac arrest and death. Significant launch of new products, agreement, partnership, collaborations, and joint ventures are the industry trends that are playing a major role in the market growth. 

Market is highly consolidated, key players like Medtronic PLC  (Ireland), Asahi Kasei Corporation (Zoll Medical Corporation) (Japan), Boston Scientific Corporation (U.S.), Abbott Laboratories (St. Jude Medical’s) (U.S.), Biotronik (Germany) holds a major share in defibrillator devices market.

Major players in defibrillator devices global market include Boston Scientific Corporation (U.S.), Abbott Laboratories (U.S.), Medtronic PLC (Ireland), Philips Healthcare (Netherlands), Asahi Kasei Corporation (Japan), Biotronik Se & Co. Kg (Germany), Stryker Corporation (U.S.), LivaNova (U.K.) and Nihon Kohden Corporation (Japan).