External Defibrillator Market: Current Analysis and Forecast (2021-2027)

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External Defibrillator Market is expected to grow at a CAGR of around 8% over the forecast period (2021-2027). The external defibrillator market is witnessing an uptick on account of the surging prevalence of the cardiovascular disease, the aging population, and other cardio-related problems that increases the possibility of cardiac arrest. As per the WHO, CVDs are the number 1 cause of death globally and approximately 31% of total deaths happened due to CVDs.

Moreover, promulgating Sudden Cardiac Arrest (SCA) coupled with rising end-user awareness is generating the demand for the defibrillator.  In a study, it was found that the unavailability of defibrillators is the leading cause of SCA. As per the sudden cardiac arrest foundation, there are more than 356,000 out-of-hospital cardiac arrests (OHCA) annually in the U.S., nearly 90% of them fatal. Therefore, the government in developed countries such as the United States, U.K. has mandated to store and maintain Automated External Defibrillators in certain public places such as sports arenas, schools, government facilities, and institutes.

In the UK there are as many as 100,000 hospital admissions each year due to heart attacks: that’s one every five minutes. Around 1.4 million people alive in the UK today have survived a heart attack. More than 900,000 people in the UK are living with heart failure.

Worldwide Number of Person aged 65 years or Over (In Million), By Region, 2019 & 2050F

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Some of the major players operating in the market include GENERAL ELECTRIC COMPANY, ZOLL Medical Corporation, Koninklijke Philips N.V., Stryker, Mediana Co., Ltd, CU Medical System Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd, SCHILLER AG, Nihon Kohden Corporation, Bexen Cardio, etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Insights Presented in the Report

“Amongst Type, Automated External Defibrillator (AED) segment dominated the market in 2020”

Based on Type, the market is segmented into Manual External Defibrillator, Automated External Defibrillator (AED), Wearable Cardioverter Defibrillator (WCD). The Automated External Defibrillator (AED) segment leads the External Defibrillator Market. AEDs are made in such a way that they may be utilized by both trained life-support personnel and laypeople. They can be found in a variety of places, including casinos, airports, and schools. With increasing technological advancements Wearable cardiovascular defibrillators are non-invasive, external defibrillators that are used to prevent sudden cardiac arrest. The increasing incidence of cardiovascular disorders worldwide is the leading cause of the growth of the market. As per a study, total fatalities due to cardiovascular diseases is projected to increase from 28.9% to 36.3% from 1990 to 2020.

“Amongst End-User, Ambulatory Surgical Centers segment expected to grow significantly.”

Based on End-User, the External Defibrillator market is segmented into Hospitals & Clinics, Ambulatory Surgical Centers, Home Settings and Others. The Ambulatory Surgical Centers segment commanded the significant share of the External Defibrillator market and is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing aging population and rising healthcare expenditure.

“North America represents as the largest market.”

For a better understanding of the market adoption of External Defibrillator, the market is analyzed for the countries such as North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia- Pacific), & Rest of World. North America dominated the market in 2020. Asia-Pacific is expected to witness the highest CAGR during the forecast period.

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• Deep dive regional & country-level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the External Defibrillator Market were the three major steps undertaken to create and analyze the adoption of External Defibrillator across various regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of External Defibrillator through company internal sources such as annual report & financial statements, investor presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the External Defibrillator, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by type and end-user. Further regional & country-level analyses were conducted to evaluate the overall adoption of the External Defibrillator Market in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as technological advancements in External Defibrillator, growing cases of heart attacks/strokes, and rising awareness about External Defibrillator, etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$)
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the External Defibrillator Market in terms of products & services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of External Defibrillator Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and end-user for the major country/region globally.

The main objective of the External Defibrillator Market Study

The current & future market trends of External Defibrillator were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of External Defibrillator in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include Type and End-User
• Analyze the current and forecast market size of the External Defibrillator for the major regions & countries
• Major regions studied in the report include North America (United States, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia Pacific (China, Japan, India, Australia, Rest of Asia- Pacific), and Rest of World
• Company profiles of the External Defibrillator Market players and the growth strategies adopted by them to sustain in the fast-growing market
• Deep dive regional & country level analysis of the industry