Defibrillator Market: Current Analysis and Forecast (2020-2027)

Report Description

The global defibrillators market is witnessing an uptick on account of supportive legislation policies by the government of developed countries as the government in countries such as the U. S, and U. K. has mandated the installation of defibrillators at public places such as schools, government facilities, and institutes. Approximately 80% of put of hospital cardiac arrests occur at home and around 20% will occur in public places in the United Kingdom.

Moreover, a rise in the incidences of sudden cardiac arrest owing to the disease such as Ischemic heart disease, Dilated cardiomyopathy, Hypertrophic cardiomyopathy, Arrhythmia, Congenital heart disease, and Myocarditis is generating the demand for defibrillators. Approximately 30,000 Hospital Cardiac Arrests occur every year in the UK. Also, with growing end-user’ awareness about the treatment and use of defibrillators globally, the demand has witnessed a rise. In a study, it was found that Without immediate treatment, 90-95% of Sudden Cardiac Arrest victims will die

Moreover, a sedentary lifestyle and rising aging population who are more prone to the disease is one of the leading causes of the proliferating incidences of sudden cardiac arrest. As per the American Heart Association, every 25 seconds an American will have a coronary event. Also, 56% of the adults in the United States have been told by the healthcare professional to improve their health and 99% of the Americans need to improve heart health.

The government across countries are investing more in healthcare, which is resulting in improved healthcare infrastructure, deployment of necessary medical equipment at public places et. As per OCED, the government in the United States spend USD 8,032.6 USD per capita in 2015 that increased to USD 9,386.5 USD per capita in 2019 same way in the U.K the government spent 3,043.6 USD per capita in 2015 that increased to USD 3,619.5 USD per capita in 2019.

Also, the companies across countries are taking several initiatives to quickly deliver the defibrillator. A transport agency in Sweden is running a program under the test phase, which would deliver AEDs using a drone.

Cardiac Arrest Risks and Facts

The global defibrillator market is highly fragmented. The availability of numerous global and local players across regions makes the industry highly competitive. The key players with a considerable market share in the industry are Koninklijke Philips N.V., Nihon Kohden Corporation, Progetti Srl, Schiller AG, ST. Jude Medical (acquired by Abbott Laboratories), Zoll Medical Corporation, Cardiac Science, Boston Scientific Corporation, Physio-Control, and Medtronic. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst product type, implantable cardioverter defibrillators segment holds the major share”

Based on product type, the market is fragmented into implantable cardioverter defibrillators and external defibrillators. The implantable cardioverter defibrillators segment dominated the market with a share of 67.2% in 2019 and is expected to maintain its dominance during the forecast period on account of the increased consumer awareness about the need for defibrillators and the launch of newer-generation ICDs.

“Amongst implantable cardioverter defibrillators type, transvenous implantable cardioverter defibrillators is expected to dominate the market during the analyzed period”

Based on the market segment by implantable cardioverter defibrillators type, the market is segmented into Subcutaneous Implantable Cardioverter Defibrillators and Transvenous Implantable Cardioverter Defibrillators. In 2019, Transvenous Implantable Cardioverter Defibrillators grabbed the major market share and accounted for 83.8% of the market revenue share. Surging incidences of SCA and the prevalence of CVDs resulting in the demand for the growing market of Transvenous Implantable Cardioverter Defibrillators market. Moreover, the Subcutaneous Implantable Cardioverter Defibrillators segment is expected to grow with a CAGR of more than 2% during the forecast period of 2021-27.

“North America represents one of the largest markets of the defibrillator market”

For a better understanding of the market dynamics of the defibrillator market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC) and Rest of the World has been conducted. North America dominated the market and generated revenue of US$ 3.8 billion in 2019 owing to the escalating healthcare IT investment in the countries such as the U.S and Canada. Moreover, the presence of well-established players and the latest technology upgraded products and services make the region dominant across the globe.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global defibrillator market were the three major steps undertaken to create and analyze the adoption of defibrillators across various industry verticals in major 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 also conducted, with industry experts across the value chain of the defibrillator market. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecasting 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:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the defibrillator through company internal sources such as annual report & financial statements, performance 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 defibrillator market, 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 as type and subtypes. Further country-level analyses were conducted to evaluate the overall adoption of the defibrillator in that region.

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 of the defibrillator. Further, we conducted factor analysis using dependent and independent variables such as the growth of the healthcare industry, surging prevalence of diseases, Investments, etc. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the defibrillator industry across the globe.

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 defibrillator market, and market shares of the segments. All the required percentage shares 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 approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of defibrillator across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the defibrillator market in terms of 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 regions. 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

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 the defibrillator market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the defibrillator market.

The main objective of the Defibrillator Market Study

The current & future market trends of defibrillators 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 were determined the overall attractiveness of the market at a regional 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 the 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 areas of type and their subtypes
• Define and analysis of the regulatory framework for the defibrillator industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the defibrillator market for the major region
• Major regions studied in the report include North America (the U.S and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, Australia, and South Korea), and the Rest of the World
• Company profiles of the defibrillator market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry