According to a new report published by Allied Market Research, titled,“Hospital and Pre-Hospital External Defibrillator Market by Type, and End User: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,”the global hospital and pre-hospital external defibrillator market was valued at $2,260 million in 2017, and is expected to reach $3,737 million by 2025, growing at a CAGR of 6.4% from 2018 to 2025. In terms of volume, the market accounted for 727 thousand units in 2017 and is projected to reach 1,364 thousand units by 2025, growing at a CAGR of 8.1% during the forecast period.
Defibrillators are medical devices that are used to restore a normal heartbeat by giving an electric pulse or shock to the heart. These are used to rectify an abnormal heart rhythm to restore the normal heartbeat in conditions such as ventricular fibrillation, pulseless ventricular tachycardia, cardiac arrest, and cardiac arrhythmia.
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The major factors such as rise in incidence of cardiovascular diseases, technological advancements in defibrillator device, higher number of unmet medical needs for treatment of sudden cardiac arrest, surge in awareness of automated external defibrillators in developing economies, and increase in geriatric population, are anticipated to boost the market growth. However, higher cost of defibrillators is projected to hamper the growth of the market. Conversely, rise in adoption of external defibrillators and lucrative opportunities in emerging economies are the factors projected to make way for numerous growth opportunities during the forecast period.
Key Findings of the Hospital and Pre-Hospital External Defibrillator Market:
- Based on type, the manual external defibrillator segment accounted for more than one third share of the global hospital and pre-hospital external defibrillators market in 2017 (in terms of volume).
- Based on end user, the pre-hospital segment is expected to grow at a CAGR of 7.6% from 2018 to 2025 in terms of value.
- North America accounted for more than one half share of the global market in 2017.
- Asia-Pacific is expected to provide lucrative growth opportunities in the market and grow at a CAGR of 8.6% from 2018 to 2025 in terms of value.
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In terms of value and volume, North America was the leading contributor to the global hospital and pre-hospital external defibrillators market in 2017 and is expected to dominate the market during the forecast period. This is attributed primarily to the rise in prevalence of cardiac arrhythmia disorders, higher awareness among the healthcare personnel, easy product availability, high adoption rate of technologically advanced defibrillators, presence of highly sophisticated healthcare infrastructure, favorable reimbursement framework for defibrillators, and increased patient awareness about the availability of congestive heart failure (CHF) treatment options.
Moreover, Asia-Pacific is projected to experience rapid growth throughout the analysis period. Japan is the leader in the Asia-Pacific external defibrillator market, due to the higher awareness regarding cardiac arrest and surge in demand for automated external defibrillators. Also, improvement in healthcare infrastructures and rise in expenditures in the emerging markets (such as India and China) to overcome the unmet medical needs in these countries boost the market growth. Technological advancements for cost-effective devices in these nations offer lucrative opportunities for the growth of the external defibrillator market.
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