DUBLIN--(BUSINESS WIRE)--The "Defibrillator Devices And Equipment Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The global defibrillator devices and equipment market was valued at about $6.26 billion in 2018 and is expected to grow to $7.58 billion at a CAGR of 4.9% through 2022.
The Defibrillator devices and equipment market consists of sales of heart related diagnostic devices and related services. The Defibrillator devices and equipment are designed to detect life-threatening cardiac arrhythmias. Defibrillator devices and equipment includes implantable cardioverter defibrillators, automatic external defibrillators, advanced life support units and wearable defibrillators.
North America was the largest region in the defibrillator devices and equipment market in 2018, followed by Europe. This region is expected to remain the largest during the next five years. The defibrillator devices and equipment market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
Rising incidence of sudden cardiac arrest (SCA) is one of the major drivers of the defibrillator devices and equipment market. According to American Heart Association (AHA), the annual incidence of SCA in people of any age is around 356,461. SCA is characterized by the complete cessation of cardiac activity and defibrillators are used to deliver therapeutic shock to the patient to revive the heart beat. Due to this, the market for defibrillators is forecasted to grow.
High cost of these devices is impeding the growth of the defibrillators market. In the USA, the health care costs for administering therapeutic shock using implantable cardioverter-defibrillator (ICD) ranges between about $1,300 and $20,000 per patient for outpatient and inpatient care. Apart from healthcare cost, other charges such as maintenance cost, battery replacement cost, and annual servicing charges are also added to the overall cost. For instance, if AED (Automatic External Defibrillator) is used on a person suffering from a sudden cardiac arrest, then it will need to undergo maintenance before it can be used again. This includes a service and the replacement of batteries and pads. Owing to these economic factors, the growth of the overall market for defibrillator devices and equipment is restrained.
The technological advances are one of the major trends being witnessed in the defibrillator and equipment market. Over the last three decades, AEDs (Automated External Defibrillator ) have been upgraded with several new features such as rechargeable batteries, LCD screens, voice prompts, CPR tutorials, sophisticated self-testing software, fully automatic operation, and new types of shocks. There have been several recent advancements in implantable cardioverter defibrillator (ICD) technology to extend battery life, improvements in patient monitoring to avoid needless shocks, the introduction of quadripolar lead devices to improve device programming and to improve therapy effectiveness, and development of magnetic resonance imaging (MRI)-safe ICDs.
Defibrillators are subjected to stricter regulations by USFDA when compared to other devices. For instance, in 2015, the US FDA ordered the PMA approval for new and existing automated external defibrillators. Due to manufacturing issues, FDA has recalled more than 2 million devices since 2005.
Major players in the market are Medtronic, St. Jude Medical LLC, Boston Scientific Corporation, Koninklijke Philips N.V, ZOLL Medical Corporation
Other Companies Mentioned
- Cardiac Science
- Physio-Control Inc
- Nihon Kohden Corporation
- Defibtech LLC
- Schiller AG
- Philips
- BIOTRONIK
- Physio-Control
- Koninklijke Philips N.V
- LivaNova
- HeartSine Technologies LLC
- Mindray Medical
- METRAX
For more information about this report visit https://www.researchandmarkets.com/r/kiz4i1
