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Defibrillator Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Defibrillator Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • April 2021
  • 175 pages
  • ID: 6067892
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the defibrillator devices and equipment market are Medtronic, St. Jude Medical LLC, Boston Scientific Corporation, Koninklijke Philips N.V, and ZOLL Medical Corporation.

The global defibrillator devices and equipment market is expected to grow from $3.69 billion in 2020 to $4 billion in 2021 at a compound annual growth rate (CAGR) of 8.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.62 billion in 2025 at a CAGR of 3.7%.

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.

Defibrillators are subjected to stricter regulations by USFDA when compared to other devices.For instance, the US FDA ordered the PMA approval for new and existing automated external defibrillators.

Due to manufacturing issues, the FDA has recalled more than 2 million devices since 2005.

The rising incidence of sudden cardiac arrest (SCA) is one of the major drivers of the defibrillator devices and equipment market.According to the 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 a deliver therapeutic shock to the patient to revive the heartbeat. Due to this, the market for defibrillators is forecasted to grow.

Technological advances are one of the major trends being witnessed in the defibrillator and equipment market.Over the last three decades, AEDs (Automated External Defibrillators) 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 the development of magnetic resonance imaging (MRI)-safe ICDs.

The high cost of these devices is impeding the growth of the defibrillator 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 costs, 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 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.

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