Defibrillator Market Forecast, Trends, Scope by 2031
The Defibrillator market size is projected to reach US$ 17.59 billion by 2031 from US$ 11.51 billion in 2023. The market is expected to register a CAGR of 5.4% during 2023–2031. Technological advancements and increased investments in defibrillators by private players are likely to remain key trends in the market.
Defibrillator Market Analysis
Defibrillators market is driven by the rising prevalence of cardiovascular disorders among large populations followed by the increasing training and awareness programs on cardiopulmonary resuscitation and automated external defibrillators. Additionally, various strategies adopted by market players for geographical expansion in emerging markets such as increasing investments, plant manufacturing in developing economies, and others are expected to create lucrative opportunities. Moreover, technological advancements and increased investments in defibrillators by private players are leading to significant future trends in the defibrillator market.
Defibrillator Market Overview
The rising prevalence of cardiovascular disorders among large populations followed by the increasing training and awareness programs on cardiopulmonary resuscitation and automated external defibrillators is driving the growth of the defibrillators market growth. North America is dominating the market owing to the increasing adoption of technological advancements and rising research and development activities are projected to accelerate the growth of the Defibrillator market. Moreover, the presence of large healthcare businesses and the growing usage of Defibrillator is propelling the market's expansion in this region. However, Asia Pacific is anticipated to register significant growth owing to the growing investments from international players in China and India, improving government support in countries, expanding the base of CRO services, and advancing healthcare infrastructure. Therefore, the region holds huge potential for the Defibrillator market players to grow during the forecast period.
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Defibrillator Market: Strategic Insights
Market Size Value in US$ 10,478.31 Million in 2021 Market Size Value by US$ 14,876.95 Million by 2028 Growth rate CAGR of 5.1% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Defibrillator Market: Strategic Insights
| Market Size Value in | US$ 10,478.31 Million in 2021 |
| Market Size Value by | US$ 14,876.95 Million by 2028 |
| Growth rate | CAGR of 5.1% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Defibrillator Market Drivers and Opportunities
Rising Training and Awareness Programs on Cardiopulmonary Resuscitation and Automated External Defibrillators to Favor Market
Online and offline training programs by organizations such as the WHO, US FDA, regional health centers, and local bodies have increased significantly. Various states in the US have enacted legislations to encourage the use of defibrillators and the availability of AEDs; they have also made provisions for educating and training people for the use and maintenance of AEDs. Additionally, several states have included the use of AEDs in the “good Samaritan” exemption from liability to promote its usage. For instance, in the UK, a training program was introduced by the Advanced Coronary Treatment (ACT) Foundation for secondary school students in association with British Columbia Emergency Health Services (BCEHS). Paramedic volunteers train teachers to educate students at BCEHS. In certain universities, BCEHS is planning to implement defibrillator training as a part of the physical education curriculum. The British Heart Foundation’s “Nation of Lifesavers – Call, Push, Rescue” is another example of a simplified training program that focuses on compression-only CPR and AED. The British Heart Foundation has also taken the lead in rallying medical professionals to support public education in the UK.
Strategies by Major Market Players to Expand Presence in Emerging Markets create lucrative opportunities
With rising cases of cardiovascular diseases in regions such as Asia-Pacific, and South and Central America, the defibrillator market players have started to or are expected to strategize their growth planning around these regions. Cardiovascular diseases have been among the leading causes of death in countries such as India, China, and Brazil. Companies such as Abbott, Medtronic, ZOLL, and Biotronik are expected to continue growing in these emerging markets through mergers, acquisitions, and strategic partnerships in the coming years. For instance, Medtronic invested over US$ 50 million in their manufacturing facilities in Puerto Rico. Over the years, establishment of sales subsidiaries in the Latin American and Asia-Pacific region by companies such as Nihon Kohden, Medtronic, and ZOLL shows the strategic positioning companies are looking to setup in the region. Biotronik, with its already established manufacturing plant in Singapore is looking to implement its research and development activities in the country to further strengthen its business capabilities. This shows ongoing and upcoming strategies by various market players to expand in emerging markets as well as strengthen its presence in other regions.
Defibrillator Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Defibrillator market analysis are product type and end user.
- Based on product type, the Defibrillator market is bifurcated into implantable cardioverter defibrillator, and external defibrillator. The implantable cardioverter segment held a larger market share in 2023.
- By end user, the market is segmented into hospitals and clinics, prehospital care, public access, home care settings, and alternate care facilities. The hospitals and clinics segment held the largest share of the market in 2023.
Defibrillator Market Share Analysis by Geography
The geographic scope of the Defibrillator market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market owing to the increasing adoption of technological advancements and rising research and development activities are projected to accelerate the growth of the Defibrillator market. Moreover, the presence of large healthcare businesses and the growing usage of Defibrillator is propelling the market's expansion in this region. The US is projected to be the largest market for defibrillators, the market is attributed due to multiple factors such as increase in cardiovascular disease, rising awareness about the presence of innovative defibrillators, presence of leading pharmaceutical companies in this region and presence of well-developed healthcare infrastructure.. Moreover, in terms of technology, the nation is well ahead of other developed and emerging countries. Advances in technology have resulted in the development of various novel defibrillators and technologies that are used for their applications. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Defibrillator Market Report Scope
Defibrillator Market News and Recent Developments
The Defibrillator market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Defibrillator market are listed below:
- WEL Medical launched DefibSafe 3 (DS3), a new generation of Automated External Defibrillator (AED) storage with an IP66 weather protection rating. The DS3 features a temperature management system that maintains the optimum performance of AEDs, managing its battery and pads effectively. This ensures the device remains at peak readiness, even if located within extreme outdoor environments. (Source: WEL Medical, Newsletter, April, 2024)
- Stryker launched two new products: LIFEPAK CR2 automated external defibrillator (AED) for cardiac care and Evacuation Chair for emergency patient evacuation. The LIFEPAK CR2 designed to empower rescuers in providing high-quality CPR and delivering instant shock during sudden cardiac arrest (SCA) emergencies (Source: Stryker, Newsletter, March 2024)
- Avive Solutions, Inc., received U.S. Food and Drug Administration (FDA) pre-market approval (PMA)—- the agency’s highest level of approval— for its Avive AED, a unique Automated External Defibrillator (AED). (Source: Avive Solutions, Inc., Company Website, January 2023)
Defibrillator Market Report Coverage and Deliverables
The “Defibrillator Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Defibrillator market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Defibrillator market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Defibrillator market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Defibrillator market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the Defibrillator market in 2023
The rising prevalence of cardiovascular diosrders among large population followed by the increasing training and awareness programs on cardiopulmonary resuscitation and automated external defibrillators are the driving factors impacting the Defibrillator market
Technological advancements and increased investments in defibrillators by private players are the future trends of the Defibrillator market
The leading players operating in the Defibrillator market includes Medtronic, Abbott, Boston Scientific Corp., Zoll Medical Corp., KONINKLIJKE PHILIPS N.V., Biotronic, Inc., Progetti srl, Shenzhen Mindray Biomedical Electronics Co., Ltd., Nihon Kohden Corp. among others
The estimated value of the Defibrillator market by 2031 is US$ 17.59 Bn
The expected CAGR of the Defibrillator market is 5.4%
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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