According to our latest study on “Defibrillator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, End-User, and Geography,” the market is projected to reach US$ 14,876.95 million by 2028 from US$ 10,478.31 million in 2021; it is expected to grow at a CAGR of 5.1% from 2021 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.

 

As per the National Center for Biotechnology Information (NCBI) report, the COVID-19 pandemic has significantly impacted the global health economies. The impact of the pandemic accounted for mediocre growth for the overall market. The application of defibrillators shifted to saving the lives of critical patients suffering from COVID-19. As the risk of contracting and mortality from the COVID-19 virus is higher among people suffering from other morbidities such as cardiovascular, metabolic, and other disorders, there was a significant demand from hospitals for defibrillators to prevent death from cardiac arrhythmia or cardiac arrest. Also, a considerable percentage of patients hospitalized with COVID-19 are diagnosed with cardiovascular disorders contributing to almost half of disease-related deaths in the US. There was also a rise in out-of-hospital cardiac arrest (OHCA) cases, as per a research published by the American Heart Association. Another study shows an increase in cardiac shocks by implantable cardioverter defibrillators during the COVID-19 lockdowns. While this does not mean a rise in sales or revenue, the demand for defibrillators for out-patient care is expected to rise owing to the unpredictability of the pandemic that can continue for a long time. External defibrillators demand saw a rise in various regions such as in India and Africa, where Jeevtronics, an India-based startup company, saw a rise in local demand as well as demand from African countries. Various international, regional, and private organizations looked to donate defibrillators to countries to combat the COVID-19 pandemic, which showcased the necessity of the device. For instance, India provided China with over 15 tons of medical supplies that included 21 defibrillators, WHO donated medical supplies including defibrillators to various African and South American countries, and various other local bodies and non-profits that donated defibrillators for public access and hospitals. Overall, while the pandemic slowed the overall growth of the market, the demand remained unaffected.

 

Based on product type, the defibrillator market is segmented into implantable cardioverter defibrillator (ICD) and external defibrillator. The ICD segment is further segmented into transvenous ICD and subcutaneous ICD, while the external defibrillator segment is further segmented into manual, fully automated external defibrillators, and wearable defibrillators. The ICD segment held the largest share of the market in 2020 and is projected to continue its dominance during the forecast period. The segment is estimated to register the highest CAGR in the market during the forecast period. The application of ICD has aided in out-patient remote care of cardiovascular patients by the maintenance of a steady heart rhythm. These defibrillators have also helped care for patients without visiting hospitals during the COVID-19 pandemic. There is an increased demand for ICDs for patients with non-ischemic cardiomyopathy, which has been shown to improve survival rates and reduce mortality risk, which is projected to provide opportunities for ICD manufacturers, propelling the market growth.

 

Medtronic plc, Abbott Laboratories, Boston Scientific Corp., Koninklijke Philips NV, Biotronik, Inc., Zoll Medical Corp., Nihon Kohden Corp., Progetti srl, CU Medical Systems, Inc., Shenzhen Mindray Biomedical Electronics Co., Ltd. are among the leading companies operating in the global defibrillator market.

 

The report segments the defibrillator market as follows:

 

Based on product type, the defibrillator market is segmented into implantable cardioverter defibrillator (transvenous ICD and subcutaneous ICD) and external (manual, fully automated external defibrillators, and wearable).

 

By end-user, the defibrillator market is segmented into hospitals and clinics, prehospital care, public access, alternate care facilities, and home care settings.

 

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