Defibrillator Market is expected to reach US$ 14,876.95 million by 2028

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.

Implantable Cardioverter Defibrillator Segment to Hold Largest Share of Defibrillator Market During 2021-2028

Impact of COVID-19

According to a report by the National Center for Biotechnology Information (NCBI), the global health economies have been significantly affected by the COVID-19 pandemic. This impact resulted in only moderate growth for the overall market. Furthermore, the use of defibrillators has shifted towards saving the lives of critically ill COVID-19 patients. This shift is due to the higher risk of contracting and mortality from the COVID-19 virus for individuals who have other underlying health conditions such as cardiovascular, metabolic, and other disorders. Hospitals have thus had a significant demand for defibrillators to prevent deaths from cardiac arrhythmia or cardiac arrest. In addition, almost half of the disease-related deaths in the US from COVID-19 are attributed to patients who were already diagnosed with cardiovascular disorders. According to research published by the American Heart Association, there has also been an increase in out-of-hospital cardiac arrest (OHCA) cases.

According to research published by the American Heart Association, there has been an increase in out-of-hospital cardiac arrest (OHCA) cases. Additionally, a separate study has shown an increase in cardiac shocks delivered by implantable cardioverter defibrillators during COVID-19 lockdowns. While this does not necessarily mean a rise in sales or revenue, the demand for defibrillators for out-patient care is expected to increase due to the unpredictable nature of the pandemic, which could continue for an extended period.

External defibrillators have seen a rise in demand in various regions, such as India and Africa. Jeevtronics, an India-based startup company, reported a rise in local demand as well as demand from African countries. Furthermore, various international, regional, and private organizations have looked to donate defibrillators to countries to combat the COVID-19 pandemic, highlighting the device's necessity. 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 defibrillator market, the demand remained unaffected.

Market Segmentation

The defibrillator market is classified into two main product types: implantable cardioverter defibrillator (ICD), which includes transvenous and subcutaneous ICD, and external defibrillators, such as manual, fully automated, and wearable defibrillators. The defibrillator market is further segmented by end-users, which include hospitals, clinics, prehospital care, public access, alternate care facilities, and home care settings. 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 defibrillator 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. The defibrillator market is also analyzed by geography, covering North America (including the US, Canada, and Mexico), Europe (including France, Germany, the UK, Spain, Italy, and the rest of Europe), Asia Pacific (including China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East and Africa (including Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South and Central America (including Brazil, Argentina, and the Rest of SCAM). 

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