The Cardiology Defibrillators Devices Market size is estimated to reach $19,680 million by 2027. Furthermore, it is poised to grow at a CAGR of 7.2% over the forecast period of 2022-2027. Cardiology defibrillators are devices that use electric shock waves to help restore heartbeat during cardiac arrest. There are a variety of external defibrillator devices on the market. These devices are especially beneficial for high-risk individuals who have never had a pacemaker implanted and are always at risk of ventricular arrhythmia. Arrhythmia is the medical term for a heartbeat that is too slow, too rapid, or too irregular. For individuals with irregular heartbeats, cardiac defibrillator devices can also be utilized as a pacemaker. However, this feature is currently only found in newer defibrillators. The government is putting more and more Automated External Defibrillators (AEDs) in public locations for people experiencing sudden cardiac arrest, which is increasing the demand for AEDs. Defibrillation is a procedure for treating cardiac arrests and arrhythmias that are considered final. Defibrillators are electronic devices that defibrillate or stabilize a patient's heartbeat in the event of arrhythmias or ventricular tachycardia. In ventricular arrhythmias, defibrillation's main function is to provide a regulated electrical shock to the heart, which causes the electrical conduction system to depolarize. Normal electrical conduction is achieved once the heart is polarised, putting an end to ventricular arrhythmia. Arrhythmias (abnormal heart rhythms) are irregular heartbeat sequences that are excessively rapid, too slow, or carried by an aberrant electrical route in the heart. A small battery-powered device called an implantable cardioverter-defibrillator (ICD) is implanted in the chest to detect and stop abnormal heartbeats (arrhythmias).
The rising prevalence of cardiovascular diseases among the population and the growing advancement in technology are some of the factors driving the Cardiology Defibrillators Industry forward in the projected period of 2022-2027.
Cardiology Defibrillators Devices Market Report Coverage
The report: “Cardiology Defibrillators Devices Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Cardiology Defibrillators Devices Market.
By Devices- Implantable Convertible Defibrillators (ICD), External Defibrillator, Wearable Cardioverter Defibrillators, and Others.
By End-Use Industry- Hospitals, Ambulatory Surgical Centers, and Others.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), and Rest of the World (the Middle East, and Africa).
Key Takeaways
- Geographically, in 2021 North America held a dominant market share. This is owing to the increased prevalence of heart diseases, which are the region's second-largest cause of mortality. Several companies are adopting strategies, such as product launches, capacity expansion, partnerships and collaborations. These growth strategies have supported the market players in growing their business and enhancing the growth in cardiology defibrillators. According to the American Heart Association, about 2 million people die every year in the United States as a result of heart rhythm abnormalities. The demand for technologically sophisticated defibrillators is predicted to rise in the market as a result of the increased availability of such defibrillators, resulting in an increase in the total cardiology defibrillator devices market growth during the forecast period.
- The rising prevalence of cardiovascular diseases among the population and the growing advancement in technology are some of the factors driving the Cardiology Defibrillators Devices Market. However, the increasing issue related to implantable defibrillators is one of the factors impeding the market growth.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Cardiology Defibrillators Devices Market Report.
Cardiology Defibrillators Devices Market Segmentation Analysis- By Devices
The Cardiology Defibrillators Devices Market based on devices can be further segmented into Implantable Convertible Defibrillators (ICD), External Defibrillator, Wearable Cardioverter Defibrillators, and Others. Wearable Cardioverter Defibrillators held a dominant market share in the year 2021. The wearable cardioverter-defibrillator (WCD) is a rechargeable external device that protects the wearer from potentially life-threatening ventricular tachyarrhythmias by being worn under the garment all day. The WCD can deliver high-energy shocks if a severe arrhythmia is identified. The WCD has been demonstrated to be effective in detecting ventricular tachycardia (VT) and ventricular fibrillation (VF) and treating them accordingly (VF). Patients with heart failure with a lower ejection fraction can benefit from the WCD while their condition improves. It is intended for temporary usage as a bridge to an implantable cardioverter-defibrillator (ICD), heart transplantation, or left ventricular assist device. It can be used temporarily after an ICD has been removed until reimplantation is determined to be safe.
However, Implantable Convertible Defibrillators (ICD) is estimated to be the fastest-growing, with a CAGR of 8.3% over the forecast period of 2022-2027. An ICD(Implantable Convertible Defibrillators) is a battery-operated device that monitors your heart rate and is worn under the skin. The ICD is connected to your heart by thin wires. If the heart is beating chaotically and far too rapidly, the device provides an electric shock to re-establish a regular pulse if an aberrant cardiac rhythm is detected. ICDs have been very useful in preventing sudden death in patients with known, sustained ventricular tachycardia or fibrillation. All modern ICD systems can also function as pacemakers, being able to conduct an electrical pacing impulse from the generator to the tip of the leads and the heart. The ICD lead is more complex than your average pacemaker lead.
Cardiology Defibrillators Devices Market Segmentation Analysis- By End-Use Industry
The Cardiology Defibrillators Devices Market based on the End-Use Industry can be further segmented into, Hospitals, Ambulatory Surgical Centers, and Others. Hospitals held a dominant market share in the year 2021. In hospitals, the availability of advanced technology and skilled professionals rises owing to such factors, patients mostly prefer hospitals for their treatment and thus enhancing the market growth. In hospitals, all types of nerve repair devices are available that help patients get the proper treatment. Moreover, owing to the rising development in the healthcare industry the number of hospitals increased which in turn escalates the demand for nervous treatments in hospitals. Also, the more modern infrastructure in hospitals gives rise to the demand for the healthcare industry which in turn accelerates the growth in the nerve repair and regeneration market.
However, Ambulatory Surgical Centers is estimated to be the fastest-growing, with a CAGR of 9.4% over the forecast period of 2022-2027. Ambulatory surgical centers are cost-effective, highly efficient, and offer a convenient setting for various types of defibrillator devices. In ambulatory surgical centers, the number of surgical procedures is more and owing to such factors the demand for implantable technology surges. Here, doctors are mostly specialized in surgical procedures and therefore patients also prefer to visit ambulatory surgical centers for their treatment. Increased adoption of implantable technology in ambulatory surgical centers as well as fast-improving global healthcare infrastructure, are among the main factors driving revenue growth in this category.
Cardiology Defibrillators Devices Market Segmentation Analysis- By Geography
The Cardiology Defibrillators Devices Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, North America held a dominant market share of 41% as compared to its other counterparts. This is owing to the increased prevalence of heart diseases, which are the region's second-largest cause of mortality. Several companies are adopting organic strategies, such as product launch and expansion, and inorganic growth strategies, including partnerships and collaboration. These growth strategies have supported the market players in growing their business and enhancing the growth in cardiology defibrillators. According to the American Heart Association, about 2 million people died every year in the United States as a result of heart rhythm abnormalities. However, hospitals and other medical institutions have resumed normal operations with extreme caution, and patient visits for other ailments have also resumed. The demand for technologically sophisticated defibrillators is predicted to rise in the market as a result of the increased availability of such defibrillators, resulting in an increase in the total cardiology defibrillator devices market growth during the forecast period.
Cardiology Defibrillators Devices Market Drivers
The Rising Prevalence of Cardiovascular Diseases among the Population has Readily Aided the Market Growth.
During the forecast period, an increase in the incidence and prevalence of cardiovascular illnesses in developed and emerging economies around the world is likely to contribute to a significant need for effective defibrillator products. Globally, 17.9 million deaths owing to CVD in 2019, which amounts to 32% of the total deaths worldwide according to the WHO. More than 75% of deaths owing to CVDs occur in low- and middle-income countries. Lifestyle diseases like hypertension, obesity, dyslipidemia, and diabetes, all of which are substantial risk factors for CVD, are also on the rise. High blood pressure levels have a significant linear link with the likelihood of developing CVDs. According to the American Heart Association, roughly 70% of people who have had their first cardiovascular stroke, heart attack, or congestive heart failure live in the United States. The prevalence of CVD has increased due to the rising adoption of sedentary lifestyles, changing diets, increasing stress, and rising consumption of alcohol and tobacco. Another important factor contributing to the increased prevalence of CVD is the growing elderly population around the world, as aging is connected with progressive degradation in the structure and function of the heart and works as a catalyst in the development of chronic illnesses. As a result, as the world's senior population grows, the incidence of heart disease is predicted to rise.
The Growing Advancement in Technology Gives Rise to the Demand for Cardiology Defibrillators Devices Market.
Defibrillators have come a long way in terms of price, size reduction, and convenience of use. The creation of an automated external defibrillator (AED) and an implantable cardioverter-defibrillator are two of the most significant of these breakthroughs (ICD). In the event of any large fluctuations in heartbeat, these devices help avoid cardiac crises with little or no external aid, regardless of time or location. Following adequate training and technology advancements, running a defibrillator has become simple for a bystander. According to the World Health Organization, about 17.9 million have cardiovascular diseases every year, and owing to such reasons the advancement in technology rises. People have been urged to use them in public areas and at home, as they have built-in audio and visual support as well as a combination of CPR and defibrillator facility. 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.
Cardiology Defibrillators Devices Market Challenges
The increasing issue of implantable defibrillators is some of the factors impeding the market growth.
Automated external defibrillators AEDs in public settings are occasionally prone to failure owing to issues with the battery, software, or hardware. Failure to defibrillate can result in treatment delays or even death. A number of defibrillators have been recalled throughout the years owing to technical faults in the device's operation, including shock delivery, electrical issues, and hardware setup. In rare situations, these flaws might result in poor product performance and even the death of the patient. In 2021, Medtronic recalled the Evera, Viva, Brava, Claria, Amplia, Compia, and Visa ICDs and CRT-Ds 2021 owing to the devices' limited battery life. Another key risk in the defibrillator market is cybersecurity. The current generation of implantable defibrillators has enhanced technology that allows for remote data transfer. The FDA has expressed worry about these devices being hacked. Medtronic was the latest corporation to face a cybersecurity problem from the FDA in 2019, as their wireless telemetry system lacked encryption and authentication security. Defects in the defibrillation pads, wiring, and circuit boards, and damaged cables and connectors are all important difficulties with AEDs.
Cardiology Defibrillators Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Cardiology Defibrillators Devices Market. The top 10- Cardiology Defibrillators Devices Market companies are-
- Boston Scientific Corporation
- Cardiac Science Corporation
- Heartsine Technologies, Inc.
- Medtronic, Inc.
- Nihon Kohden Corporation
- Philips Healthcare
- Physio-Control, Inc.
- ST. Jude Medical, Inc.
- Sorin Group
- Zoll Medical Corporation
Recent Developments
- In February 2022, Boston Scientific Corporation acquired Baylis Medical Company Inc., which offers advanced transseptal access solutions and guidewires, sheaths, and dilators used to support catheter-based left-heart procedures.
- In April 2022, Abbott announced that the US Food and Drug Administration (FDA) approved the Aveir single-chamber (VR) leadless pacemaker for the treatment of patients in the US with slow heart rhythms. This marks a significant advancement in patient care and brings new features to patients and their physicians.
- In June 2020, Asahi Kasei Corporation upgraded its Zoll AED 3 defibrillator with real CPR help and integrated child rescue and wireless connectivity features.
Relevant Titles
Cardiology Surgical & Interventional Cardiology Devices Market- Forecast (2022-2027)
Report Code- HCR 0017
Cardiac Implant Devices Market- Forecast (2022-2027)
Report Code- HCR 0032
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