Hospital and Pre-Hospital External Defibrillator Market Size to Grow at a CAGR of 5.65% During the Forecast Period 2020-2025
Hospital and Pre-Hospital External Defibrillator Market size was valued at $2.95Billion by 2019 and is anticipated to grow at a CAGR of 5.65% during the forecast period 2020-2025. The Hospital and Pre-Hospital External Defibrillator Market growth rate is attributed to the increasing geriatric population across the globe. Geriatric people have elevated risk of cardiovascular diseases (CVD) which thus account for increase demand. External defibrillators are lightweight and compact instruments used in life-threatening conditions such as ventricular fibrillation, cardiac arrhythmia, sudden cardiac arrest, and pulseless ventricular tachycardia to administer therapeutic shock to a patient's core.
The hospital and pre-hospital external defibrillators market is expected to grow at a significant rate during the forecast period, owing to increase in demand for automated defibrillators, surge in prevalence of chronic cardiac diseases, growth in awareness about technological advancements about automated external defibrillators in developing countries. In addition, rise in the geriatric population, and development in healthcare infrastructure further drive the market growth. However, higher cost of external defibrillators and stringent government regulations for their approval can impede the market growth.
Hospital and Pre-Hospital External Defibrillator Market Segment Analysis - By Product Type
On the basis of product type, automated external defibrillator segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 5.65%. Some key factors such as technological advancements in automated external defibrillators rise in adoption of automated external defibrillators in the developed economies such as North America & Europe, and increase in awareness in developing economies further boost the market growth.
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Hospital and Pre-Hospital External Defibrillator Market Segment Analysis - By Geography
North America dominated the Hospital and Pre-Hospital External Defibrillator Market with a share of 39.5% in 2019. The large share of North America can primarily be attributed to the increasing number of geriatric population and high government expenditure for healthcare facilities. Continuous technological advancements & product innovations by the private player also significantly boost the market growth in this region.
Asia-Pacific also offers lucrative opportunities in the defibrillators market and is anticipated to be the fastest-growing market during the forecast period 2020-2025. Its growth is supplemented by the rise in demand for sophisticated defibrillators, large number of healthcare reforms, high prevalence of heart failures, and increased focus of key players on developing technologically advanced cost-effective defibrillators.
Hospital and Pre-Hospital External Defibrillator Market Drivers
Increasing CVD incidences in geriatric population
Presently, there is an increasing geriatric population across the globe. Geriatric people have elevated risk of CVD which thus account for increase demand. Moreover, lucrative opportunities in emerging economies and rise in adoption of external defibrillators in hospital & pre-hospital treatment offers immense growth opportunities to the global hospital and pre-hospital external defibrillator market during the forecast period 2020-2025.
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Hospital and Pre-Hospital External Defibrillator Market Challenges
High product cost and limited insurance
Despite several drivers, growth in the global hospital and pre-hospital defibrillator market is predicted to get hampered owing to limited insurance coverage and high cost of defibrillator.
Hospital and Pre-Hospital External Defibrillator Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Hospital and Pre-Hospital External Defibrillator Market. In 2019, Hospital and Pre-Hospital External Defibrillator Market share is fragmented by the top ten players present in the market. Hospital And Pre-Hospital External Defibrillator Market top 10 companies are Medtronic PLC, St. Jude Medical, Inc., Boston Scientific Corporation, BIOTRONIK SE & Co. KG, LivaNova PLC, Koninklijke Philips N.V., ZOLL Medical Corporation , Cardiac Science Corporation , Physio-Control, Inc., Nihon Kohden Corporation and others.
Acquisitions/Product Launches
In September 2019, the BeneHeart C Series AED was launched by Shenzhen Mindray Bio-Medical Electronics Co. Ltd. for improving resuscitation during SCA cases. The device makes use of the ResQNavi technology for directing users through the rescue process and provides step-by-step voice prompts and animations coaching.
Key Takeaways
North America dominated the Hospital and Pre-Hospital External Defibrillator Market with a share of 39.5% in the year 2019.
The factors such as rise in demand for sophisticated defibrillators, large number of healthcare reforms are amongst the major factor projected to impel growth of Hospital and Pre-Hospital External Defibrillator Market.
Rapid rise in geriatric population with elevated risk of cardiovascular diseases, increase in incidence of cardiovascular diseases, and high presence of unmet medical needs especially in untapped economies are the key factors owing to the growth in the segment during forecast period 2020-2025.
Related Reports :
A. Automated External Defibrillator Market
https://www.industryarc.com/Report/15703/automated-external-defibrillator-market.html
B. Defibrillator Market
https://www.industryarc.com/Research/Defibrillator-Market-Research-509772
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