Wearable Cardioverter Defibrillators Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, China, India, Japan, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Report ID: GMI1953
Wearable Cardioverter Defibrillators Market size is projected to experience significant growth from 2017 to 2024.
Wearable cardioverter defibrillators industry is slated to witness a strong growth owing to rapidly growing geriatric population. As per United Nations statistics, 2015, the number of people over 60 years of age has increased significantly over the past few years in most of regions, United Nations further projected that between 2015 and 2030, the number of people over 60 years of age will grow by more than 55% from 901 million to 1.4 billion in 2030 globally.
Increasing incidence of cardiovascular disorders globally is another pivotal factor driving the growth of wearable cardioverter defibrillators market. In the U.S., heart disease is demonstrated to be the cause for one in three deaths in women and men and is responsible for around 750, 000 fatalities annually. While, globally the deaths due to cardiovascular diseases between 1990 and 2020 is projected to increase from 28.9% to 36.3%.
Apart from this various technological advances in the devices slated to happen in future such as reducing the weight and size and weight devices further to make it more comfortable for the patient, electrode noise reduction and improvement in signal to reduce the event of inappropriate detections and shocks will contribute to market growth.
Wearable cardioverter defibrillator devices have become increasingly popular, since this device can be used in a situation where a patient is waiting for an implantable one due to surgical contraindication and prevent the risk of cardiac arrest. The device can be used by patient with recent myocardial infarction and left ventricular dysfunction, in an event where there is no firm indication for installing implantable devices.
Various factors that tend to limit the projected growth of wearable cardioverter defibrillators include less knowledge regarding sudden cardiac arrest, and limitations faced by the devices such as lack of provision to monitor atrial arrhythmias.
By application, wearable cardioverter defibrillators market can be segmented into peripartum cardiomyopathy, inherited arrythmias, and congenital heart disease. While on the basis of end-user the market can be segmented into hospitals, homecare settings, and specialty clinics.
U.S. drives the global wearable cardioverter defibrillators market, holding the largest share in overall market. The region is slated to continue its glory of being the largest contributor due to rapidly arising incidences of cardiovascular diseases, and increasing number of heart surgeries. Apart from this, U.S. and Canada witness high level of awareness regarding sudden cardiac arrest and benefits of using wearable cardioverter defibrillators.
Europe held the second largest position in the wearable cardioverter defibrillators market driven by factors such as rising geriatric population, better access to advanced healthcare facilities, and increased awareness regarding cardiovascular diseases.
The demand for wearable cardioverter defibrillators is rising significantly in the emerging nations of Asia Pacific owing to rise in the prevalence of cardiovascular disorder and awareness regarding treatment options using these devices. Moreover, various manufacturers in the market are eyeing upon this region as lucrative growth platform due to large patient pool. In an attempt to increase product awareness, manufacturers arrange various seminars and training workshops for surgeons and patients regarding the use of wearable cardioverter defibrillator devices.
Latin America and Middle East Asia regions are set to embark remarkable growth in the wearable cardioverter defibrillator market due to conducive business environments leading to entry of major manufacturers in the region. The introduction of rental services for wearable cardioverter defibrillators should boost the demand for devices, by lowering the cost and making it affordable in low income countries of the region. However, factors such as inadequate training staff and skilled technicians along with hesitation to use the device due to safety issues among patient group may hamper the expected market growth in the region during the forecast timeframe.
Key industry players include Boston Scientific, Jude Medical, Medtronic, Nihon Kohden, and Zoll Medical among others. Partnership with regional companies’ in order to expand its distribution channel and new product launches are commonly used strategies by wearable cardioverter defibrillators industry players.
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