Home > Pressrelease > Defibrillators Market size to surpass $22.5Bn by 2032
Defibrillators Market size to surpass $22.5Bn by 2032
- Published Date: March 31, 2023
Defibrillators Market is anticipated to exceed USD 22.5 billion by 2032, as per a new research report announced by Global Market Insights Inc.
Increasing public awareness is shaping the industry scenario on account of a significant proportion of the population suffering from cardiac diseases, soaring mortality rate, and heightened disease burden. Even with a high disease burden, the general awareness associated with cardiac conditions and prevention & treatment options is limited. Thereby, several public entities and federal agencies are implementing awareness drives, campaigns, and initiatives.
Strong prevalence of out-of-hospital cardiac arrest to impel demand for external cardioverter defibrillators
The external cardioverter defibrillator segment is poised to grow at a 7% CAGR by 2032 backed by notable technical improvements that are enabling easy use & automation as well as the mounting prevalence of out-of-hospital cardiac arrest (OHCA) that cause the highest mortality and morbidity rates. As per AHA Journal, OHCA is experienced by approximately 3.8 million people globally, of which only 8- 12% people survive until hospital discharge.
Browse key industry insights spread across 320 pages with 859 market data tables & 16 figures & charts from the report, “Defibrillators Market - By Product (Implantable Cardioverter Defibrillator (ICDs), External Cardioverter Defibrillator, Wearable External Cardioverter Defibrillator), End-use (Hospitals, Clinics, Cardiac Catheterization Labs) & Global Forecast, 2023 – 2032” in detail along with the table of contents:
Promising reimbursement policies to augment ambulatory surgical centers segment expansion
The ambulatory surgical centers segment held over 16% share of the defibrillators market in 2022, propelled by the significant rise in patients preferring ICD implantation procedures. The segment outlook is also positively impacted by the favorable reimbursement scenario for ICDs in these out-of-hospital care facilities. Additionally, operational efficiency, brief stays, and highly effective healthcare experts are set to foster the demand for defibrillation in ASCs.
Supportive government initiatives for improved heart health to push North America defibrillators industry
Several factors including the strong presence of industry players, the rising predominance of chronic heart diseases, supportive government initiatives, facilitative reimbursement scenario, and the availability of advanced healthcare infrastructure are contributing to North America defibrillators market development. In February 2023, the Public Health Agency of Canada and the University of Ottawa Heart Institute Foundation joined hands to form cardiovascular disease prevention and care network for better heart health of women. The PHAC invested about USD 568,000 in the university for the project.
Innovations in extravascular ICDs to emerge as a chief growth tactic
Some of the key players in the defibrillators industry are Boston Scientific Corporation, Koninklijke Philips N.V., CU Medical Systems Co. Ltd, Stryker Corporation, Medtronic plc, MicroPort Scientific Corporation, and Meditech Equipment Co., among others.