by Brianna Crandall — April 11, 2014—Global Industry Analysts, Inc., has announced the release of a comprehensive global report on the market for cardiac defibrillators, which will be finding their way into more and more facilities accessible to the public as well as healthcare facilities. The global market for cardiac defibrillators is projected to reach US$11.2 billion by 2020, driven by factors such as an aging population, the growing incidence and prevalence of cardiac diseases, and increasing patient awareness over the importance of timely intervention.
With cardiovascular diseases ranked among the leading causes of mortality across the world, and sudden cardiac arrest representing the single largest cause of death, defibrillation can prove to be a life-saving technique if employed within few minutes of a cardiac arrest, notes GIA. An aging global population and rising incidence of various cardiovascular diseases are reportedly the major driving forces in the global cardiac defibrillators market.
According to the report, rapid expansion in the number of care facilities, medical institutions, ambulatory trauma care services, hospitals, and emergency care centers is also contributing to increased demand for cardiac defibrillators. Growth in the cardiac defibrillators market is said to be dependent on the pace of technological advancements, and the level of competition.
The market is significantly influenced by the advent of newer, advanced technologies, which in turn is driven by the growing demand for quality care. Future growth in the market will be driven by favorable government regulations, focus on reducing the cost of treating cardiac diseases, and technological developments, opines GIA.
Backed by significant support from governments as well as private parties, global demand for automated external defibrillators (AEDs) is expected to grow at a significant rate. Funding for these devices is increasingly becoming easier, with several initiatives being implemented worldwide, especially in developed markets, as a part of the drive to expand public accessibility to AEDs. Factors that will galvanize large-scale adoption of AEDs include small compact size, ease-of-use and affordability. Efficacy levels of the devices are also on the rise, making them more reliable.
According to the report, the United States represents the largest market worldwide. Technological advancements, legislation mandates, increase in out-patient services, implementation of risk-mitigation mechanisms, and an aging population are factors driving growth in the country. Asia-Pacific (APAC) is forecast to emerge as the fastest growing market, with a compound annual growth rate (CAGR) of 7.8% over the analysis period.
Major players covered in the report include Biotronik GmbH & Co. KG, Boston Scientific Corporation, Cardiac Science Corporation, GE Healthcare Ltd., Medtronic, Inc., Physio-Control Inc., Philips Healthcare, St. Jude Medical Inc., and Zoll Medical Corporation, among others.
Cardiac Defibrillators: A Global Strategic Business Report provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for geographic markets, and analyzes the global market for cardiac defibrillators by product segments such as implantable/internal cardiac defibrillators and external cardiac defibrillators.
