Wearable Cardioverter Defibrillators Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Wearable Cardioverter Defibrillators Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Wearable Cardioverter Defibrillator market studied is expected to grow with an estimated CAGR of 15.2% over the forecast period (2022-2027).

COVID-19 outbreak has become a major public health problem at a global level. Post COVID-19, various heart complications have been reported in several patients, which in turn required increased awareness in the public domain. COVID-19 can damage the heart muscle and affect heart function. As per the 2022 update from John Hopkins Medicine, blood tests have demonstrated that some individuals experience chest pain, EKG abnormalities, and increased troponin levels during COVID-19. Elevated troponin levels indicate that the heart's tissue is damaged. Moreover, COVID-19 can also affect the strength of the heart and its blood pumping ability. So during COVID-19 and post-pandemic people utilized cardiovascular devices for the care of cardiovascular health. As per the above-mentioned factors, COVID-19 had a significant impact on the wearable cardioverter defibrillators market.

The rising need for immediate management, increasing awareness of medical devices, advancements in technology, and the increasing geriatric population worldwide are the major drivers leading to the tremendous growth of the global wearable cardioverter defibrillator market. For instance, with the increase in the geriatric population and the prevalence of various chronic diseases such as cardiovascular diseases, the need for personal care devices has immensely increased among patients and caregivers worldwide. According to an article published in March 2022 under the title “Association Between Atrial Fibrillation and the Risk of Cardiovascular Mortality Among Elderly Adults With Ischemic Stroke in Northeast China: A Community-Based Prospective Study” stated the prevalence of atrial fibrillation increased with age among the elderly population with ischemic stroke. Hence early screening and management of atrial fibrillation were found to be essential. Thus, the adoption of wearable cardioverter defibrillators is likely to increase and boost market growth.

The development of technologies in wearable cardioverter defibrillators consists of noteworthy features such as non-invasiveness, small size, and lightweight. Adoption of the non-invasive device by patients and doctors will aid in accelerating the growth of this industry in the coming years. Apart from these advantages, wearable cardioverter defibrillator also aids in reducing the risk of death due to sudden cardiac death. Given all the mentioned facts, the wearable cardioverter defibrillator market is expected to witness significant growth over the forecast period. However, security issues in wearable devices and regulatory issues restrain the market growth.

Key Market TrendsThe Adult Segment is Expected To Grow Faster and Dominate the Market Over the Forecast Period

The adult segment (age 20 to 59) is anticipated to hold the major share of revenue in the demography type over the forecast period. Accelerating the incidence of patients suffering from cardiovascular disorders such as abnormal heart rhythms, or arrhythmias and an increase in the prevalence of these disorders in adults is likely to boost the market for wearable cardioverter defibrillators. An article published in 2021, titled “Global epidemiology of atrial fibrillation: An increasing epidemic and public health challenge”, estimated that the worldwide prevalence of atrial fibrillation is 37,574 million cases (0.51% of the worldwide population), which has increased by 33% during the last two decades. According to the analysis, the growing trend in prevalence and incidence of atrial fibrillation will continue to increase over the next 30 years, with a major impact expected in developing countries.

New product launches, mergers, acquisitions, increased funding, and donations in the field of defibrillators are boosting the market growth. For instance, in February 2022 Stryker, one of the world’s leading medical technology companies, together with Cork County Council, delivered life-saving defibrillators to the local community in Carrigtwohill and Glounthaune, Cork. Based on the above-mentioned facts, it is expected that the studied segment will augment over the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America holds the major market share in the wearable cardioverter defibrillator market and is expected to dominate the overall market throughout the forecast period 2022-2027. Factors such as the high prevalence of cardiovascular disorders increased elderly population, and the ease of use of the non-invasive device is fueling the market growth in the studied region.

As per the Centers for Disease Control and Prevention (CDC), the prevalence of atrial fibrillation in the United States was estimated to rise to 12.1 million by 2030. The major driver for this trend is the increasing geriatric population, which leads to an increase in the number of chronic illnesses such as diabetes, cardiovascular disease, and others. Age has a significant impact on the long-term outcomes of atrial fibrillation ablation. The article published in 2022 under the title “Management of Atrial Fibrillation in Patients 75 Years and Older: JACC State-of-the-Art Review” stated that as the population ages, atrial fibrillation (AF) was becoming more common. In older persons (those over 75 years old), the problems associated with AF treatment also rise noticeably. The risk of stroke, hemorrhage, and death is particularly severe in the older AF population.

Additionally, product launches and development related to defibrillator products are boosting the market growth in the studied region. For instance, in 2022, Washington-based Kestra Medical Technologies Inc. announced that their product, ASSURE Wearable Cardioverter Defibrillator (WCD) system found to be effective at reducing false-positive shock alarms, citing results of the ASSURE WCD Clinical Evaluation - Detection and Safety Study (ACE-DETECT, NCT 03887052). Based on the above-mentioned factors wearable cardioverter defibrillator is likely to face a healthy growth over the forecast period (2022-2027) in the studied region.

Competitive Landscape

The Wearable Cardioverter Defibrillator market is moderately consolidated with few players across globe. In terms of market share, few of the major players currently dominate the market. With the rising patient awareness levels and high prevalence of diseases, many regional players are expected to be part of the Wearable Cardioverter Defibrillator market over the forecast period. Some of the major players of the market are LivaNova PLC, Koninklijke Philips N.V., Zoll Medical Corporation, Stryker Corporation, Medtronic PLC, Nihon Kohden Corporation, Kestra Medical Technologies Inc., Boston Scientific Corporation, Element Science and others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.