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 - 203

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

Global Defibrillators Market is set to witness robust growth between 2023 to 2032, owing to the surging preference for wearable cardioverter defibrillators and their adoption in several emerging nations.

The performance of the device, the functions it offers, as well as the clinical results, are all projected to improve as a result of numerous technological innovations in implantable cardioverter defibrillator (ICD) technology. Moreover, the demand for defibrillators has significantly increased due to clinical trials demonstrating improved survival rates in people at greater risk of cardiac arrest who get defibrillators.

Defibrillator implantation has become an outpatient operation given the improvements in surgical equipment and different product innovations. For instance, in July 2020, Abbott Laboratories received an FDA approval for its Gallant product line, a breakthrough series of connected pacemakers as well as defibrillator implants. The regulatory approval enabled the company to strengthen its pipeline of innovative technologies, which also helped increase interaction between patients, care providers, and physicians.

The defibrillator market has been divided in terms of product, end-use, and region.

Based on product, the external cardioverter defibrillator segment is expected to garner a sizable market share through the forecast period. The growth is expected to be accelerated by the growing adoption of these devices, and technical improvements that are enabling easy use & automation. Out-of-hospital cardiac arrest (OHCA) is one of the important factors that contribute to the morbidity and mortality, as well as fueling consumer interest in the device.

With respect to end-use, the ambulatory surgical centers market is estimated to grow significantly over the analysis timeframe. ICD implantation procedures are seeing a noticeable increase in the ambulatory surgery clinics. The segment revenue will be further boosted by the increasing reimbursement policies for ICDs in these healthcare settings.

From the regional perspective, the North America defibrillator market held more than 37% business share in 2022 credited to the rise in private research funding for the research and development of innovative technologies across the region. The predominance of major market players, the rising rate of chronic cardiac illnesses, supportive government measures, and a favorable reimbursement system, all contribute to the region’s dominant market position. Moreover, the availability of well-equipped healthcare infrastructure and professional medical staff is also set to foster North America defibrillators market growth.