The global defibrillators market was valued at USD 12.5 million in 2016 and is projected to expand at a CAGR of 6.0 percent from 2016 to 2024, to value USD 21.2 billion by 2024, estimates Coherent Market Insights. Rise in the number of deaths related to cardiovascular, majorly resulting from rise in prevalence of sudden cardiac arrest, is expected to play a major role in supporting the market.
Companies are inclined toward developing latest technologies that can be used for homecare settings as well as for other end users such as hospitals and emergency medical services. The companies are focusing on automated external defibrillators that are used to manage cardiac arrhythmia, and are pre-installed in first-aid carrying case, along with battery and pads that are easy to use during a medical emergency. Major players are focused on improving quality of the device, which would have a longer life and better performance.
One of the major factors favoring growth of the defibrillators market is rise in consumption of tobacco and increasing number of smokers, mainly in low- and middle-income countries. These regions are highly lucrative and are expected to provide significant growth potential.
The single-chamber implantable cardioverter defibrillator segment is projected to dominate the market throughout 2016 to 2024, owing to high adoption rate for implantable devices. In terms of product type, the wearable cardioverter segment is expected to expand at a significant CAGR of 7.5 percent over the next eight years.