Increasing incidences of cardiovascular diseases and rising geriatric population base are some key factors expected to drive market growth by widening the patient base. Moreover, improving healthcare infrastructure and growing focus of key market players on emerging economies is also expected to fuel the growth of this market. Defibrillators are most commonly used to deliver therapeutic doses of electrical energy to the heart in case of a cardiac arrhythmia. Rising mortality rates associated with sudden cardiac arrest (SCA) has led to a consequential rise in demand for defibrillators.
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Further key findings from the study suggest:
Implantable cardioverter defibrillator (ICD) is the most lucrative product segment. The global market for ICD is expected to grow at a rate of over 6.0% over the forecast period owing to their ability to avoid sudden cardiac arrest (SCA).
The product is also expected to remain as the most revenue generating segment of the market throughout the forecast period. The rise in demand for single and dual chamber ICDs are some factors expected to drive segment growth over the next six years.
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North America accounted for more than 35.0% of the defibrillator market in 2013. High adoption rates of technologically advanced products and the presence of a sophisticated healthcare infrastructure in the region are some key factors expected to drive regional market growth. Moreover, growing geriatric population base and the prevalence of disease inducing lifestyle habits are expected to widen the patient base, thereby, providing manufacturers with future growth opportunities.
Asia Pacific is identified as the most lucrative region of the market. Presence of high unmet needs in the emerging markets of China and India and growing patient awareness levels are some factors expected to drive market growth over the forecast period.
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Key players of this market include St. Jude Medical Inc, Boston Scientific Corporation, Biotronik SE & Co. KG, Sorin Group, ZOLL Medical Corporation, HeartSine Technologies, Nihon Kohden Corporation, Defibtech LLC, GE Healthcare, Welch Allyn, Koninklijke Philips N.V., Cardiac Science Corporation and Physio Control Inc.
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