NEW YORK, March 15, 2021 /PRNewswire/ -- One of the key reasons behind the growth of the global external defibrillator market is the rise in the prevalence of cardiovascular diseases (CVDs). As a result, the revenue generated from the sale of such devices is predicted to reach $9,450.3 million by 2030, from $3,926.5 million in 2019, at an 8.5% CAGR between 2020 and 2030, according to P&S Intelligence.
According to the Heart Disease and Stroke Statistics-2017 Update report published by the American Heart Association (AHA), 800,000, or one in every three deaths in the U.S, is a direct result of CVDs. Defibrillators prove helpful in cardiac emergencies, by sending an electric shock to neutralize the abnormal current flowing through the sinoatrial and atrioventricular nodes, thus restoring the normal heart rhythm.
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Due to the lockdown measures imposed in many countries, in the wake of COVID-19, manufacturing, export, and import activities have taken a bad hit, as has the supply of external defibrillators. However, the demand for such devices remains high, as medical settings are experiencing a rapid increase in the number of patients being hospitalized.
In the coming years, the non-wearable bifurcation, on the basis of type, is expected to witness more-rapid growth in the industry, as they are easy to use and portable. Moreover, wearable variants often cause sleep disturbance, skin rashes, sunburns, and itching, which is why patients and doctors prefer non-wearable external defibrillators.
The automatic bifurcation, based on technology, held larger share in the market during 2014-2019. This is because these variants require almost no technical expertise, which helps cardiac arrest or arrhythmia patients get immediate treatment, without the need to go to a proper medical facility. This is why they are being rapidly installed at airports, railway stations, shopping and sports complexes, and other public spaces.
Browse detailed report with COVID-19 impact analysis on External Defibrillator Market Research Report: By Type (Wearable, Non-Wearable), Technology (Automatic, Manual), Patient Type (Adult, Pediatric), End User (Public Access Settings, Hospitals, Clinics, and Cardiac Centers, Pre-Hospital Care and Emergency Medical Service Providers, Homecare Settings) - Trends Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/external-defibrillator-market-report
Till 2030, the adult bifurcation, under the patient type segment, will continue dominating the industry, due to the higher prevalence of sudden cardiac arrest (SCA) in adult CVD patients, compared to pediatric subjects. The Heart Rhythm Clinic of Michigan (HRCM) says that 325,000 adults in the U.S. suffer from sudden cardiac death (SCD) every year.
North America is the largest user of external defibrillators, and it will continue being so till 2030. This is attributed to its advanced medical infrastructure, existence of numerous external defibrillator manufacturers, increasing geriatric population, rising CVD prevalence, and surging installation of AEDs in public places. In addition, several awareness programs and conferences are being initiated to educated people about the usefulness of AEDs in treating pulseless ventricular tachycardia and ventricular fibrillation (V-fib). For instance, Vancouver, Canada is scheduled to host the 28th International Congress on Cardiology and Medical Interventionson October 30-31, 2020.
In an effort to eliminate the competition and consolidate their own position in the industry, companies in the market are engaging in acquisitions.
For instance, in August 2019, the previously announced acquisition of Cardiac Science Corporation was completed by ZOLL Medical Corporation.
In the same vein, Physio-Control International Inc. was acquired by Stryker Corporation for $1.3 billion in February 2016. This way, Stryker Corporation expanded its portfolio of AEDs, monitors/defibrillators,CPR-assist devices, as well as data management and support services, along with its geographical reach.
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The key companies in the global external defibrillator market are Nihon Kohden Corporation, Koninklijke Philips N.V., Stryker Corporation, SCHILLER AG, Defibtech LLC, Progetti S.r.l., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Cardiac Science Corporation, Mediana Co. Ltd., ZOLL Medical Corporation, Opto Circuits India Ltd., BPL Medical Technologies Pvt. Ltd., and CU Medical System Inc.
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