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Global Impact: Defibrillators Market Shaping Cardiac Health Worldwide
The global defibrillator market is set to witness substantial growth, with a projected value of USD 18.1 billion by 2028, indicating a CAGR of 5.9% during the forecast period. Factors such as the increasing prevalence of coronary artery diseases, a growing elderly population, favorable medical reimbursements, expanding healthcare infrastructure in emerging economies, heightened research efforts, and government initiatives to install automated external defibrillators in public places contribute to the market's expansion. Nevertheless, the industry faces challenges associated with frequent product recalls and issues related to implantable and automated defibrillators.
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Implantable Cardioverter-Defibrillator (ICDs) Segment Holds Largest Market Share:
The defibrillators market is segmented into implantable ...
... cardioverter-defibrillators (ICDs) and external defibrillators based on product type. In 2022, the ICDs segment is expected to dominate the global defibrillators market due to its key advantage of providing timely intervention during cardiac emergencies. Technological advancements in implantable defibrillators and the rising preference for subcutaneous ICDs further contribute to the segment's growth prospects.
Hospitals, Clinics, and Cardiac Centers Lead End-user Segment:
Among the various end-user segments, hospitals, clinics, and cardiac centers are projected to dominate the defibrillator market in 2022. This dominance is attributed to the significant rise in hospitalizations for critical cardiac conditions, the increasing number of ICD and CRT-D implant procedures performed in these facilities, and the growing prevalence of cardiac diseases among the elderly population. These factors collectively fuel the demand for defibrillators in these settings.
North America Holds the Largest Market Share:
North America currently holds the largest market share in the defibrillator market. This can be attributed to the region's rapid adoption of technologically advanced defibrillators, favorable reimbursement policies, and the presence of leading defibrillator manufacturers investing in research and development for new product innovations. Asia Pacific is expected to witness the highest growth rate during the forecast period due to its large target patient pool, government initiatives to modernize healthcare infrastructure, and increased market presence of key players.
Major Players in the Defibrillator Market:
Key players in the defibrillator market include Medtronic (Ireland), Stryker (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), MicroPort Scientific Corporation (China), and Nihon Kohen Corporation (Japan). These companies play a crucial role in driving innovation and advancements in defibrillator technology.
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The global defibrillator market is poised for significant growth, driven by factors such as the rising incidence of cardiac diseases, the expanding elderly population, technological advancements, and government initiatives. The dominance of implantable cardioverter-defibrillators (ICDs) and hospitals, clinics, and cardiac centers as the preferred products and end-user segments, respectively, further reinforces market growth. North America leads the market, while Asia Pacific shows promising growth potential. Major players continue to focus on research and development to cater to the increasing demand for advanced defibrillator solutions.
Mr. Aashish Mehra
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An innovative professional with 6+ years of progressive experience within the Healthcare industry. with the skills to drive business growth, capitalize on new revenue potential, and manage all aspects of daily internet / eCommerce operations.
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