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Wearable Cardioverter Defibrillator Market Size, Share, Growth 2022 Global Insights to 2031 – by Recent Business, Regional Demand, Segmentation, and Competitive Research Report

Kenneth Research added a report on Wearable Cardioverter Defibrillator Market market into the repository of market research reports. The report includes in-depth analysis on the growth drivers, expansion opportunities, restraints and challenges and the recent trends in the market. The market is anticipated to grow at a CAGR of 25.45% during the forecast period, i.e., 2022-2031.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Wearable Cardioverter Defibrillator Market products.

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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

Global Wearable Cardioverter Defibrillators Market Analysis 2019-2028

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Wearable cardioverter defibrillators are wearable devices which are capable of administering electrical shock to the heart for preventing sudden cardiac death (SDC). The major cause of death is cardiovascular disorder, as a result of which, a significant number of new manufacturers are interested to invest in new technologies for providing advanced screening and treatment options. An external defibrillator is attached in the wearable cardioverter defibrillator to a vest that is worn by the patient. It is highly used in patients to bridge the situation where the patient is looking for an Implantable Cardioverter Defibrillator (ICD). The value of global wearable cardioverter defibrillator market is expected to reach around USD 1100 million by 2028, by registering a CAGR of 25.45% across the globe during the forecast period, i.e. 2021-2028.

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The increasing investment in various international healthcare programs funded by the government and other organizations such as the World Health Organization, increasing old age population, changes in disease prevalence or incidence rate, and increasing cost of services, are the major factors accelerating the market growth.

The global wearable cardioverter defibrillator market consists of various segments that are segmented by indication, demography, end user, and by region. The market is further segmented by demography into pediatric, adults, and geriatric. Out of these, the adult segment recorded the highest share, as the adult population in the world has increased rapidly over the past few years. People with high-risk of cardiovascular diseases usually include adults with hypertension, diabetes, obesity, and other factors. Adults segment is estimated to touch around USD 150,000 thousand in 2020. Moreover, the increasing geriatric population across the world is expected to raise demand for wearable cardioverter defibrillator to monitor and manage cardiovascular diseases. Among pediatric patients, congenital heart disease is the most common heart defect. Although cardiovascular disorders are a great concern in adult population, the increasing prevalence of childhood obesity has increased the risk of cardiovascular complications in children, which in turn is anticipated to drive the growth of the wearable cardioverter defibrillators market.

Based on region, the global wearable cardioverter defibrillators market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Among these regions, the market in North America had registered the largest share of around 47% in the year 2019 and is expected to grow significantly over the years on the back of increasing investment towards the medical device sector from government and private organizations to maintain the highest quality of services. Owing to various innovations in devices and tools used, there has been a rise in demand for efficient resources across the medical devices sector. Moreover, the Europe wearable cardioverter defibrillators market is expected to reach a market size of around USD 320,000 thousand by 2028 owing to the increasing demand for advanced medical devices owing to the changing medical practices and the rise of new manufacturing technologies.

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Some of the prominent industry leaders in the global wearable cardioverter defibrillators market are ZOLL Medical Corporation, Element Science Inc., Medtronic plc, Kestra Medical Technologies Inc., Abbott, Boston Scientific Corporation, LivaNova plc, Koninklijke Philips N.V., Nihon Kohden Corporation, and General Electric Company.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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