Kenneth Research, in its repository of market research reports, has recently added a report titled Defibrillators Market, that emphasizes on the recent market trends and opportunities available for the growth of the market for the forecast period 2022-2031. The growth of the Defibrillators Market can be attributed to the increasing health spending by nations across the globe, and for the rapid innovations observed in the medical sector. According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
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 Defibrillators Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
Defibrillators Market By Type (Implantable Cardioverter Defibrillators (ICDs), and External Defibrillators), By End User (Hospitals, Clinics, and Cardiac Centers, Prehospital Care Settings, Public Access Markets, Home Care Settings, and Alternate Care Facilities), By Geography (North America, Europe, APAC, and RoW) Global Opportunity Analysis and Industry Forecast up to 2026.
Defibrillators are the devices used to control the heart rate by giving an electric pulse or shock to a patient’s heart. It is used to prevent life-threatening conditions like ventricular fibrillation, cardiac arrhythmia, and pulseless ventricular tachycardia. Its major function is to deliver an electric shock to the heart, which then depolarizes the heart muscles and revives to its usual electric impulse. Defibrillators are now gaining popularity in the market due to its focus on providing public access. Moreover, the upgraded defibrillator devices are in high demand among the geriatric population with a higher risk of targeted diseases, and an increasing number of cardiac diseases among all ages is another factor contributing to its market growth. However, lack of knowledge about sudden cardiac arrest, increasing prices imposed by sellers and product failure have led to an obstruction in its growth in the market.
Research Methodology:
The defibrillators market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology, along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
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The market of such devices is divided into two categories; 1st, “Types”: there are two types of Defibrillators such as:
Implantable Cardioverter Defibrillators (ICDs)
External Defibrillators
The ICDs shared the largest part of the defibrillators market in the year 2019. These are developed with advanced technology which provides longer durability. Another factor which contributes to their large share in this market across the globe is their rapid growth in the figure of implant procedures, increasing adoption of Cardiac Resynchronization Therapy Defibrillators (CRT-Ds) and S-ICD.
The second category is “end-user”, these devices are mainly used inhospitals, clinics, and cardiac centres which also covered the largest part of the market in 2019. In addition, these devices play an important role in prehospital care settings, public access markets, alternate care facilities as well as home care settings. The increasing demand for cardiac implants and facility of repayments offered by the developed markets are major reasons for their high growth.
Some of the major competitors in the domain of Defibrillators are Abbott Laboratories, Boston Scientific Corporation, Cardiac Science Corporation, Defibtech LLC, Koninklijke Philips NV, LivaNova PLC, Medtronic PLC, Nihon Kohden Corporation, Physio-Control Inc, ZOLL Medical Corporation, ST. Jude Medical, Zoll Medical Corporation, Biotronik, CU Medical Systems, Mediana, Metsis Medikal, Microport, Mindray Medical, Physio-Control, Progetti Medical Equipment Solutions, and Schiller AG.
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The last category consists of areas covered “geographically”, which is further classified into North America, Europe, the Asia Pacific, and the remaining parts of the world. The Asia-Pacific region includes mix of developed and developing countries including China, India, Thailand, Japan, Australia, Malaysia, and New Zealand. The Asia-Pacific region offers money-making opportunities within the defibrillators market, which are also considered to be the fastest-growing market throughout the forecast period. Moreover, Asia-Pacific is densely populated with India and China being the highest of all. Its growth is fueled by the growing demand for sophisticated defibrillators, a sweeping healthcare reforms across economies, high prevalence of heart failures, and increased focus of the major players on developing advanced technology with cost-effective defibrillators.
The estimated market value of Defibrillators in the year 2020 is $10.08 billion and it is predicted that it will grow at a CAGR of 3.0%. There are two important factors which are the driving forces behind the growth of Defibrillators market:
Growing Focus on Providing Public-Access Defibrillators
Training & Awareness Programs on Defibrillators
The defibrillators market is estimated to grow at a CAGR of 3.0%. We have a lot of opportunities in emerging countries and this report will help in understanding the current market dynamics, changing needs, and innovations that might be needed to make the user experience enriching.
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This report would be the foundation for any research on the Defibrillators, vendor capabilities, SWOT of the sensors, and organized framework for data analysis for further advanced innovation.
This piece of the report would be the backbone for exhaustive research and a tool for the upcoming innovations and technologies. This gives an idea about the major competitors in the market, their journey, and the competitive edge which one should have to beat other players in the market.
The report contains insights regarding upcoming technological innovations and advanced solutions for the Defibrillators
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