Cardioverter Defibrillator Device Market is Predicted Attain a Revenue of 17.7795 Billion by Growing at a CAGR of 7.1% During 2022-2028; Increasing Prevalence of Cardiovascular Diseases to Elevate Market Growth – SkyQuest
The most recent cardioverter defibrillator device market analysis by SkyQuest forecasts potential future development and offers up-to-date details on sales volume, industry trends, and anticipated growth. By providing a thorough market analysis, the research intends to assist decision-makers in making smart investment decisions. Key market drivers, obstacles, and opportunities are also identified by the research. Additionally, the report also contains a section on regional analysis that focuses on areas with significant growth potential and aids players in boosting their market presence.
Westford, USA, Feb. 12, 2023 (GLOBE NEWSWIRE) — The cardioverter defibrillator device market in North America is on an upward trajectory owing to several factors including the increasing usage of advanced technologies by healthcare organizations, growing healthcare expenditure, and the rising heart health related concerns. Furthermore, the heart surgeries are becoming popular trends in the on account of the rising cases of the cardiovascular diseases (CVDs) is predicted to boost market growth. Additionally, the launch of new defibrillator and pacemakers to make them more compact, easily accessible, and patient pocket-friendly is anticipated to drive the market growth.
SkyQuest’s latest insights on heart health, CVDs, and usage of pacemaker and cardioverter defibrillator shows that every year, more than one million cardiac defibrillators are implanted throughout the world, with about 200,000 of those procedures taking place in the US alone.
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Tables – 64
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A few of the key companies and prominent market players covered in the global cardioverter defibrillator device market research report by SkyQuest are:
- Medtronic PLC
- Abbott Laboratories
- Boston Scientific Corporation
- BIOTRONIK SE & Co. KG
- LivaNova PLC
- Stryker Corporation
- Koninklijke Philip N.V.
- Cardiac Science Corporation
- Zoll medical corporation
- Nihon Kohden Corporation
- Progetti Srl
- Fukuda Denshi Co.
- Schiller AG
- Metrax GmbH
- Mindray Medical International Limited
- GE Healthcare
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Global Cardioverter Defibrillator Device Market Dynamics:
The global cardioverter defibrillator device market is estimated to grow at a CAGR of 7.1% over the forecast period. The market is anticipated to garner a revenue of USD 17.7795 Billion by the end of 2028, up from a revenue of USD 11 Billion in the year 2021. A tiny battery-operated device known as a cardioverter-defibrillator is inserted into the chest to identify and treat abnormal heartbeats (arrhythmias). When necessary, this device administers electric shocks to the heart to help it return to a normal rhythm. Therefore, the cardioverter defibrillator is a kind of electronic device utilized to treat both arrhythmia and sudden cardiac arrest. Additionally, the demand for the cardioverter-defibrillator device is predicted to increase during the forecast period owing to the increasing prevalence of cardiovascular diseases (CVDs) and rising instances of fatalities on account of CVD across the globe. According to SkyQuest’s research insights cardiovascular diseases (CVDs) is the leading cause of death worldwide and cause over 17.9 million deaths per year.
Key Takeaways from Global Cardioverter Defibrillator Device Market Research Report
- North America region is expected to have the largest market share
- The implantable cardioverter defibrillator segment is estimated to dominate the global market
- Hospital segment is predicted to gain the highest market share
Rising Technological Advancements in the Field of Cardioverter Defibrillator Devices to Accelerate Market Growth
It was noted during research that key market players are investing significantly in the development of high-tech and next-gen cardioverter defibrillator device that is predicted to propel the market growth during the forecast period. With the rising technological advancements, defibrillators now cost less, take up less space, and are simpler to use. Automated external defibrillators (AEDs) and implantable cardioverter defibrillators (ICDs) are two examples of technological innovation. These gadgets work well to control heart attack symptoms. After receiving the appropriate training, using a defibrillator has become simple for a bystander owing to technological developments in defibrillators. Further, these advancements and investments are estimated to boost the safety and overall efficiency of the device. SkyQuest found that Medtronic plc, a leader in healthcare technology, achieved a defibrillation success rate of 98.7% and met its safety endpoints in a global clinical trial. This system is a first-of-its-kind defibrillator with the lead positioned under the breastbone, outside of the heart, and veins.
Regional Overview
A detailed report of the global cardioverter defibrillator device market comprises the regional outlook for the market in North America, Europe, Asia Pacific, South America, and MEA.
Among these, the market in North America region is predicted to gain the largest market share during the forecast period. The growth of the market can be ascribed to the increasing prevalence of cardiovascular diseases in the region owing to the rising adoption of unhealthy habits among people including the growing consumption of fast food and excessive consumption of alcohol in the region. SkyQuest noted during a market study that about 697,000 Americans died from heart disease in 2020, and about 20.1 million adults aged 20 and over have CVD. In addition to this, the increasing investment in healthcare advancements and rising adoption of smart healthcare devices in the region are predicted to boost market growth. Around 33,000 CRT-Ds devices from Boston Scientific’s Resonate, Autogen, Dynagen, Incepta, and Cognis ranges were supplied globally in 2020. 16,500 of these were registered in the United States alone, showing a strong adoption rate as found by SkyQuest during the market research.
On the other hand, the market in Asia Pacific region is estimated to expand at the fastest rate during the forecast period. The growing instances of cardiovascular diseases and the increasing awareness among people regarding heart health in the region are predicted to promote market growth during the forecast period. Moreover, the growing geriatric population in the countries such as China, India, and Japan is expected to positively impact the market growth as the older age population is more to acquire chronic diseases including cardiovascular diseases.
Hospital Segment to Dominate Global Market Owing to Rising Healthcare Investment and Increasing Number of Cardiac Patients
The end-user segment of the global cardioverter defibrillator device market is classified into hospitals, pre-hospital, public access markets, alternative care, and home. Out of these, the hospital segment is estimated to dominate the global market by gaining the highest market share during the forecast period. The growth of the segment can be ascribed to the increasing traffic in the hospital owing to rising instances of heart disease. Moreover, the growing investment by governments and key market players in hospitals and the increasing number of hospitals across the world is predicted to boost the segment growth. SkyQuest’s data shows that there are around 6093 hospitals in the USA as of 2022 and this number is predicted to grow further during the forecast period.
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Implantable Cardioverter Defibrillator Segment to Garner Highest Market Share On Account of Rising Geriatric Population
The type segment of global cardioverter defibrillator device market is segmented into implantable cardioverter defibrillators and external cardioverter defibrillators. Out of these, the implantable cardioverter defibrillators segment is predicted to gain the highest market share over the forecast period. The growth of the segment can be ascribed to the increasing need for devices for treating CVDs as they are compact and easy to accommodate. Additionally, the aged population as they are more prone to acquire chronic diseases and they have a weak immune system is anticipated to boost the market growth. SkyQuest has noted that from 0.9% among those aged 18 to 44 to 5.9% among those aged 45 to 64 and 18.2% among those over 65, prevalence increased with age.
Key Developments in the Cardioverter Defibrillator Device Market
- As part of its expanding line of electrophysiological products on the global market, on February 2023, Abbott announced two approvals. The business’s TactiFlexTM Ablation Catheter, Sensor EnabledTM, the only ablation catheter in the entire world with a flexible tip and contact force sensing, has been granted CE Mark1 to treat persons with irregular heart rhythms such as atrial fibrillation (AFib).
- Boston Scientific Corp., a manufacturer of medical devices, has been expanding into new technological fields and buying additional businesses through its venture capital division in recent years. It has invested around $1 billion in purchasing shares in about 50 businesses worldwide. One of many businesses that invest in startups to discover new technologies is Boston Scientific, which provides goods with a focus on urology, cardiology, and other medical sectors.
- Study presented by BIO|GUARD-MI at ACC.22 indicates that insertable cardiac monitors (ICM) and remote monitoring can improve results for post-myocardial infarction patients. Early treatment of high-risk NSTEMI patients under continuous arrhythmia monitoring with ICMs may lower major adverse cardiac events (MACE).
- To create an integrated health system that will increase access to high-quality treatment for both urban and rural populations, Sanford Health and Fairview Health Services have signed a statement of intent. According to Bill Gassen, president and CEO of Sanford Health, “we organizations are connected by a shared goal to enhance the health and well-being of our citizens from chronic diseases.”
The research study provides thorough and in-depth analyses of the leading market players in the cardioverter defibrillator device, including information on their financials, distribution network trends, technological breakthroughs, and significant advancements. The report also includes important suggestions that businesses should take into account as they prepare for future business expansion.
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Key Questions Answered in the Cardioverter Defibrillator Device Market Research Report
- What are the main elements shaping the cardioverter defibrillator device market globally?
- What commercial possibilities, difficulties, and strategies have the major players adopted?
- What opportunities and difficulties do global suppliers face in the market?
- What are the regional sales, profit, and pricing analyses for the global market?
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