Defibrillators Market growing at a CAGR of 3.1% by 2022
According to the new market research report Defibrillators Market is projected to reach USD 10.88 Billion by 2022 from USD 9.32 Billion in 2017, growing at a CAGR of 3.1%.
Factors such as technological advancements in defibrillators, rising prevalence of cardiovascular diseases, growing focus on providing public-access defibrillators, and training & awareness programs on defibrillators by public and private organizations are driving the growth of the defibrillators market. The advancements in S-ICDs and MRI-compatible Implantable Cardioverter Defibrillators (ICDs) & Cardiac Resynchronization Therapy Defibrillators (CRT-Ds) are also expected to provide growth opportunities for players in the market.
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Technological advancements in implantable cardioverter defibrillators include the development of cardiac resynchronization therapy defibrillators (CRT-D), subcutaneous implantable cardioverter defibrillators (S-ICD), and MRI-compatible ICDs. In addition to this, wearable cardioverter defibrillators provide numerous advantages to patients who are at risk of sudden cardiac arrest.
On the basis of products, the defibrillators market is classified into implantable cardioverter defibrillators (ICDs) and external defibrillators. The ICDs product segment is bifurcated into transvenous implantable cardioverter defibrillators (T-ICDs) and subcutaneous implantable cardioverter defibrillators (S-ICDs). The T-ICDs segment is further classified into single-chamber ICDs, dual-chamber ICDs, and cardiac resynchronization therapy defibrillators (CRT-Ds). The external defibrillators segment is further classified into manual external defibrillators, automated external defibrillators (AEDs), and wearable cardioverter defibrillators (WCDs). The external defibrillators segment is expected to grow at the highest CAGR in the forecast period, owing to the growing focus of key market players on developing easy-to-use defibrillators, increasing support from governments to install AEDs at public places, and rising adoption of WCDs.
On the basis of end users, the defibrillators market is segmented into hospitals, clinics, and cardiac centers; pre-hospital care settings; public access markets; alternate care facilities; and home care settings. The public access markets segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment is attributed to the development of advanced AEDs, rising cases of sudden cardiac arrest at out-of-hospital settings, and increasing number of public access defibrillation programs across the globe.
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By region, the defibrillators market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is expected to grow at the highest rate during the forecast period. Factors such as the rapidly growing aging population, increasing cases of cardiovascular diseases, improving research infrastructure, and growing focus of key market players to expand their presence in this region are driving the growth of the Asia Pacific defibrillators market.
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