Cardioverter Defibrillator Devices Market Size & Growth Analysis to 2030

The global cardioverter defibrillator devices market size is expected to grow at a CAGR of 5.1% during the forecast period from 2021 to 2027 and estimated to reach over USD 13,300 million by 2027. The rising prevalence of cardiac complication worldwide associated with cardiac arrhythmias primarily drives the market growth. According to the latest research citings presented by the National Institute for Health (NIH), in the last 20 years the number of cases associated with atrial fibrillation has increased by almost 33% throughout the globe.

Cardioverter defibrillator devices are employed for saving the lives of patients who are at a high risk of suffering with ventricular tachycardia. In this condition, the heart chambers are unable to contract which causes cardiac arrest within few minutes eventually leading to sudden cardiac arrest. Technological advancement in the cardioverter defibrillator devices will drastically reduce the mortality rate associated with cardiac disorders.

Market Drivers:

Increasing Prevalence of Cardiovascular Diseases: Cardiovascular diseases, including arrhythmias and sudden cardiac arrest, are a leading cause of mortality worldwide. The rising prevalence of these conditions drives the demand for cardioverter defibrillator devices as an effective treatment option for restoring normal heart rhythms and preventing sudden cardiac death.

Technological Advancements: Advances in technology have led to the development of more advanced and innovative cardioverter defibrillator devices. These devices now offer improved detection algorithms, smaller sizes, longer battery life, and enhanced patient monitoring features, increasing their effectiveness and patient comfort.

Growing Aging Population: The global aging population is prone to cardiovascular diseases, making them a key demographic for cardioverter defibrillator devices. As the elderly population continues to grow, there is an increasing need for reliable and efficient devices to manage their cardiac health.

Awareness and Diagnosis of Arrhythmias: Increasing awareness of arrhythmias and their potential risks has led to earlier diagnosis and intervention. Healthcare professionals are now more proactive in identifying individuals at risk of sudden cardiac arrest and recommending cardioverter defibrillator implantation, driving market growth.

Supportive Reimbursement Policies: Favorable reimbursement policies provided by healthcare systems and insurance companies for cardioverter defibrillator devices encourage their adoption. These policies help make these life-saving devices more accessible and affordable for patients, thereby driving market growth.

Adoption of Minimally Invasive Procedures: Minimally invasive procedures, such as implantable cardioverter defibrillator (ICD) implantation, have gained popularity due to their lower risk, shorter recovery times, and improved patient outcomes. The increasing preference for minimally invasive approaches contributes to the growth of the cardioverter defibrillator devices market.

Collaborations and Partnerships: Collaborations between medical device manufacturers, healthcare providers, and research institutions promote the development of advanced cardioverter defibrillator devices. These partnerships facilitate technology transfer, research and development activities, and clinical trials, accelerating the market growth.

Emerging Markets and Healthcare Infrastructure: The expansion of healthcare infrastructure in emerging markets, coupled with increasing healthcare expenditure, contributes to market growth. Improved access to healthcare services, rising disposable incomes, and the introduction of government initiatives for cardiovascular disease management drive the demand for cardioverter defibrillator devices.

Patient Preference for Homecare Settings: There is a growing trend toward patient-centered care and the preference for managing cardiac health in homecare settings. The development of wearable cardioverter defibrillators, which can be worn by patients outside of hospital settings, meets this demand and drives the growth of the market.

Market Attributes:

Market Insights:

Implantable cardioverter-defibrillator is representing the largest market share in the type segment for the cardioverter defibrillator devices market. According to the recent statistics provided by the World Health Organization (WHO), sudden cardiac death and arrhythmias are responsible for 15 to 20% of all known deaths throughout the globe. The ergonomic features associated with its market dominance are miniaturization of devices, simplified implantation procedure, and elimination of the leads implanted in the veins or the heart. Over the years the global healthcare regulatory authorities have expedited their early CE approval process and certified them as MRI safe. External cardioverter-defibrillator devices are going to register rampant market growth during the forecast period due to its diverse mode of function such as manual and automated. They are widely employed for the resuscitation purpose in cases of sudden cardiac arrest, additionally, advancement in the operating software and mitigating the risk of infections associated with implantable devices has increased its popularity amongst the cardiologist worldwide.

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Hospital & clinics are presently leading the end-user segment for cardioverter defibrillator devices market. Significant increase in the number of inpatients admission in primary healthcare centers across the globe to undergo surgical procedures for the implantable cardioverter defibrillator devices. Ambulatory surgical centers are expected to register exemplary market growth in the near future on account of the increasing demand for minimally invasive surgical procedures and government initiatives to promote ASC’s to reduce the healthcare cost burden associated with hospitals and clinics worldwide.

The cardioverter defibrillator devices comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2020 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Type:

• Implantable Cardioverter Defibrillator
• External Cardioverter Defibrillator

By End-User:

• Hospital & Clinics
• Ambulatory Surgical Centers
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

North America is currently dominating the geography segment for the cardioverter defibrillator devices market. The rising prevalence of cardiovascular complications in the adult population primarily drives the market growth in the region. As per the latest research citings presented by the Center for Disease Control and Prevention (CDC), approximately 30.3 million adults in the United States are diagnosed with heart disease. Domicile of key players such as Boston Scientific Corporation, Medtronic, Plc., Abbott Laboratories, Inc., Cardiac Science Corporation etc. further accelerate the market growth in the region. Europe is placed in the second position owing to the growing incidence of cardiac arrhythmias in the geriatric population in the region. The Asia Pacific is anticipated to be the fastest-growing segment in the regional segment for the cardioverter-defibrillator devices market. Increasing medical tourism and developing healthcare infrastructure together determine the market growth in the Asia Pacific region.

Market Competition Assessment:

Key players operating in the global cardioverter defibrillator devices market are Boston Scientific Corporation, Medtronic, Plc., Koninklijke Philips, Abbott Laboratories, Inc., and Biotronik AG. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Boston Scientific Corporation
• Medtronic, Plc.
• Koninklijke Philips
• Abbott Laboratories, Inc.
• Biotronik AG
• Stryker Corporation
• Cardiac Science Corporation
• Nihon Kohden Corporation
• Progetti Srl
• Defibtech LLC

Key Questions Answered by Cardioverter Defibrillator Devices Market Report:

• Global cardioverter defibrillator devices market forecasts from 2021-2027
• Regional cardioverter defibrillator devices market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Cardioverter defibrillator devices submarket forecasts from 2021-2027 covering the market by type, by end-user, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to cardioverter defibrillator devices market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level cardioverter-defibrillator devices markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the cardioverter-defibrillator devices market