Global Cardioverter Defibrillator Market- Segment Analysis, Opportunity Assessment, Competitive Intelligence, Industry Outlook 2016-2023


Posted November 13, 2019 by SDMR1234

For instance, clinical trials are currently underway for Medtronic’s new Extravascular Implantable Cardioverter Defibrillator.

 
The global cardioverter defibrillator market was valued at US$ 8.2 billion in the year 2018 and is expected to reach US$ 10.67 billion by the year 2023, growing at a CAGR of 5.4%.
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A cardioverter defibrillator is either an implantable or external device that is used for the purpose of defibrillation, pacing of the heart or cardioversion. The device is used by patients who are at a high risk of death due to sudden cardiac arrest. The device checks the rhythm of the heart and when it senses abnormal beating, it sends electrical shock go restore the normal beating of the heart.
According to the World Health Organization, cardiac diseases are the number one cause of death globally. Approximately, 17.9 million people die due to cardiovascular diseases every year across the globe, which accounts for approximately 31% of deaths globally.
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The major factors to drive the growth of the cardioverter defibrillator market are the increasing prevalence of cardiovascular diseases and the rising geriatric population. Changing lifestyles have led to increased smoking and alcohol consumption, and increasing obesity, which are some of the major risk factors associated with cardiac diseases. Additionally, technological advancements in cardioverter defibrillators will further drive the market.
However, the high cost of implantable cardioverter defibrillators may impede the market growth.
The Cardioverter defibrillators market report covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An exclusive coverage is provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments. The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to competitive landscape of the market and the recent strategies & products that will assist or affect the market in the near future.
According to the product type, the market is categorized into Implantable Cardioverter Defibrillator (ICD) & External cardioverter defibrillator. Further, ICDs are classified into Transvenous Implantable Cardioverter Defibrillator (T-ICD), Subcutaneous Implantable Cardioverter defibrillator (S-ICD). T-ICDs are further segmented in Single Chamber, Dual Chamber, and Cardiac Resynchronization Therapy (CRT-D). The External defibrillator is segmented into Automated External Defibrillator (AED), Manual External Defibrillator, and Wearable Cardioverter Defibrillator (WCDs).
Based on the product type, the implantable cardioverter defibrillator segment accounted for majority of the share in the market. The increase in the number of implant procedures across the globe and the increasing in the adoption of S-ICDs and cardiac resynchronization therapy defibrillators (CRT-Ds) is driving the market for implantable cardioverter defibrillators. Other factors such as technological advancements in devices thereby resulting in increased longevity are driving the market.
Based on the end-user, the cardioverter defibrillators market is segmented into hospitals, public access markets, home care, and others. The hospitals sub-segment holds the largest share of overall cardioverter defibrillator market. The public access markets segment is expected to grow at the highest CAGR during the forecast period. The main factor that is driving this growth is a rise in the cases of sudden deaths due to cardiac arrest. In the United States alone, more than 350,000 cardiac arrests occur outside the hospital every year and are attended to by the emergency medical services. The other factors driving growth of this segment are the technological advancements in Automated External Defibrillators (AEDs) and also the increase in the number of public defibrillation programs across the globe.
Geographically, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The major factors driving the growth of the cardioverter defibrillator market in this region are the increasing prevalence of cardiac disease in this region and the rising geriatric population. Another major factor driving the growth of cardioverter defibrillators market in Asia-Pacific is the increasing focus of the major players towards this region.
North America dominates the global cardioverter defibrillators market due to the increasing prevalence of cardiovascular diseases in this region. According to the American Heart Association (AHA) approximately 840,678 deaths listed cardiovascular diseases as the underlying cause of death in the year 2016. The association also stated that between 2013 and 2016 approximately 121.5 million Americans had some form of cardiovascular disease. The main factors for the dominance of this region are the rising incidence of cardiovascular diseases, increase in the number of public defibrillation programs in North America, the favourable reimbursement policies, and the technological advancements in cardiac defibrillators.
Company Profiles and Competitive Intelligence:
The major players in the Cardioverter Defibrillator market are Medtronic (Ireland), Boston Scientific (US), Abbott (US), Biotronik (Germany), Physio-Control (a part of Stryker) (US), Philips (Netherlands), Cardiac Science (US), Mindray Medical (China), Nihon Kohden Corporation (Japan), and Zoll Medical (US) amongst others.
Medtronic holds a dominant position in the market owing to its broad product portfolio and wider geographic presence. The companies are adopting new product launch and mergers and acquisitions as major strategies in order to gain market share. Companies are also continuously trying to upgrade the existing products by introducing new technologies. For instance, clinical trials are currently underway for Medtronic’s new Extravascular Implantable Cardioverter Defibrillator. The new device does not require leads to be placed inside the veins or heart. Instead the system can deliver shocks and pacing signals to the heart, via a single lead placed under the sternum outside the heart.
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Last Updated November 13, 2019