Defibrillator Market Set to Reach $18.1 Billion by 2028: A Global Forecast
In a world where heart-related illnesses continue to pose a significant health threat, the global defibrillator market is poised for impressive growth. According to a report titled "Defibrillator Market by Product [Transvenous ICD (Single & Dual Chamber, Biventricular, CRT-D), Subcutaneous, External (Automated, Wearable)], Patient (Adult, Pediatric), End-user (Hospitals, Prehospital, Home care, Public Access) - Global Forecast to 2028," the defibrillator market is projected to be worth a staggering $18.1 billion by 2028. Let's dive into the factors that are driving this remarkable growth.
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Rising Incidence of Coronary Artery Diseases
Coronary artery diseases are on the rise, and they continue to be a leading cause of cardiac-related deaths. Defibrillators play a crucial role in saving lives during cardiac emergencies. As the incidence of these diseases increases, the demand for defibrillators is also set to soar.
Growth in the Older Population
The global population is aging, with a larger proportion of elderly individuals. Age is a significant risk factor for heart-related ailments, making defibrillators an essential part of healthcare solutions for this demographic.
Availability of Medical Reimbursements
Access to medical reimbursements for cardiac procedures has made life-saving treatments, including the use of defibrillators, more accessible. This financial support encourages individuals and healthcare facilities to invest in these devices.
Expansion of Healthcare Infrastructure Across Emerging Economies
Emerging economies are rapidly developing their healthcare infrastructure to meet the growing healthcare needs of their populations. This expansion provides a fertile ground for the adoption of advanced medical technologies, including defibrillators.
Growing Number of Players and Research
The defibrillator market has seen an increase in the number of players, contributing to innovation and research in this field. These efforts result in the development of more advanced and effective defibrillator machines.
Government Focus on Automated External Defibrillators (AEDs)
Governments worldwide are focusing on boosting the installation of automated external defibrillators in public access places. These AEDs are designed for use by non-medical personnel and can be a life-saving tool in cases of sudden cardiac arrest.
Product Segment Analysis
In terms of product segments, the Implantable Cardioverter-Defibrillator (ICDs) segment is expected to account for the largest market share in 2022. This reflects the importance of these devices in providing continuous cardiac monitoring and intervention.
End-user Segment Dominance
The hospitals, clinics, and cardiac centers segment is anticipated to dominate the defibrillator market in 2022. Hospitals are often the first point of contact during medical emergencies, and they are equipped with the necessary infrastructure and expertise to make the best use of defibrillators.
Key Players
Major players in the defibrillator market include Medtronic (Ireland), Stryker (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), MicroPort Scientific Corporation (China), and Nihon Kohden Corporation (Japan). These industry leaders are at the forefront of innovation, driving the development and adoption of cutting-edge defibrillator technologies.
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In conclusion, the defibrillator market is experiencing significant growth, thanks to a combination of factors, including the rising incidence of coronary artery diseases, an aging population, government support, and advances in technology. As the market continues to expand, it holds the promise of saving more lives and improving the quality of healthcare services worldwide. With a projected worth of $18.1 billion by 2028, the future of the defibrillator market is both exciting and life-saving.
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