The demand within the global market for defibrillators has been rising on account of the growing incidence of cardiac diseases across the globe. Defibrillators are important medical devices that are extensively used in hospitals and healthcare centers for the treatment of complex cardiac diseases. Defibrillators are medical devices that send electric shocks to the heart muscles in order to regulate or facilitate proper movement of these muscles. The technique is widely used for the treatment of cardiac dysrhythmias, a life-threatening disease, and several other complications relating to the heart. The controlled electric shocks given by defibrillators set the heart muscles in motion which restores the heart to its normal state.
Sudden cardiac arrests are amongst the leading causes of deaths across the world, and hence, defibrillators are readily available across hospitals in order to attenuate cardiac arrests. Owing to the aforementioned factors, the demand within the global market for defibrillators has been escalating at a robust rate over the past decade. It is expected that the quest of the cardiology department within healthcare to become patient-centric would expand the market for defibrillators. Besides, the use of defibrillators in treating medical condition such as cardiac arrhythmias and pulseless ventricular tachycardia is also projected to aid the growth of the global market for defibrillators.
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Transparency Market Research (TMR) finds that the global market for defibrillators would expand at a healthy CAGR of 6.2% over the period between 2013 and 2019. While the global market for defibrillators accumulated revenues worth USD 9.3 billion in 2012, this value is expected to reach USD 14.2 billion by 2019. Several key factors related to the boisterous growth rate of the healthcare sector are behind the growth of the global market for defibrillators.
Hospitals to Dominate Other End-Use Segments
The demand for defibrillators has been the highest in hospitals amongst all other end-use segments, and this is a key consideration for the growth of the global market. Other key segments based on end-use of defibrillators are homes, hospitals, community or public access spaces, business workplace, and emergency medical services. The expansive demand for ICD implantation in hospitals is behind the growth of the this segment while the installation of defibrillators in business workplaces is projected to enhance the prospects of market growth. On the basis of product type, wearable defibrillators have been attracting commendable demand within the market in recent times. This owes to the rising geriatric population and the high incidence of cardiac arrests across the world.
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North America Dominates Other Regional Segments
The demand within the market for defibrillators in North America has been the highest amongst all other regional segments, majorly due to the presence of a stellar healthcare industry in the US and Canada. Furthermore, the installation of defibrillators at workplaces is a unique trend that has taken swing across the US, and this has also created tremendous demand within the market for defibrillators in North America. The rising geriatric population and expertise of medical professionals in Canada are amongst other factors that have aided the growth of the market for defibrillators in North America.
Some of the key players in the global market for defibrillators are Defibtech LLC, Boston Scientific Corporation, Zoll Medical Corporation, GE Healthcare Ltd., Medtronic, Inc., HeartSine Technologies Inc., and St. Jude Medical Inc.