Automatic devices that analyze heart rhythm and are used to identify sudden cardiac arrest are known as automated defibrillators. They are used to identify any issues and respond by shocking the patient with electricity to get their heart rhythm back to normal. These are popular choices for installation in many locations because they are compact and simple to operate (such as hospitals and airports). The main causes for the demand for automated defibrillators are the rise in cardiovascular disease patients and the quickly aging population.
The market value of automated external defibrillators in 2021 was USD 1.71 billion and will breach USD 3.68 by 2030 at an 8.77% CAGR During 2021-2030.
Market Dynamics
Drivers
A significant risk factor for cardiac arrest is the increased prevalence of lifestyle disorders like hypertension. As of 2021, 1.28 billion people worldwide in the 30- to 79-year-old age range have hypertension, according to data on the condition supplied by the World Health Organization (WHO). Some studies suggest that high blood pressure may damage the heart muscle, raising the chance of an unexpected heart attack. The study also found that 46% of adults were unaware of their condition, which increases the risk of cardiac arrest. This indicates that the higher risk of cardiac arrest in a patient with hypertension will stimulate the automated external defibrillators market growth.
Restraints
Due to a variety of factors, like worries about legal liability, ambiguity surrounding training requirements, a lack of access, and general knowledge, the use of AEDs in public is rare, which hampers the market growth.
Opportunities
Due to advancements in technology and new product development, market participants are introducing new products with affordable pricing. AEDs will offer many opportunities for market growth in the future because they can reduce the high fatality rate associated with out-of-hospital cardiac arrests.
Key Market Trends
Market players in automated external defibrillators are concentrating on modernizing these AED devices with sophisticated features like rechargeable batteries, voice prompts, CPR tutorials, LCD screens, and various new shocks in response to the expanding digitalization. Vendors like Rapid Response Revival created the first mobile phone defibrillator and will offer CPR teaching. Additionally, market vendors are emphasizing employing drones to transport these defibrillators, enhancing the chances of survival by arriving sooner than emergency medical personnel.
Market Segmentation
On the basis of type, the automated external defibrillators market is segmented into fully automated defibrillators and semi-automatic defibrillators. Fully autonomous devices will contribute to 80% of market revenue by 2030. The simplicity of fully automatic AEDs versus semi-automatic machines drives this category’s growth. Additionally, the fully automatic machines minimize the long delays caused by pressing the shock button on a semi-automated device.
On the basis of patient type, the adult patient segment recorded the largest market share of 95.6% in 2021. This is because adult patients are being treated globally faster than pediatric patients.
On the basis of type, the market for non wearable AED will grow at a rapid 8.8% CAGR during the projected period. Due to their portability and ease of use, non wearable devices have reported an increase in demand. The demand for such non wearable devices is also rising due to the rise in SCA cases and persistent efforts by governments and NGOs to place AEDs in public areas.
Regional Insights
North America recorded the largest market share, with a revenue share of nearly 60% in 2021. This is primarily due to the region’s growing geriatric population, improved healthcare infrastructure, and the presence of well-known players. In addition, the market has grown in North America as a result of rising CVD prevalence and AED installation rates.
Additionally, the US government allocates a large amount of its GDP to healthcare each year. The country’s healthcare spending climbed by 9.7% (or around $4.1 trillion) in 2020 compared to 4.3% in 2019. According to the National Health Expenditure Accounts (NHEA). Conferences, nationwide initiatives. And other government programs to raise awareness of CVDs also have a positive effect on the market in the North American region.
Key Players Analysis
- Koninklijke Philips NV
- Asahi Kasei Corporation
- Nihon Kohden Corporation
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd
- Schiller AG
- ViVest Medical
- Stryker Corporation
- Mediana Co. Ltd.
- CU Medical System Inc.
- BPL Medical Technologies Pvt. Ltd.
