A defibrillator is a medical device that is used by doctors to give high energy electric shocks or pulses to the heart in order to restore it to its reasonable working condition. Usually, healthcare experts in hospitals and paramedics in ambulances use manual external defibrillators. Automated external defibrillators, however, are more comfortable and more convenient to use for people without a medical background. Accessories such as a battery and pad electrodes are included in the AED system which are needed to observe and explicate an electrocardiogram and send an electrical shock.
In addition, AEDs are categorized into two i.e. monophasic defibrillator & biphasic defibrillators. Biphasic machines have become increasingly prevalent. These devices are trendy in the healthcare field as they are lightweight, easy to spot, and are superior to their older predecessors.
According to a report published by Allied Market Research, the global defibrillators market size is projected to reach $24.6 billion with a significant CAGR from 2021 to 2030. North America is currently holding the highest market share, owing to favorable government regulations, presence of key market players, and technological advancements in healthcare sector in the U.S. and Canada. The Asia-Pacific region, at the same time, is expected to garner the fastest growth rate, attributed to high patient population, prevalence of cardiac disease, and growth in healthcare infrastructure in the emerging economies like China, India, and others.
Focus on installation of public access defibrillator (PAD) by the public and private organizations, development of advanced defibrillator devices, and increase in incidence of cardiac diseases drive the growth of the global defibrillator market. Moreover, rise in adoption of technologically advanced defibrillator devices and rise in demand for quality medical care supplement the growth. However, surge in pricing pressure on market players restrains the market growth. On the other hand, advancements in the next-generation external defibrillators to improve safety and effectiveness present new opportunities in the coming years.
Covid-19 Scenario:
However, the outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the defibrillator market, due to disrupted workflows in the healthcare sector all over the world. The pandemic halted the manufacturing facilities of defibrillator, due to implementation of global lockdown. It also resulted to hamper the buying capacities of small scale hospitals and canceled or postponed supply deals & procedures. These factors affected the overall revenue of all the market players in the defibrillator market to some extent.
- The Covid-19 pandemic impacted the purchasing capacities of hospitals, specifically small-scale hospitals, due to shift in focus toward buying resources to take care of patients infected with Covid-19. This led to canceled or postponed deals for defibrillators.
- Many public and private organizations stopped or postponed the activities of installation of defibrillators at public places due to possibility of cross-contamination and lockdown measures implemented by governments.
Nevertheless, the market is recovering in a steady pace. Availability of defibrillator in schools, offices, airports, shopping malls, and grocery stores has increased significantly in the past few years, which in turn, is driving the growth of the market. Also, surge in number of training and awareness programs regarding defibrillator across several regions are augmenting the growth of the market. Here, it is worth mentioning that the global defibrillator market is likely to gather great growth prospects in the upcoming years.
Author’s Bio — Suchita Gupta is an explorer, musician and content writer. While pursuing MBA, she found that nothing satisfies her more than writing on miscellaneous domains. She is a writer by day, and a reader by night. Besides, she can be found entertaining her audience on social media platforms. Find her on LinkedIn & Instagram.
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