Automated External Defibrillator Market size is estimated at $1.4 billion in 2021, projected to grow at a CAGR of 8.1% during the forecast period 2022-2027. Automated External Defibrillators (AEDs) are medical devices used to administer an electric shock to those who are experiencing abrupt ventricular fibrillation, cardiac arrhythmia, cardiac arrest, or pulseless ventricular tachycardia by analyzing the heart rhythm. Pulseless ventricular tachycardia is a cardiac arrhythmia in which coordinated ventricular contractions are replaced by highly rapid but inefficient contractions, causing organ perfusion problems and heart failure. AEDs when used during cardiopulmonary resuscitation (CPR) can increase the survival rate of the victim. CPR is a technique that combines rescue breathing and chest compressions. It is used to temporarily pump enough blood to the brain until specialized treatment is available. According to the American Heart Association, using an AED alongside CPR almost doubles the victims’ chances of survival. While CPR helps to maintain blood flow, AED helps to maintain a heart rhythm.
Rise in the geriatric population with an elevated risk of chronic cardiovascular diseases, increase in healthcare expenditures by countries and technological advancements in defibrillator devices are the key drivers for market growth during the forecast period 2022-2027. The high cost of defibrillators is projected to pose threat to market growth. AEDs are expensive owing to the level of R&D that goes into each unit as it uses special electronic components to accurately analyze the heart rhythms.
Automated External Defibrillator Market Segment Analysis: By Product Type
Based on product type, the Fully Automated External Defibrillator (AEDs) segment accounted for the largest market share in 2021 and is poised to grow with a CAGR of 8.7% during the forecast period on account of an increasing number of deaths due to cardiac diseases, growing research and development investment, rising awareness about defibrillators in developing economies and rapid rise in the geriatric population. AEDs check patients’ heart rhythms through monitors fitted in the defibrillator pads and give a shock when needed. According to the report published by World Health Organisation (WHO) in June 2021, cardiovascular diseases are the leading cause of death globally. Additionally, it also reports that an estimated 17.9 million people died from CVDs in 2019, which represents 32% of all global deaths. Strokes and heart attacks accounted for 85 percent of these fatalities. These trends boosted the market growth. Stressful work conditions, sedentary lifestyle, and growing consumption of tobacco, alcohol, and substance abuse are predicted to augment the growth of the automated external defibrillator market as they increase the prevalence of cardiac diseases.
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Automated External Defibrillator Market Segment Analysis: By End Users
Based on the End Users, Hospital Segment accounted for the largest market share in 2021 on account of increasing health expenditure by countries, shortage of trained personnel, and shorter response time of the AEDs. They are typically placed in critical care units (CCUs), intensive care units (ICUs), and emergency units. Australian Institute of Health and Welfare’s article titled ‘’Heart, stroke and vascular disease published in September 2021, reported that in 2018-19 there were 5,91,000 hospitalizations with cardiovascular diseases. The increased number of hospitalizations owing to cardiovascular disorders necessitates the use of automated external defibrillators.
However, the Public Access segment is predicted to be the fastest-growing segment with a CAGR of 9.4% during the forecast period of 2022-2027. According to American Heart Association, more than 4,00,000 cardiac arrests occur outside of the hospital each year in the USA, and around 90% end in a fatality. The rising awareness regarding the importance of AEDs and rising cases of sudden cardiac arrests (SCA) is predicted to drive the market growth.
Automated External Defibrillator Market Segment Analysis: By Geography
By geography, North America accounted for the largest market share of 39% in 2021 on account of the growing geriatric population, technological advancements, key market players in the market, and the launch of new products. As per the report of the Centres for Disease Control and Prevention published in September 2021, about 6,59,000 people in the United States die from heart diseases every year, and around 8,05,000 people have a heart attack every year. The increasing prevalence of heart attacks in the United States is augmenting the market’s expansion. Huge investment in healthcare and the adoption of innovative technologies in the healthcare domain fuelled the market growth.
However, Asia-Pacific is predicted to be the fastest-growing segment during the forecast period of 2022-2027 owing to rising adoption of a sedentary lifestyle, consumption of alcohol and tobacco, and high prevalence of CVDs. In 2019, Asia accounted for 58 percent of the 18.6 million CVD deaths worldwide. Key companies are concentrating their efforts on developing technologically improved, cost-effective automated external defibrillators, which are expected to drive market growth during the forecast period.
Automated External Defibrillator Market Drivers
Growing Geriatric Population With High Prevalence Of CVD Is Generating The Global Market Revenue
An article named ‘’Cardiovascular Risks Associated with Gender, and Aging’’ published by the Journal of Cardiovascular Development and Disease in September 2019, reported that the aging and elderly population are particularly vulnerable to CVDs. Age plays a vital role in the deterioration of cardiovascular functionality, which results in an increased risk of chronic illnesses such as diabetes, CVDs, and others in older adults. According to the report published by Population Reference Bureau, in the U.S. in 2018, the number of people in the age bracket 65 years and above is predicted to rise from 46 million to more than 98 million from 2014 to 2060. The surge in the geriatric population boosts the market growth during the forecast period. Aging causes heart rhythms and blood vessels to stiffen which increases a person’s risk of developing CVDs.
The surge in Technology Advancements is Augmenting The Global Automated External Defibrillator Industry Expansion
The technological advancement in the field and the launch of new products by the market players are augmenting the growth of the market. Rechargeable batteries, LCD panels, voice prompts, CPR courses, advanced self-testing software, fully autonomous functioning, and new types of shocks have all been added to AEDs. Clinicians get real-time feedback on both the volume and rate of bag valve mask (BVM) ventilation for intubated or non-intubated patients through Real BVM HelpTM Technology and rescuers are guided by a ventilation quality indicator, thereby driving the market growth.
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Automated External Defibrillator Market Challenges
High Product Cost Is Restraining The Market Expansion
The market growth is hampered on account of the high production costs for both, customers and manufacturers. According to The American Heart Association, AEDs should be considered for a specific location if there is at least a 20% annual probability of the device being used. R&D makes up a sizeable majority of spending for AEDs manufacturers. High-voltage components with (2-6)KV capacitors are used in these devices. If even one device is discovered to have contributed to a patient’s death by malfunctioning or failing to function at all, the entire series will then be recalled, potentially costing the company millions or even billions of dollars. Regulatory costs and Food and Drug Administration further increase the product cost which restrains the market growth.
Automated External Defibrillator Market Landscape
The Automated External Defibrillator Market’s main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Automated External Defibrillator Market top 10 companies are:
St. Jude Medical Inc.
Mediana Co. Ltd
ZOLL Medical Corporation
Cardiac Science Corporation
Nihon Kohden Corporation.
In September 2020, Zoll Medical, an Asahi Kasei Group Company that develops and markets medical devices and software solutions, introduced 3 Automated External Defibrillator (AED) models to penetrate the Thailand market. Zoll Medical estimated the demand for AED to be up by 10,000 units.
In April 2020, ViVest Medical, a manufacturer of cardiac emergency medical equipment announced its wearable electrocardiographic defibrillator (WCD). ViVest Medical is expected to become the first made-in-China product on the market, breaking the monopoly of foreign producers.
In August 2019, Zoll Medical acquired Cardiac Science Corporation, a US manufacturer of automated external defibrillators (AEDs). ZOLL’s AED business will be strengthened further by the addition of Cardiac Science’s product line-up, which has a solid established portfolio in the AED industry.
The rapid rise in the geriatric population with an elevated risk of cardiovascular diseases and the increasing number of deaths due to cardiac diseases is augmenting the growth of the market.
Geographically, the North America Automated External Defibrillator segment held the largest revenue share of 39% in 2021 on account of increasing R&D investment, rising awareness about defibrillators among people, and the high prevalence of cardiovascular diseases, including hypertension, coronary heart diseases, and heart attack.
According to an article released by Canadian Centre for Occupational Health and Safety (CCOHS), more than 40,000 people die of sudden cardiac arrest (SCA) which is about one person every 12 minutes, and over 100 people per day. Owing to a large number of abrupt cardiac arrests in the country, the market is predicted to grow over the forecast period. The rapid increase in lifestyle diseases such as diabetes, overweight, and heart diseases continue to fuel the Automated External Defibrillators Market’s expansion.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Automated External Defibrillators Market Report.
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