The defibrillators market is forecast to reach $10.88 billion by 2022 from $9.32 billion in 2017 at a compound annual growth rate (CAGR) of 3.1%, according to market research firm ReportsnReports. The market will be driven by technological advancements in defibrillators, the rising prevalence of target diseases, a growing focus on providing public access defibrillation, and the rising number of training and awareness programs across the globe.
The Asia Pacific defibrillators market is expected to grow at the highest CAGR of from 2017 to 2022. Factors such as the rapidly growing aging population, increased cases of cardiovascular diseases, improved research infrastructure, and the growing focus of key market players to expand their presence in this region are driving market growth.
On the basis of products, the defibrillators market is classified into implantable cardioverter defibrillators (ICDs) and external defibrillators. The external defibrillators segment is expected to grow at the highest CAGR during 2017 to 2022. The ICDs product segment is bifurcated into transvenous implantable cardioverter defibrillators (T-ICDs) and subcutaneous implantable cardioverter defibrillators (S-ICDs).
Moreover, the T-ICDs segment is further classified into single-chamber ICDs, dual-chamber ICDs, and cardiac resynchronization therapy defibrillators (CRT-Ds). The external defibrillators segment is further classified into manual external defibrillators, automated external defibrillators (AEDs), and wearable cardioverter defibrillators (WCDs).
On the basis of end user, however, the defibrillators market is segmented into hospitals, clinics, and cardiac centers; pre-hospital care settings; public access markets; alternate care facilities; and home care settings. The hospitals, clinics, and cardiac centers segment is estimated to account for the largest share of the defibrillators market in 2017. The growing number of cardiac implant procedures across the globe and the availability of reimbursement across developed markets are some of the major factors driving the growth of this segment.