With technological advancements, surging aging population, growing prevalence of cardiac diseases, and increasing demand for automated external defibrillators (AED), the North American defibrillators market is expected to grow considerably. The market generated a revenue of $6.1 billion in 2017 and is predicted to advance at a CAGR of 4.9% during the forecast period (2018–2023). Defibrillators are medical devices used for administering an electric shock to bring back the normal cardiac rhythm in people suffering from cardiac arrest or arrythmias.
Based on product, the North American defibrillators market is divided into external and implantable cardioverter defibrillators (ICDs). In 2017, the ICD division registered more than 55.0% revenue share in the market and is predicted to dominate it during the 2018–2023 period as well. This can be ascribed to the increasing incidents of sudden cardiac arrest (SCA), development of technologically-improved ICDs, and rising adoption of cardiac resynchronization therapy defibrillators (CRT-D) and subcutaneous ICDs (S-ICD).
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In 2017, the hospitals, clinics, and cardiac centers classification contributed the largest revenue of $3.2 billion to the market and is projected to continue leading it during the forecast period. This can be attributed to the significant number of cardiac arrest cases, which are boosting the demand for AEDs, ICDs, and wearable defibrillators in such settings. Geographically, the U.S. is anticipated to dominate the defibrillators market in North America during the forecast period. Growing SCA cases, rising usage of AEDs in hospitals and schools, and government initiatives to provide training and create awareness on defibrillation are propelling the U.S. market.
Technological advancements are one of the key factors driving the North American defibrillators market. For instance, S-ICDs are less complicated and reduce the risk associated with conventional ICDs, such as chances of vascular obstruction, cardiac perforation, thrombosis, and infection due to conventional ICD wiring. These benefits of S-ICDs have accelerated their adoption in the region, thereby driving the market growth.
The players in the defibrillators market in North America are continuously introducing innovative products to increase their share. For example, in July 2017, BIOTRONIK SE & Co. KG received the U.S. Food and Drugs Administration approval for its Intica CRT-D and Intica DX systems. Intica DX ends the need for atrial leads and gives critical diagnostic information to the physicians based on the correct atrial signal.
Therefore, with technological advancements in defibrillators, the market is expected to flourish during the 2018–2023 period.