The automated external defibrillators market may invite great growth on the back of technological advancements and the rise in the prevalence of cardiovascular disorders.
Automated External Defibrillators Market: Overview
The automated external defibrillators market may invite great growth on the back of technological advancements and the rise in the prevalence of cardiovascular disorders. An automated external defibrillator device helps in restoring the abnormalities in heart rhythm through an electric shock to the heart. The device is especially used for treating sudden cardiac arrest. It aids in increasing the survival chances of sudden cardiac arrests. The early use of automated external defibrillator devices leads to a survival rate of more than 75 percent. It is designed to identify and shock two types of abnormal heart rhythms namely Pulseless Ventricular Tachycardia (Pulseless VT) and Ventricular Fibrillation (VF).
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Growing stress levels among individuals across the globe and escalation in alcohol consumption and smoking may bring a rise in demand for automated external defibrillator devices.
Sudden cardiac arrests can happen at any point in time. For instance, if a person experiences a sudden cardiac arrest at home at midnight and the emergency healthcare center is miles away from his/her home, there is a chance of fatality. But if an individual has an automated external defibrillator device at that particular moment, the threat of fatality can be eliminated. Without medical help, an electric shock from the device can assist in saving a life from a cardiac arrest. Thus, this factor can prove to be the prime growth component for the automated external defibrillators market.
The COVID-19 outbreak may have minimal impact on the automated external defibrillators market as healthcare facilities remain open with full operating capacity. The production of automated external defibrillator devices may hit a minor roadblock due to the lockdown implementation but relaxations in lockdown guidelines are slowly assuring the commencement of manufacturing operations. Thus, the automated external defibrillators market may observe a steady increase in growth rate in the post-lockdown era.
The global automated external defibrillators market was valued at US$ 1,213.40 mn 2016 and is predicted to reach US$ 4,473.40 mn by the end of 2025. The automated external defibrillators market is anticipated to clock a CAGR of 15.8% across the forecast period of 2017-2025.
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Semi-Automatic Segment to Serve as Key Growth Contributor
Based on technology, the automated external defibrillators market is segmented into semi-automatic and fully-automatic. The semi-automatic technology is expected to gain considerable momentum during the forecast period. A semi-automatic external defibrillator device allows patients to mentally prepare before giving a shock, as it comprises a shock button. In 2016, the semi-automatic technology held the largest market share and is predicted to continue the streak across the forecast period due to the aforementioned benefit.
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Advancements in Public Access Automated External Defibrillators to Invite Growth
The use of public access automated external defibrillators may gain considerable momentum in the automated external defibrillators market. Rising incidences of sudden cardiac arrests in public spaces have led to a surge in demand for public access automated external defibrillator devices. The production of new automated external defibrillator devices built with Wi-Fi connectivity and enhanced real-time cardiopulmonary resuscitation (CPR) assistance is proving to be a boon for the growth of automated external defibrillators market. Cloud connectivity helps in automatic data transmission of the cardiac arrest to medical professionals, thus enhancing the demand for automated external defibrillators market.
Quick FDA approvals are also supporting the growth of the automated external defibrillators market. FDA-approved automated external defibrillators are recommended by most experts and hence, the approval of the FDA plays an important role in accelerating the growth rate of the automated external defibrillators market.
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Use of Automated External Defibrillator Devices at Workplaces to Boost Growth
Increasing stress due to workload has led to a spike in sudden cardiac arrest cases at workplaces. Various training programs are being offered for use of automated external defibrillators at workplaces. The office staff if trained to use automated external defibrillator devices can help in reducing any untoward circumstances like fatality due to cardiac arrest. Therefore, the use of automated external defibrillators at workplaces may bring considerable growth for the automated external defibrillators market.
Business Strategies by Key Players to Benefit Automated External Defibrillators Market
Key players forge partnerships and enter in various strategic agreements that are useful for propelling the growth of the automated external defibrillators market. Exclusive agreements for developing innovative and advanced technologies may bring a paradigm shift in the growth of the automated external defibrillators market.
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Sky-High Growth Predicted from North America
The automated external defibrillators market is geographically segmented into the Middle East and Africa, Latin America, North America, Europe and Asia Pacific. North America may acquire the top place in terms of growth contribution to the automated external defibrillators market. The ballooning cardiovascular diseases and supporting government policies are the prime factors of growth. According to the Centers for Disease Control and Prevention (CDC), one fatality is recorded every 37 seconds in the U.S. from cardiovascular disease and approximately 647,000 Americans die from heart disease each year. These statistics highlight the importance of automated external defibrillator devices in the region.
A considerable rise in investments and growing cardiovascular cases may enable Asia Pacific to record growth at a faster pace. Latin America and the Middle East and Africa are anticipated to observe steady growth due to the rise in obesity numbers.
Some well-established players in the automated external defibrillators market are Nihon Kohden Corporation, Asahi Kasei Medical Co. Ltd., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., PRIMEDIC (Metrax GmbH-Member of Yuwell Group), Schiller AG, Koninklijke Philips N.V., Cardiac Science Corporation, and Physio-Control Inc. (Stryker).
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