Why Is Adoption of Defibrillators Increasing in Hospitals and Clinics?

ARVADA, Colo. - Aug. 16, 2021 - PRLog -- A number of factors, such as the rising cases of cardiac illnesses, surging aging population, growing healthcare expenditure, increasing number of market strategies, and developments in the defibrillation technology, are projected to boost the defibrillator market at a CAGR of 7.2% in the forecast period (2020–2030). At this growth rate, the market is expected to reach $20,281.6 million by 2030 (https://www.psmarketresearch.com/market-analysis/defibrillator-market-forecast) from $9,621.2 million in 2019. Moreover, with the surging awareness regarding the life-saving potential of automated external defibrillators (AED), the deployment of this equipment is rising in public places.

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The primary factor improving the defibrillator market growth prospects is the rising incidence of chronic diseases, owing to the alterations in the lifestyle and increasing consumption of alcohol and tobacco products. For instance, according to the World Health Organization (WHO), around 17.9 million deaths occurred due to cardiovascular diseases (CVDs), representing around 31% of the total deaths, across the world in 2016. Moreover, as per the report Heart Disease and Stroke Statistics by the American Heart Association, one in three deaths in the U.S. was caused by CVDs in 2017.

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Furthermore, on the basis of end user, the defibrillator market is classified into hospitals, clinics, and cardiac centers; public-access settings; pre-hospital care settings; and home care settings. Among these, the public-access settings category is expected to record the fastest growth during the forecast period. This can be ascribed to the rising procurement of technologically advanced products, increasing number of conferences and campaigns by private and public organizations to increase awareness, growing prevalence of chronic diseases, and improving healthcare infrastructure across the globe.

Globally, North America has been the largest defibrillator market till now. This is attributed to the presence of key market players, growing geriatric population, investments by private and public organizations for technological developments in defibrillators, advanced healthcare industry, and favorable reimbursement policies, which promote the adoption of these devices in the region. For instance, according to the National Health Expenditure Accounts (NHEA), healthcare expenditure in the U.S. grew by 3.9% in 2017, reaching $3.5 trillion. Moreover, the country's healthcare spending is expected to reach $6.0 trillion by 2027.