Global Defibrillators to reach $12 Billion by 2019
The global defibrillator market is estimated to grow $12.9 billion by 2019, at a CAGR of 6.9% from 2014 to 2019.
Factors such as development of technologically advanced defibrillator, rapid growth in aging population with high risk of target diseases, rising incidences of cardiovascular disease, growing focus of public and private organizations and key market players toward public access defibrillator, and increasing number of training and awareness programs across the globe are propelling the growth of the market.
However, lack of awareness about sudden cardiac arrest, issues related to the use of defibrillator devices (external and implantable), and unfavorable healthcare reforms in the U.S. are restraining the growth of this market. In addition to this, the increasing pricing pressure on market players and frequent product recalls are the key challenges faced by market players in the market.
On the basis of regions, this market is classified into North America, Europe, Asia-Pacific, and Rest of the World. In 2014, North America is expected to dominate the global defibrillators market. Growth of this region can be attributed to the technological advancements and product innovations, increasing number of public defibrillation programs, rising prevalence of obesity, and rising focus of key players to expand their business in the North American region. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2014 to 2019, due to factors such as rapidly increasing aging population, growing focus of multinational companies on emerging markets, improving and modernizing healthcare infrastructure, and huge burden of cardiovascular disease in this region.