External Defibrillator Market Size

External Defibrillator Market Analysis

The external defibrillator market is expected to register a CAGR of 7.62% during the forecast period.

The COVID-19 pandemic impacted the studied market significantly. During the initial phase of the pandemic, the restriction on closures of non-essential businesses and buildings and the use and demand for automated external defibrillators (AED) accessibility decreased. According to the researchers of a study published in the Resuscitation Journal in May 2021, when all the publicly available online AED registries in Canada were analyzed for four months, 69.9% were completely inaccessible, and 18.8% were partially unavailable during the pandemic phase. As per the study above, AED accessibility reduced heavily in parks, retail and recreation locations, and workplaces during the pandemic. Thus, it affected the market studied adversely.

However, during later phases of the pandemic, following COVID-19-associated cardiovascular diseases such as myocardial injury, arrhythmias, intravascular thrombosis, and sudden cardiac death affecting the cardiovascular system, the use of external defibrillators increased. This burden of cases has increased the demand for external defibrillators as an effective intervention for cardiovascular diseases (CVDs), significantly impacting the market studied. Also, it is expected to contribute to the market growth during the forecast period.

Factors such as the increasing number of cardiac patients, rising focus by the government, and significant players toward public access defibrillators (PADs) are expected to contribute to market growth over the forecast period.

Due to the current sedentary lifestyle among the population and the growing geriatric population around the world, the burden of cardiac diseases is rising, followed by an increasing number of hospital admissions in hospitals and critical care units. A press release published by Boehringer Ingelheim GmbH in August 2021 mentioned that nearly 60 million or more people worldwide are affected by the chronic, disabling cardio-renal-metabolic illness known as heart failure. In addition, as per data released by the Australian Institute of Health and Welfare in May 2022, out of 11.8 million admissions, 7% of hospitalizations involved a stay in the intensive care Unit, and 3.8% of hospitalizations involved CVDs. Such increasing admission in emergency and critical care creates the need for the availability of cardiac rhythm management devices. Thus, this is expected to create opportunities for external defibrillators, driving the studied market growth.

Moreover, the availability of technologically advanced products in the market for patient care is further fueling the market growth. For example, in October 2021, the Welsh Rugby Union (WRU) partnered with Calon Hearts charity and Mindray distributor. With this partnership, over 300 clubs across Wales benefited from Mindray's C Series automated external defibrillators (AEDs). In addition, in April 2021, the wearable electrocardiographic defibrillator (WCD) developed by ViVest Medical was approved by the Medical Device Technology Review Center of the National Medical Products Administration to enter the special 'Review Process of Innovative Medical Devices.' It became the first made-in-China product in the external defibrillator market. These technological advancements in the external defibrillator field and the new product launches by the key market players are boosting the growth of the studied market. Thus, it is projected to witness lucrative growth during the forecast period.

However, the lack of awareness about Sudden Cardiac Arrest (SAC), stringent regulations, and frequent product recalls may restrain the growth of the external defibrillator market.