Summary

The Automated External Defibrillator market is expected to register a CAGR of 8.8% during the forecast period.

The emergence of COVID-19, caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) has become a major global public health concern. Although SARS-CoV-2 causes primarily respiratory problems, concurrent cardiac injury cannot be ignored, since it may be an independent predictor for adverse outcomes. For instance, according to a research study by Yueying Wang et al., published in Journal of Arrhythmia, July 2020, the study results found that cardiac arrhythmias are often observed in patients with COVID-19, especially in severe cases, and more likely contribute to the high risk of adverse outcomes. Arrhythmias should be regarded as one of the main complications of COVID-19. Furthermore, during the COVID-19 pandemic 2020, there was an increase in the incidence of out-of-hospital cardiac arrest (OHCA). For instance, according to a research article by Enrico Baldi et al., published in PLOS ONE Journal, October 2020, in Italy, there were around 694 out-of-hospital cardiac arrest (OHCA) cases in 2020 and compared to 520 cases in 2019. Moreover, the use of automated external defibrillator (AED) was similar in 2019 and 2020.

Certain factors that are driving the market growth include rising prevalence of cardiovascular diseases, technological advancements in the field of defibrillators, and increasing investments by government and private players.

According to World Health Organization (WHO) 2021 report, globally cardiovascular diseases (CVDs) are the leading cause of death, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. Of these deaths, 85% were due to heart attack and stroke. Over three quarters of cardiovascular deaths take place in low- and middle-income countries. Out of the 17 million premature deaths (under the age of 70) due to non-communicable diseases in 2019, 38% were caused by CVDs. The statistics show the need for early detection and proper management, which ultimately help in the growth of the market, globally. Sudden cardiac death (SCD) is a major cause of mortality in elderly individuals owing to a high prevalence of coronary heart disease, congestive heart failure (CHF) and systolic dysfunction. The increasing geriatric population is likley to show positive impact on market growth. For instance, according to the World Ageing 2020 report, in 2020, there were around 727 million people aged 65 years or more in the world. Globally, the share of the population aged 65 years or over is expected to increase from 9.3% in 2020 to around 16.0% in 2050.

Furthermore, rise in the technological advancements in defibrillators and an increase in investments from private players help in the growth of the market studied. Adding to that, the market players are adopting various strategies such as product launches, developments, collaborations, partnerships and expansions to increase market share. For instance, in April 2019, Stryker Corporation has launched a new defibrillation solution "LIFEPAK CR2 defibrillator" with LIFELINK central automated external defibrillator program manager. This LIFEPAK CR2 is used to help the patients with fastest first shock when defibrillation is needed.

However, the devices face much stricter regulations compared to those of other categories, taking longer time and labor for the complete approval process, which is one of the biggest restraining factors of the market. Additionally, there is a lack of awareness among people about taking corrective actions at the earliest in relation to sudden cardiac arrest, especially in the emerging markets, which also hampers the growth of the market.

Key Market Trends

Semi-automated External Defibrillators Segment is Expected to Hold Significant Market Share Over the Forecast Period

A semi-automated external defibrillator (SAED) is a portable device that checks the heart’s rhythm and allows the user to send an electric shock to the heart, for restoring the heart’s normal rhythm. It is used to treat sudden cardiac arrests in patients. The major difference between a SAED and a fully-automated external defibrillator (FAED) is that the FAED sends a shock automatically to the heart, after verbally preparing the patient to receive the shock.

Globally, COVID-19 continues to spread, automated external defibrillators (AEDs) could make the difference between life and death for a person with an underlying heart condition. The concerns for those with cardiac issues who are infected with coronavirus are very serious. The COVID-19 pandemic has stimulated changes to many aspects of healthcare, including the response to cardiac arrests both outside of and within hospitals. Focused defibrillation training promises to decrease confusion and delay in COVID-19 resuscitation efforts. For instance, a research study by John A. Stewart published in the Scandinavian Journal of Trauma, Resuscitation and Emergency Medicine November 2020, stated that focused defibrillation training promises to avoid compromising the care of patients experiencing tachyarrhythmic arrests in the setting of COVID-19. Such a training program might even result in better survival than before the pandemic for this subset of patients.

The Semi-automated external defibrillator (SAED) allows the patient to take the decision of sending a shock, after verbally requesting them, the SAED contains a shock button. One of the factors contributing to the increase in SAED demand is its usage in countries with high medical tourism, globally, across a range of multi-specialty hospitals. Globally, cardiovascular diseases (CVD) are among the top contributors to the disease burden. For instance, according to article published on National Institute of Health 2018, it was founded that atrial fibrillation (AF), the most common arrhythmia in the elderly, affects approximately 0.65% of the Japanese population, with its prevalence expected to increase to over one million by 2050. Its presence not only increases the risk of ischemic stroke but also worsens its prognosis. Therefore, it is expected to boost the market growth in coming years. The market players are increasing their foothold with new product developments, collaborations, and geographical expansions. For instance, in September 2019, Mindray launched new fully and semi-automatic external defibrillators BeneHeart C Series versions in Europe which is designed for improved resuscitation in cases of sudden cardiac arrest (SCA). Thus, owing to above mentioned factors it is expected to drive the segment growth over the forecast period.

North America Dominates the Market and is Expected to Continue the Same during the Forecast Period

North America region is expected to dominate the market, owing to the increasing prevalence of cardiovascular diseases, advancement in medical technology, high healthcare expenditure, and presence of key market players.

Elderly people with hypertension or coronary heart disease are more likely to become infected with COVID-19 and will develop more severe symptoms. For instance, the Centers for Disease Control and Prevention (CDC), lists older adults and people with heart disease as one of three high-risk groups in this pandemic. According to a new study from researchers in the Perelman School of Medicine at the University of Pennsylvania, June 2020, the patients with COVID-19 who were admitted to an intensive care unit were 10 times more likely to develop heart rhythm disorders than other hospitalized COVID-19 patients to suffer cardiac arrest or heart rhythm disorders. Moreover, there is a high incidence of arrhythmias among all COVID-19 patients including irregular heart rate (atrial fibrillation), slow heart rhythms (bradyarrhythmia), or rapid heart rate that stops by itself within 30 seconds (non-sustained ventricular tachycardia).

According to the research study by Mathias J. Holmberg et al., published in Circulation: Cardiovascular Quality and Outcomes, July 2019, in United States, the health burden of pulseless in-hospital cardiac arrests was around 38% higher in adults and 18% higher in children. The average annual incidence of in-hospital cardiac arrest in the United States was estimated at 292,000 adult and 15,200 pediatric cases, of which 7,100 cases were pulseless cardiac arrests. Similarly, according to the Research Article published in 2018, “Cardiovascular risk reduction: Past, present and future in Mexico”, it was estimated that approximately 182 deaths per 100,000 people were noticed, due to cardiovascular diseases. However, this rate is expected to increase in future due to high obesity and diabetes rates. Furthermore, as per the Government of Canada Statistics report, as of July 2019, the Canadian older population was 6,592,611, which accounted for 17.5% of the Canadian population. The proportion of seniors in Canada has been increasing over time who are more prone to cardiovascular diseases, and that is expected to drive the market in near future.

Additionally, few of the key market players in the country are developing novel products to compete with the existing products while others are acquiring and partnering with the other companies trending in the market. For instance, in February 2018, Defibtech, LLC, has received premarket approval from United States Food and Drug Administration (FDA) for Lifeline and Revivr automated external defibrillator models. These products provide customers with high quality and innovative offerings. Thus, owing to above factors it is expected to drive the market growth over the forecast period.

Competitive Landscape

The Automated External Defibrillator Market is consolidated competitive, with the presence of few major players. However, with technological advancements and product innovation, the market players are introducing new products with cost-effective pricing. Some of the market players include Asahi Kasei Corporation, Stryker Corporation, Nihon Kohden Corporation, Koninklijke Philips NV, Mediana Co. Ltd., among others.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Cardiovascular Diseases
4.2.2 Technological Advancements in the Field of Defibrillators
4.2.3 Increasing Investments by Private Players
4.3 Market Restraints
4.3.1 Stringent Regulations
4.3.2 Lack of Awareness and Early Corrective Measures about Sudden Cardiac Arrest (SAC)
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Analysis Type
5.1.1 Semi-automated External Defibrillators
5.1.2 Fully-automated External Defibrillators
5.2 By End User
5.2.1 Hospitals/Clinics
5.2.2 Home Care
5.2.3 Other End Users (Cardiac Centers, Pre-Hospital Care and Emergency Medical Service (EMS) Providers, Public Access Settings)
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Asahi Kasei Corporation
6.1.2 Koninklijke Philips NV
6.1.3 Medtronic Plc
6.1.4 Nihon Kohden Corporation
6.1.5 Schiller AG
6.1.6 Shenzhen Mindray Bio-Medical Electronics Co. Ltd
6.1.7 Stryker Corporation
6.1.8 CU Medical System Inc.
6.1.9 Mediana Co. Ltd.
6.1.10 BPL Medical Technologies Pvt. Ltd.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS