HOME › Research Insight › New Product Launches and Product Enhancements Are the Key Strategy Adopted by Leading Market Players to Foster their Growth in the Global Defibrillators Market
New Product Launches and Product Enhancements Are the Key Strategy Adopted by Leading Market Players to Foster their Growth in the Global Defibrillators Market
The global defibrillators market is expected to grow at a CAGR of 7.3% from 2016 to 2021. In this report, the global defibrillators market is broadly segmented into products, end users, and regions. The development of technologically advanced defibrillators, rapid growth in the aging population with high risk of target diseases, rising incidences of cardiovascular diseases across the globe, growing focus of public and private organizations and key market players toward public access defibrillation, and increasing number of training and awareness programs across the globe are the major drivers of the defibrillators market.
The major players in the global defibrillators market include Medtronic PLC (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK SE & Co. KG (Germany), LivaNova PLC (U.K.), Koninklijke Philips N.V. (Netherlands), ZOLL Medical Corporation (U.S.), Cardiac Science Corporation (U.S.), Physio-Control, Inc. (U.S.), and Nihon Kohden Corporation (Japan). Currently, the defibrillators market is dominated by Medtronic PLC (Ireland), followed by St. Jude Medical, Inc. (U.S.) and Boston Scientific Corporation (U.S.). Medtronic PLC is expected to maintain its leadership position in the defibrillators market during the forecast period due to its recently launched innovative defibrillators. However, established players are expected to lose some of their market shares to new entrants in the industry in the coming years.
Analysis of the market developments between 2013 and 2016 reveals that new product launches and agreements/collaborations/contracts/partnerships were the most important growth strategies followed by key market players. These strategies were adopted by major players such as Medtronic PLC (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), BIOTRONIK SE & Co. KG (Germany), Koninklijke Philips N.V. (Netherlands), ZOLL Medical Corporation (U.S.), Cardiac Science Corporation (U.S.), and Physio-Control, Inc. (U.S.) during the period of 2013 to 2016. In May 2016, Medtronic PLC received U.S. FDA approval for its Visia AF MRI SureScan and Visia AF single-chamber ICDs, which help in detecting previously undiagnosed atrial fibrillation (AF) and treat life-threatening rhythms in the lower chambers of the heart. In April 2016, Boston Scientific Corporation received CE mark approval for MRI labeling of its EMBLEM Subcutaneous Implantable Defibrillator (S-ICD) System offering access to MRI scans to patients with S-ICD devices. In July 2016, Koninklijke Philips N.V. partnered with Life-Assist, Inc. (U.S.) to distribute its AEDs and patient monitors in the western U.S. The partnership aims to distribute these devices in more counties, departments, and districts in western U.S. Similarly, in March 2016, Cardiac Science Corporation won a contract from the National Board of the Fire Brigades of Chile to supply its Powerheart G3 Plus AEDs to fire departments in Chile. Under this 2-year agreement, the company is expected to supply 200 AEDs each year and install at first-response vehicles and fire department buildings.
The other important growth strategies include acquisitions, geographic expansions, and others (launch of defibrillation & training programs, deployment of public access defibrillators, and investments). These strategies were adopted by market players to expand their existing product portfolios, enhance their market visibility, and widen their geographic presence. Physio-Control, Inc. (U.S.), Medtronic PLC (Ireland), St. Jude Medical, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), and Cardiac Science Corporation (U.S.) are some of the players in the defibrillators market that adopted these strategies. In January 2016, Aurora Resurgence, an affiliate of Aurora Capital Group (Los Angeles), a U.S.-based private equity firm acquired the assets of Cardiac Science Corporation. Post-acquisition, Cardiac Science operates as a portfolio company of Aurora Capital Group. Similarly, in September 2015, Physio-Control, Inc. announced the acquisition of HeartSine Technologies (Ireland), one of the leaders in the AEDs market. This acquisition helped the Physio-Control to increase its product portfolio, thereby strengthening its market position.
Defibrillators Market by Product (Implantable Cardioverter Defibrillator (Transvenous ICD, Single & Dual Chamber, CRT-D, S-ICD) and External (Manual, AED, Wearable)), End User (Hospital, Prehospital, Public Access, Home) - Global Forecasts to 2021
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