HOME Research Insight Product Launches and Approvals Were the Key Growth Strategies Adopted by Players in the Global Defibrillators Market

Product Launches and Approvals Were the Key Growth Strategies Adopted by Players in the Global Defibrillators Market

The global defibrillators market is projected to reach USD 10.88 Billion by 2022 from USD 9.32 Billion in 2017, at a CAGR of 3.1%. Factors such as technological advancements in defibrillators, rising prevalence of target diseases, growing focus on providing public-access defibrillators, and training & awareness programs on defibrillators are expected to propel the growth of this market.

As of 2016, some of the prominent players in the defibrillators market were Medtronic (Ireland), St. Jude Medical (US), Boston Scientific (US), Philips (Netherlands), ZOLL Medical (US), BIOTRONIK (Germany), Physio-Control (US), Cardiac Science (US), LivaNova (UK), Nihon Kohden (Japan), SCHILLER (Switzerland), Mindray Medical (China), Mediana (South Korea), METRAX (Germany), and METsis (Turkey).

Analysis of the market developments between 2014 and 2017 show that product launches & approvals was the most widely adopted growth strategy by players in the market. Players adopted this strategy to strengthen their market position.

In 2016, Medtronic (Ireland) held the leadership position in the global ICDs market. The company has a broad product portfolio, a strong geographical presence, and a wide customer base in emerging economies, including Brazil, Russia, India, and China. To maintain its leadership position in the market, the company has been focusing on technological advancements in implantable defibrillators. In line with this strategy, the company launched Visia AF MRI SureScan CRT-D, Visia AF single-chamber ICDs, Claria MRI Quad CRT-D SureScan, Amplia MRI Quad CRT-D SureScan, Compia MRI Quad CRT-D SureScan, and Evera MRI SureScan ICD in the last three years. To capture growth opportunities in the emerging the Asia Pacific region, the company set up its Asia-Pacific headquarters in Singapore, in 2016.

ZOLL Medical (US) held the leadership position in the global external defibrillators market. Over the past three years, the company adopted new product launches, agreements, and partnerships as its core business strategies to enhance its share in the global external defibrillators market. For instance, in 2017, the company received FDA (US) premarket approval for its Hospital Wearable Defibrillator. Furthermore, the company entered into strategic agreements with various industry players in order to develop innovative defibrillators and incorporate advanced technologies. The company also focuses on partnerships to increase its geographical presence.

Related Reports:

Defibrillators Market by Product (Implantable Cardioverter Defibrillator (Transvenous ICD, Single & Dual Chamber, CRT-D, S-ICD) and External (Manual, AED, Wearable)), End User (Hospitals, Prehospital, Public Access, Home care) - Global Forecast to 2022

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