Medtronic (Ireland) and Koninklijke Philips N.V. (Netherlands) are Leading Players in the Defibrillator Market
The global defibrillator market is expected to reach USD 18.1 billion by 2028 from USD 13.6 billion in 2023, at a CAGR of 5.9% during the forecast period. Factors such as an increase in cardiac arrest among patients with cardiovascular diseases worldwide, growing initiatives by government or private organizations to boost the installation of defibrillators in public access places to enhance the responses during cardiac arrest emergencies, and a rise in defibrillators training & awareness programs are anticipated to propel the growth of defibrillators market during the forecast period. Moreover, ongoing developments in S-ICDs and MRI-compatible ICDs & CRT-Ds and improving healthcare infrastructure in emerging nations will likely support the market's growth.
The defibrillator market is consolidated and dominated by various global players as of 2022. Major players operating in this market are Medtronic (Ireland), Stryker (US), Koninklijke Philips (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), and Abbott (US). These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in defibrillators.
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Medtronic (Ireland): Due to its extensive product portfolio, Medtronic is the leading player in the global implantable defibrillators market. The company primarily focuses on developing innovative products to treat and manage heart failure and heart rhythm disorders. The company focuses on inorganic business growth strategies such as product development & commercialization, acquisitions, and market expansions to strengthen its current position and gain a larger share of the neurovascular devices market. The company received the CE Mark for its implantable defibrillator system, Aurora EV-ICD MRI SureScan, and Epsila EV MRI SureScan for managing irregular heart rhythms in 2023. Moreover, the company is also focusing on expanding its R&D capabilities to fuel product development and commercialization across mature and emerging markets
Koninklijke Philips N.V. is among the leading players in the external defibrillators market. The company focuses on strategies such as acquisition, collaborations, agreements, and partnerships to expand its geographic reach and increase its brand presence among customers globally. In line with this, in 2022, the company acquired Cardiologs, a France-based medical technology company focused on transforming cardiac diagnostics using artificial intelligence (AI) and cloud technology to boost its cardiac diagnostic and monitoring offerings. Moreover, the company also partnered with Life-Assist, Inc. (US) and Mackenzie Health (Canada) to supply and install defibrillators in public places. These developments have enabled the company to expand its geographic reach and increase its customer base in the defibrillators market. The company focuses on developing its research & development sites, further bringing novel products into the market. The company received FDA premarketing approval for its automated external defibrillators HeartStart FR3 and HeartStart FRx in 2020.
Related Reports:
Defibrillator Market by Product [Tranvenous ICD (Single & dual chamber, biventricular, CRT-D), Subcutaneous, External (Automated, Wearable)], Patient (Adult, Pediatric), Enduser (Hospitals, Prehospital, Home care, Public Access) - Global Forecast to 2028
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