1. HOME
2. Research Insight
3. Medtronic (Ireland) and Koninklijke Philips N.V. (Netherlands) are Leading Players in the Defibrillator Market

The global defibrillator market is expected to reach USD 18.2 billion by 2026 from an estimated USD 11.4 billion in 2021, at a CAGR of 9.7% from 2021 to 2026.

A defibrillator is a device that monitors the heart rhythm and delivers electric shocks upon detecting an abnormal heart rhythm to restore the normal heart rhythm. The device plays an important role in the management and treatment of sudden cardiac arrest. Market growth is mainly driven by the rising prevalence of target diseases, growing focus on providing public-access defibrillators, and training and awareness programs on defibrillators. In addition, emerging markets and the development of S-ICDs and MRI-compatible ICDs & CRT-Ds are expected to offer growth opportunities for players in the defibrillators market. However, issues related to the use of implantable and automated external defibrillators, frequent product recalls, and a lack of awareness about sudden cardiac arrest in developing nations are expected to hinder the growth of the defibrillators market during the forecast period.

To know about the assumptions considered for the study download the pdf brochure

The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2018–2020 to expand their global presence and increase their market shares in the defibrillator market. The key growth strategies adopted by the top players in the market include product launches & approvals, mergers & acquisitions, collaborations, partnerships, and agreements. Product approvals and launches were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. The defibrillator market is dominated by Medtronic (Ireland), Stryker Corporation (US), Koninklijke Philips N.V. (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), Abbott (US), Nihon Kohden (Japan), MicroPort (China).

Medtronic is the leading player in the global implantable defibrillators market due to its extensive product portfolio. The company focuses on developing innovative products to treat and manage heart failure and heart rhythm disorders. In the past few years, the company has received approvals and launched several new products, including Cobalt and Chrome (both ICDs and CRT-Ds), which indicate the company’s strong focus on innovation. The company invests around 10% of its revenue in R&D activities to always stay ahead of its competition. The company has a strong presence across the globe, with the US accounting for 50% of its revenue. The company is not dependent on any single market and has a relatively strong presence in the emerging markets (Middle East, Africa, and Asia). The company generated roughly 30% of its revenue from the non-US developed markets in FY 2020.  The company also focuses on expanding its business to further strengthen its geographic presence in the defibrillators market. In May 2016, the company opened its Asia Pacific headquarters in Singapore to strengthen its presence in the Asia Pacific region.

Koninklijke Philips N.V. is among the leading players in the external defibrillators market. The company pursues the strategies of collaborations, agreements, and partnerships to expand its geographic reach and efficiently serve its customers. In line with this, the company collaborated with the University of Johannesburg (South Africa) in 2018 and Barcelona City Council (Spain) in 2019 to equip and supply AEDs. Additionally, the company has collaborated with the Department for Education (DfE) (UK) to be the primary provider of HeartStart FRx AEDs to UK schools. 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 mainly focuses on bringing new innovations to the market. HeartStart FR3 and HeartStart FRx received FDA approval in 2020, while the HeartStart FR3 and HeartStart home defibrillators received FDA approval in 2019.

Related Reports:

Defibrillator Market by Product Type (Implantable Cardioverter Defibrillator and External Defibrillator), Patient Type (Adult, Pediatric), End Users, and Region(North America, Europe, APAC, Latin America & MEA) - Global Forecast to 2026

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]