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The growth of the defibrillator market is driven by several key factors, such as the rising incidence of cardiac diseases, increasing improvements in the defibrillation technology, booming population of the elderly, and surging strategic development activities among major players. These factors will propel the market at a CAGR of 7.2% during the forecast period (2020–2030). The market generated $9,621.2 million in 2019, and it is expected to reach $20,281.6 million by 2030.

Browse detailed report on Defibrillator Market - Global Industry Analysis and Growth Forecast to 2030

Hospitals, clinics, and cardiac centers are the largest users of defibrillators, as they regularly adopt advanced medical equipment that offers higher efficiency, for a lower death rate. Apart from this, defibrillators of various types are available at public-access settings, pre-hospital care settings, and homecare settings. The different types of defibrillators include implantable cardioverter defibrillators (ICDs), such as transvenous ICDs (T-ICDs) and subcutaneous ICDs (S-ICDs), and external defibrillators, including manual and automated ones (AEDs).

Geographically, the North American defibrillator market generated the highest revenue in the historical period (2014–2019), and it is expected to witness lucrative growth in the forecast period. This can be ascribed to the heavy investments by public and private organizations to amplify research and development (R&D) regarding the defibrillation technology, strong presence of key market players, favorable reimbursement policies, and well-developed healthcare sector. Due to these factors, patients in the region can easily afford the expensive medical care that includes the use of ICDs and other defibrillators.

Thus, the increasing prevalence of CVDs, developing healthcare infrastructure, and rising R&D on the defibrillation technology will augment the demand for these medical devices in the coming years.