From $6.1 billion in 2017, the North American defibrillators market revenue is predicted to rise to $8.1 billion by 2023. According to the estimates of the market research firm, P&S Intelligence, the market will demonstrate a CAGR of 4.9% from 2018 to 2023 (forecast period). The market is being propelled by the mushrooming population of geriatric people, rapid advancements and innovations in the defibrillation technology, growing prevalence of cardiac diseases, and burgeoning requirement for automated external defibrillators (AEDs) in the region.
The U.S. is home to the fastest-growing population of geriatric people across the globe. As per the 2018 Population Reference Bureau report, the total population of Americans aged 65 years and above will rise two-fold, that is, from 46 million to more than 98 million from 2014 to 2060. With the ballooning population of ageing people, the demand for defibrillators will skyrocket, as geriatric people are highly vulnerable to various chronic diseases, such as cardiovascular diseases (CVDs).
Depending on product, the North American defibrillators market is divided into implantable cardioverter defibrillators (ICDs) and external defibrillators. Of these, the ICDs dominated the market in the past. However, in the coming years, the external defibrillators category is expected to demonstrate faster growth in the market, on account of the growing public awareness about the product and increasing access of people to AEDs. The ICD is category is further divided into subcutaneous implantable cardioverter defibrillators (S-ICDs) and transvenous implantable cardioverter defibrillators (T-ICDs). Between these, the T-ICD category is predicted to demonstrate higher growth rate in the market in the forthcoming years.
Geographically, Canada is predicted to demonstrate rapid expansion in the North American defibrillators market in the coming years. This will be because of the increasing government support being provided for raising public awareness and providing training on defibrillation, the existence of several local suppliers, and surging number of sudden cardiac arrests (SCAs) in the country. Whereas, the U.S. is predicted to dominate the industry in the forthcoming years. This will be because of the growing prevalence of SCAs, soaring use of AEDs in hospitality settings and schools, existence of several market players, and implementation of various initiatives by the governments of the regional countries for raising public awareness about the benefits of defibrillators in the country.
Hence, the demand for defibrillators will surge sharply in North America in the coming years, primarily because of the growing incidence of SCAs and cardiovascular diseases and mushrooming population of geriatric people all over the region.
