Research Nester published a report titled “Wearable Cardioverter Defibrillators Market: Global Demand Analysis and Opportunity Outlook 2028” which delivers detailed overview of the wearable cardioverter defibrillators market in terms of market segmentation by indication, demography, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Driven by the growing incidences of cardiovascular diseases and increasing expenditure on healthcare, the demand for wearable cardioverter defibrillators is anticipated to increase significantly in the coming years. The value of global wearable cardioverter defibrillator market reached USD 215,521.06 thousand in 2019 and is expected to reach USD 1,158,216.71 thousand by 2028, by registering a CAGR of 25.45% across the globe during the forecast period, i.e. 2021-2028. The market is segmented by end user into home care settings, hospitals, cardiology clinics, and ambulatory surgical center. Amongst these, home care settings segment is the largest end user segment with a significant growth rate in the year 2019, owing to the assistance provided by the doctors virtually.
Based on region, the global wearable cardioverter defibrillators market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa region. North America held a market share of 47.28% in the year 2019 and is expected to hold the largest market share during the forecast period. This region witnessed a relatively higher adoption rate of cardiology medical devices, in comparison to other geographies. Increase in research and development activities in the field of cardiac health by various medical and biomedical companies and growing cases of disease indications such as arrythmia and other cardiovascular disorders in the region are further expected to boost the market of wearable cardioverter defibrillators.
Technological Advancements And Growing Cases Of Cardiovascular Diseases (CVD) To Drive The Market Growth
In the statistics by the World Health Organization, the global CVD death burden is estimated to have risen to 17.9 million in 2016. Out of these, 85% of the deaths were estimated to cause due to heart attacks and strokes.
The rapidly growing cases of cardiovascular diseases has encouraged a significant number of manufacturers to develop new technologies in order to provide advanced screening and treatment methods. Wearable cardioverter defibrillator enables outpatient management until implantation is possible. This has resulted in the rise in the acceptance of wearable cardioverter-defibrillators. Moreover, rising geriatric population across the world is expected to raise a demand for wearable cardioverter defibrillator to treat cardiovascular diseases.
However, lack of awareness among people in many countries, stringent government regulations, and lack of skilled professionals are the key restraining factors anticipated to hamper the market growth of global wearable cardioverter defibrillators market.
This report also provides the existing competitive scenario of some of the key players of the global wearable cardioverter defibrillators market, which includes company profiling of ZOLL Medical Corporation, Element Science Inc., Medtronic plc (NYSE: MDT), Kestra Medical Technologies Inc., Abbott (NYSE: ABT), Boston Scientific Corporation (NYSE: BSX), LivaNova plc (NASDAQ: LIVN), Koninklijke Philips N.V. (AMS: PHIA), Nihon Kohden Corporation (TYO: 6849), and General Electric Company (NYSE:GE). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global wearable cardioverter defibrillators market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.