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HEALTHCARE & PHARMACEUTICAL

Wearable Cardioverter Defibrillators Market Segmentation By Indication (Myocardial Infarction, Congenital Heart Disease, Ventricular Arrhythmias, Peripartum Cardiomyopathy, Tetralogy Of Fallot, Wolff-Parkinson-White Syndrome, And Others); By Demography (Pediatric, Adults, And Geriatric) and By End User (Home Care Settings, Hospitals, Cardiology Clinics, And Ambulatory Surgical Center) – Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Wearable Cardioverter Defibrillator Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • August 2019: ZOLL® Medical Corporation, announced that it has completed the acquisition of Cardiac Science® Corporation, a leading manufacturer of automated external defibrillators (AEDs). This acquisition will further enable ZOLL® Medical Corporation to enhance its product portfolio.

  • March 2020: Element Science announced a Series C financing round of USD 145.6 million to fund for the completion of clinical studies and commercialization of the SCD wearable defibrillator

Wearable Cardioverter Defibrillator Market Overview

Wearable cardioverter defibrillators are wearable devices capable of administering electrical shock to the heart in order to prevent sudden cardiac death (SCD). Globally, the leading cause of death is cardiovascular disorders. The rapidly growing incidences of cardiovascular diseases has encouraged a significant number of manufacturers to develop new technologies in order to provide advanced screening and treatment methods. The wearable cardioverter defibrillator is frequently prescribed for patients with high risk of arrhythmia. In the wearable cardioverter defibrillator, an external defibrillator is attached to a vest that is worn by the patients. It is highly used in patients to bridge the situation where the patient is looking for an implantable cardioverter defibrillator (ICD). The 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. This is primarily attributed to the rapidly increasing incidences of cardiovascular disorders across the world.

Regional Growth Highlights during 2019-2028

The global wearable cardioverter defibrillator market is segmented based on region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The North America wearable cardioverter defibrillator market had a market share of 47.28% in the year 2019 and is expected to hold the largest market share by the end of 2028. The growth in this region can be attributed to the increase in investment towards the medical device sector from government and private entities to maintain the highest quality of services. The Asia Pacific region captured a market size of USD   36,793.76 thousand in the year 2019 and is expected to reach USD 223,072.54 thousand by 2028, by a CAGR of 27.14% during the forecast period owing to the rising availability of advanced infrastructure for research along with rising investment to address the growing demand for advanced treatment solutions in this region. CLICK TO DOWNLOAD SAMPLE REPORT

Wearable Cardioverter Defibrillators Market Graph

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Market Segmentation Synopsis

By Indication

Based on indication, the global wearable cardioverter defibrillators market is segmented into myocardial infarction, congenital heart disease, ventricular arrhythmias, peripartum cardiomyopathy, tetralogy of Fallot, Wolff-Parkinson-White (WPW) syndrome, and others. Amongst these, ventricular arrhythmias segment is the most commonly occurring heart disorder that results in abnormal heartbeats, and also sometimes lead to cardiac arrest. The segment had accounted for 39.11% of the market share in 2019. Ventricular arrhythmia is unusual in children, but it may occur in patients with associated congenital heart diseases.

By Demography

The market is segmented by demography into pediatric, adults, and geriatric. The adult population in the world has increased rapidly over the past few years. People with high risk of cardiovascular diseases usually include adults with hypertension, diabetes, obesity, and other diseases. The adults’ segment is estimated to touch USD 152,758.51 thousand by the end of 2020. It is projected to be the fastest growing segment and held the largest market share of 78.42% in 2019.

Wearable Cardioverter Defibrillators Market Image

By End User

The market is segmented by end user into home care settings, hospitals, cardiology clinics, and ambulatory surgical center. Home care setting segment accounted for the largest market share in 2019. It is the preferred way of treating patients to preserve their independence and remain in the comfort of their surroundings. Moreover, more people nowadays are focusing more on spending on resources for proper care at home. Furthermore, with the advancement in medical technology, the physicians can now assist their patients virtually, which has further led to the increasing acceptance of home care settings. Hospitals segment has accounted for a significant market share in the past years and is anticipated to play a key role in the growth of the market on account of increasing number of hospitals providing numerous options for treatment across developing countries.

Market Drivers & Challenges

Growth Indicators

Growing Incidences of Cardiovascular Diseases (CVD)

High risks of cardiovascular diseases are attributed to behavioral factors including tobacco, alcohol, and unhealthy diet consumption. According to the World Health Organization, the global CVD death burden is estimated to have risen to 17.9 million in 2016, out of which, 85% of the deaths were due to heart attacks and strokes. Additionally, raised blood pressure, overweight, and obesity also increase the risk of heart attack and other CVD diseases. Moreover, the old age population has also increased the incidence rate of cardiovascular disorders and an increase in exposure to CVD risk factors linked to social and economic development. Countries have different CVD causes, such as, Argentina has the highest number of patients with Hypertension, India and China have an increased number of people smoking tobacco, Australia has about 1/4th of the population with hypertension, around 1/3rd of women population in Mexico are obese, and overweight children in the US and Russia account high in alcohol consumption. The increasing incidences of CVDs is therefore anticipated to drive the growth of the global wearable cardioverter defibrillators market.

Increasing Healthcare Expenditure and Technological Advancements

The increasing investment in various international healthcare programs funded by the government and other organizations such as the World Health Organization is one of the major factors accelerating the market growth. Healthcare spending is increasing owing to several factors such as an aging population, changes in disease prevalence or incidence rate, and increase in the cost of services. Moreover, the increasing investment in the research and development sector is also expected to promote market growth in the forecast period. Additionally, the rapidly growing incidences of cardiovascular diseases has encouraged a significant number of manufacturers to develop new technologies in order to provide advanced screening and treatment methods.

Challenges

Limited Awareness among People in developing countries and Stringent Government Regulations

In the developing countries, the knowledge about the cardioverter defibrillator is still minimal, which may act as a barrier to the development of the market. Furthermore, in various low-income countries, there are no strict standards and regulations to evaluate the wearable cardioverter defibrillators' safety and quality. The poorly developed standards across multiple nations have further hindered the usage of wearable cardioverter defibrillators.

Impact of COVID-19 on Global Wearable Cardioverter Defibrillator Market

Since there is a disruption of supply chain across the globe owing to Covid-19, the manufacturer ZOLL Medical Corporation is witnessing a severe shortage of raw material components which are required to meet the production needs. Many of the countries that were previously dependent on imports from China & US for medical products had to reevaluate their priorities to meet the drastically changed market scenario, particularly with rising geo-political tensions disrupting various micro-markets.

Competitive Landscape

Some of the prominent industry leaders in the global wearable cardioverter defibrillators market are ZOLL Medical Corporation, Element Science Inc., Medtronic plc, Kestra Medical Technologies, Inc., Abbott, Boston Scientific Corporation, LivaNova plc, Koninklijke Philips N.V., Nihon Kohden Corporation and General Electric Company.

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