Defibrillator market to reach $14.21 billion by 2021

The global defibrillator market is set to reach $14.21 billion by 2021—a 7.3 percent compound annual growth rate, according to current market research.

The growth is attributed to several factors, including the development of technologically advanced defibrillators, rapid growth in the aging population with high risk of target diseases, rising incidences of cardiovascular diseases across the globe, growing focus of public and private organizations and key market players toward public access defibrillation, and increasing number of training and awareness programs across the globe.

The current defibrillator market is divided into five major segments: pre-hospitals, public access markets, alternative care markets, home care and hospitals, clinics and cardiac centers. Currently, hospitals, clinics and cardiac centers account for the majority of defibrillator use. The public access markets are expected to grow at the fastest rate in the next five years.

Some key factors are restricting market growth, however. Despite the fact that sudden cardiac arrest is responsible for half of all heart disease deaths in the U.S.—approximately 325,000 each year according to the Cleveland Clinic—lack of awareness of the issue restricts defibrillator sales. In addition, unfavorable health care reforms have been a challenge for market retailers.